Strategy. The Fund seeks to achieve its objective by investing primarily in the common stock of small U.S. companies. The investment advisers investment strategy utilizes a small-cap approach by selecting most of its investments from companies listed in the Russell 2000 Index, an index that measures the performance of the 2,000 smallest U.S. companies by market capitalization within the Russell 3000 Index (an index that includes the 3,000 largest U.S. companies by market capitalization, representing approximately 98% of the investable domestic equity market). As of July 31, 2025, companies in the Russell 2000 Index ranged in market capitalization from $56.2 million to $19.1 billion. The Funds investments may include, but are not limited to, equity securities of domestic issuers and real … Show more… The Fund seeks to achieve its objective by investing primarily in the common stock of small U.S. companies. The investment advisers investment strategy utilizes a small-cap approach by selecting most of its investments from companies listed in the Russell 2000 Index, an index that measures the performance of the 2,000 smallest U.S. companies by market capitalization within the Russell 3000 Index (an index that includes the 3,000 largest U.S. companies by market capitalization, representing approximately 98% of the investable domestic equity market). As of July 31, 2025, companies in the Russell 2000 Index ranged in market capitalization from $56.2 million to $19.1 billion. The Funds investments may include, but are not limited to, equity securities of domestic issuers and real estate investment trusts (REITs). As the Funds sector exposure approximates the Russell 2000 Index, the Fund may, from time to time, have large allocations to certain broad market sectors, such as financials, healthcare and industrials. The Adviser implements its strategy using a quantitative model driven by fundamental and technical stock selection variables. This process seeks to impose strict discipline over stock selection, unimpeded by market or manager psychology. It seeks to maximize compound annual return while controlling risk. The process also takes into account trading costs in an effort to ensure that trades are generated only to the extent they are expected to be profitable on an after-trading-cost basis. Additionally, risk is controlled through diversification constraints which limit exposure to individual companies as well as groups of correlated companies. The investment advisers stock selection process is expected to result in investments in companies with both growth and value characteristics. The Fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) are invested in small companies. The Fund will notify shareholders at least 60 days in advance of any change in its investment policy. For purposes of this limitation, small companies will be defined as companies with market capitalizations similar to companies in the Russell 2000 Index. The Fund actively trades its portfolio securities in an attempt to achieve its investment objective. Active trading will cause the Fund to have an increased portfolio turnover rate and increase the Funds trading costs, which may have an adverse impact on the Funds performance. An active trading strategy will likely result in the Fund generating more short-term capital gains or losses. Short-term gains are generally taxed at a higher rate than long-term gains. Any short-term losses are used first to offset short-term gains. Show less