Strategy. Under normal market circumstances, the Fund invests at least 80% of its net assets in equity securities of small-to-mid (smid) market capitalization companies. Equity securities include American depositary receipts (ADRs), convertible securities, foreign and domestic common and preferred stocks, rights and warrants. While there is no limit on investing in foreign securities, the Fund does not expect investment in foreign securities to exceed 20% of the Funds total assets. The Adviser considers smid market capitalization companies to be those companies that, at the time of initial purchase (including the existing portfolio), have market capitalizations generally within the current range of companies included in the Russell 2500 Growth Index. The Fund will not change this policy unless it notifies shareholders at … Show more… Under normal market circumstances, the Fund invests at least 80% of its net assets in equity securities of small-to-mid (smid) market capitalization companies. Equity securities include American depositary receipts (ADRs), convertible securities, foreign and domestic common and preferred stocks, rights and warrants. While there is no limit on investing in foreign securities, the Fund does not expect investment in foreign securities to exceed 20% of the Funds total assets. The Adviser considers smid market capitalization companies to be those companies that, at the time of initial purchase (including the existing portfolio), have market capitalizations generally within the current range of companies included in the Russell 2500 Growth Index. The Fund will not change this policy unless it notifies shareholders at least 60 days in advance. As of December 31, 2025, the capitalization range of the Russell 2500 Growth Index was from $119 million to $37 billion. For purposes of this policy, net assets includes any borrowings for investment purposes. The Adviser follows an investment style sometimes called GARP or Growth At a Reasonable Price. The Adviser generally invests the Funds assets in small and mid-cap companies with expected earnings growth that exceed that of the average of all U.S. publicly traded companies, where valuations seem reasonable compared to the expected earnings growth, where fundamental financial characteristics appear to be strong, where (in the Advisers opinion) the business model offers sustainable competitive advantage, and where management has an important ownership stake in the company. Companies will meet the Advisers criteria and, according to the Advisers analysis, must, in the Advisers opinion, have the potential to appreciate at least 100% over a four-to-six-year period. The Adviser uses a bottom-up approach in selecting securities. The Fund may invest in securities of companies of any market sector and may, from time to time, hold a significant amount of securities of companies within a single sector. Sectors are defined by the Russell Industry Classification Benchmark (ICB) Industry Classifications. The Fund currently anticipates that it will have significant exposure to the Industrials, Healthcare and Technology sectors. There is no guarantee that the Fund will achieve its investment objective. Show less