Strategy. The Small Cap Growth Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities, consisting of common stocks, preferred stocks, convertible securities, warrants, and rights of small-cap growth companies. Kornitzer Capital Management, Inc., the Funds investment adviser (the Adviser or KCM), defines small-cap companies as companies with, at the time of purchase, market capitalizations within the range of the Russell 2000 Growth Index. As of June 30, 2025, the range of market capitalizations of the Russell 2000 Growth Index was $36.0 million to $15.7 billion. KCM defines growth companies as companies that, at the time of purchase, are constituents of the Russell 3000 Growth Index or exhibit growth characteristics (e.g., historical or … Show more… The Small Cap Growth Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities, consisting of common stocks, preferred stocks, convertible securities, warrants, and rights of small-cap growth companies. Kornitzer Capital Management, Inc., the Funds investment adviser (the Adviser or KCM), defines small-cap companies as companies with, at the time of purchase, market capitalizations within the range of the Russell 2000 Growth Index. As of June 30, 2025, the range of market capitalizations of the Russell 2000 Growth Index was $36.0 million to $15.7 billion. KCM defines growth companies as companies that, at the time of purchase, are constituents of the Russell 3000 Growth Index or exhibit growth characteristics (e.g., historical or forecasted earnings, sales, and/or cash flow that increase at faster rates than the overall economy) consistent with inclusion of companies in the Russell 3000 Growth Index. Companies included in the Funds investment universe must satisfy both prongs of KCMs definition of a small-cap growth company. In addition to the Funds investments in domestic securities, the Fund may invest up to 20% of its net assets in sponsored or unsponsored American Depositary Receipts (ADRs) and securities of foreign companies that are traded on U.S. stock exchanges. Companies are screened using in-depth, in-house research to identify those which the Adviser believes have favorable attributes, including attractive valuation, strong management, conservative debt, free cash flow, scalable business models, and competitive advantages. The Fund may invest in companies in any sector. The Fund may have significant investments in the industrials, information technology, and healthcare sectors. The Adviser may sell the Funds investments to secure gains, limit losses, or reinvest in more promising investment opportunities. Show less