Strategy. Under normal market conditions, the Small Cap Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of small-cap companies. The Fund defines a small-cap company as an issuer whose market capitalization at the time of initial purchase, is in the range of those found in the Russell 2000 Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month (small cap companies). As of May 31, 2025, the market capitalization of companies in the Russell 2000 Index ranged from $2.46 million to $16.91 billion. The Fund may continue to hold a company with a market capitalization that appreciates above or depreciates below the … Show more… Under normal market conditions, the Small Cap Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of small-cap companies. The Fund defines a small-cap company as an issuer whose market capitalization at the time of initial purchase, is in the range of those found in the Russell 2000 Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month (small cap companies). As of May 31, 2025, the market capitalization of companies in the Russell 2000 Index ranged from $2.46 million to $16.91 billion. The Fund may continue to hold a company with a market capitalization that appreciates above or depreciates below the market capitalization threshold and thus may from time to time hold less than 80% of its net assets in equity securities of small-cap companies. In managing the Funds assets, the Adviser will follow a classic value strategy. The Funds portfolio will generally consist of 40 to 90 stocks identified through a research-driven, bottom-up security selection process based on thorough fundamental research. The Fund seeks to invest in small-cap company stocks that, in the opinion of the Adviser, sell at a substantial discount to their intrinsic value but have solid long-term prospects. Though the Fund primarily invests in U.S. companies, it may also invest up to 20% of its net assets in shares of foreign securities, through American Depositary Receipts (ADRs) or dollar-denominated foreign securities. The Funds investments in foreign securities may include investments in emerging market securities. The Fund may also invest in real estate investment trusts (REITs). The Fund may also invest up to 10% of its net assets in limited partnerships and master limited partnerships (MLPs). From time to time, the Fund may invest, to a significant extent, in securities of companies in the same economic sector. In evaluating an investment for purchase by the Small Cap Fund, the Adviser conducts a thorough fundamental assessment of the business, with a focus on those challenges that have created the value opportunity. The Adviser examines material issues that can influence the companys long-term performance and risk profile. As a part of this process, the Adviser speaks with competitors, customers, and suppliers; conducts field research such as site visits to plants, stores, or other facilities; analyzes the financials and public filings of the company and its competitors; focuses on the companys underlying financial condition and business prospects considering estimated earnings, economic conditions, degree of competitive or pricing pressures, the experience and competence of management; and integrates environmental, social and governance (ESG) considerations, which can vary across companies and industries (ESG considerations may include, but are not limited to, environmental impact, corporate governance and ethical business practices). The Adviser believes that assessing the potential impact of ESG issues on a company is critical to the investment process, both in terms of downside risk analysis and assessing future earnings upside potential. While ESG-related issues are analyzed for each company before and during ownership, the evaluation of all key investment considerations, including ESG issues, is company-specific. Each is analyzed internally, discussed with company management and industry experts and monitored. The Adviser evaluates all issues head-on, takes a view as to whether the company can remediate them, and will actively engage management, if necessary, if it decides to become shareholders. The Adviser believes that investing in times of controversy can result in significant future upside, assuming the risks and turnaround potential are appropriately analyzed and, where possible, priced in at the point of investment. Consequently, no one issue, ESG-related or otherwise, necessarily disqualifies a company from investment, and no individual characteristic must be present prior to investment. Each step of this process contributes to the Advisers determination of whether to invest and at what position size. Once an investment has been made, the Adviser continues to engage with the company on an ongoing basis to exert a constructive, long-term oriented influence on the trajectory of the company. The Advisers sell discipline is guided by the same process with which the Adviser originally screens the investment universe. The Adviser typically sells a security when it reaches what the Adviser judges to be fair value, there are more attractive opportunities or there is a change in company fundamentals. Show less