Strategy. The Fund invests, under normal market conditions, in common stocks of publicly traded companies that the Adviser believes demonstrate, at the time of a stocks purchase, strong growth characteristics such as a leadership position in the relevant industry, a sustainable advantage, strong earnings growth potential and experienced management. The Funds investment focus is on U.S. companies (companies that are headquartered or have primary operations in the U.S.) that are small capitalization (small cap) and medium capitalization (mid cap) companies. The Fund considers a company to be a small cap or mid cap company if it has a market capitalization no larger than the largest capitalized company included in the Russell Midcap Index at the time of purchase, although the Fund … Show more… The Fund invests, under normal market conditions, in common stocks of publicly traded companies that the Adviser believes demonstrate, at the time of a stocks purchase, strong growth characteristics such as a leadership position in the relevant industry, a sustainable advantage, strong earnings growth potential and experienced management. The Funds investment focus is on U.S. companies (companies that are headquartered or have primary operations in the U.S.) that are small capitalization (small cap) and medium capitalization (mid cap) companies. The Fund considers a company to be a small cap or mid cap company if it has a market capitalization no larger than the largest capitalized company included in the Russell Midcap Index at the time of purchase, although the Fund may invest in companies that have a market capitalization above the largest capitalized company included in the Russell Midcap Index. As of November 30, 2025, the market capitalization range of companies comprising the Russell Midcap Index was between $956 million and $115.7 billion. Under normal circumstances, the Fund invests at least 80% of its net assets in small cap and mid cap companies. The Fund makes market capitalization determinations with respect to a security at the time of purchase of such security. Because the Fund seeks out long-term investments and may continue to hold a security whose market capitalization increases or decreases, a substantial portion of the Funds holdings can have market capitalizations above the largest capitalized company included in the Russell Midcap Index at any given time. In selecting growth stocks for the Fund, the Adviser emphasizes a bottom-up fundamental analysis (i.e., developing an understanding of the specific company through research, meetings with management and analysis of the companys financial statements and public disclosures). In doing so, the Adviser seeks to identify companies with conservative balance sheets, high return on equity and return on assets, and high historical and projected revenue and earnings growth. The Advisers bottom-up approach is supplemented by top-down considerations (i.e., reviewing general economic conditions and analyzing their effect on various industries). At times, the Advisers bottom-up investment selection process may result in the Funds portfolio being overweight or underweight in one or more sector or industries relative to the Russell 2500 Growth Index, the Funds benchmark index that the Adviser uses to measure the Funds performance. A complete position will be sold from the portfolio when the Adviser believes there is a major negative change in the long-term outlook for the company or industry, if there is a change in the underlying fundamental of the company or if the company is acquired. Show less