Strategy. Under normal circumstances, the Adviser seeks to achieve the Funds investment objective by investing primarily in established and emerging companies, with capitalizations within the range of companies included in the Russell Midcap Growth Index, which as of December 31, 2025, ranged between $1.6 billion and $101.9 billion. The Adviser emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. The Adviser typically invests in unique companies it believes have sustainable competitive advantages with above average business visibility, the ability to deploy capital at high rates of return, strong balance sheets and an attractive risk/reward. The Adviser typically focuses a significant portion of the Funds investments in a limited number of issuers, which may be in the … Show more… Under normal circumstances, the Adviser seeks to achieve the Funds investment objective by investing primarily in established and emerging companies, with capitalizations within the range of companies included in the Russell Midcap Growth Index, which as of December 31, 2025, ranged between $1.6 billion and $101.9 billion. The Adviser emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. The Adviser typically invests in unique companies it believes have sustainable competitive advantages with above average business visibility, the ability to deploy capital at high rates of return, strong balance sheets and an attractive risk/reward. The Adviser typically focuses a significant portion of the Funds investments in a limited number of issuers, which may be in the same industry, sector or geographic region. The Adviser actively integrates sustainability into the investment process by using environmental, social and governance (ESG) factors as a lens for additional fundamental research, which can contribute to investment decision-making. The Adviser seeks to understand how environmental and social initiatives within companies can create value by strengthening durable competitive advantages, creating growth opportunities, driving profitability and/or aligning with secular growth trends. The Adviser generally engages with company management teams to discuss their ESG practices, with the aim of identifying how sustainability themes present opportunities and risks that can be material to the value of the security over the long-term. Other aspects of the investment process include a proprietary, systematic evaluation of governance policies, specifically focusing on compensation alignment on long- term value creation. Although consideration of ESG factors is incorporated into the investment process, it is only one of many tools the Adviser utilizes to make investment decisions. The Fund may invest in equity securities. The Fund may also invest in privately placed and restricted securities. The Fund may invest up to 25% of its total assets in securities of foreign issuers, including issuers located in emerging market or developing countries. The securities in which the Fund may invest may be denominated in U.S. dollars or in currencies other than U.S. dollars. Show less