Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. small capitalization companies. A U.S. company is defined as any company that is organized in or has substantial business activities in the United States of America ( i.e., securities of issuers that during the issuers most recent fiscal year derived at least 50% of its revenue or profits from goods produced or sold, investments made, or services performed in the U.S. or that have at least 50% of its assets in the U.S.). A small capitalization company is defined as any company whose market capitalization at the time of purchase is within the market capitalization range … Show more… Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. small capitalization companies. A U.S. company is defined as any company that is organized in or has substantial business activities in the United States of America ( i.e., securities of issuers that during the issuers most recent fiscal year derived at least 50% of its revenue or profits from goods produced or sold, investments made, or services performed in the U.S. or that have at least 50% of its assets in the U.S.). A small capitalization company is defined as any company whose market capitalization at the time of purchase is within the market capitalization range represented by companies in the Russell 2000 Index (the Benchmark). As of December 31, 2025, the market capitalization range for the Russell 2000 Index was approximately $5 million to $31.3 billion, which may increase or decrease at any time. With respect to 20% of the Funds net assets, the Adviser may invest in companies with market capitalizations below or above the Russell 2000 Index where it determines the opportunity is consistent with the Funds investment objective. The Fund is not required to dispose of companies whose market capitalizations exceed the high end of the range, and may add to positions in portfolio companies that exhibit continued growth and other characteristics consistent with the Funds investment objective regardless of market capitalization. The Fund may add to positions that exceed the Russell 2000 Index so long as 80% of the Funds net assets are invested in U.S. small capitalization companies at the time. The Adviser employs a long-term investment philosophy rooted in fundamental, bottom-up research and analysis to identify companies for the portfolio. When selecting a security for the portfolio, the Adviser generally looks for one or more of the following characteristics: Potential competitive advantages Opportunity to grow earnings, revenue and/or cash flow Management team quality Balance sheet strength Attractive valuation relative to intrinsic value and/or peers Equity securities include common stocks, preferred stocks, rights, depositary receipts such as American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs), and REITs. The Fund has the ability to invest up to 20% of its net assets in equity securities of foreign companies, including ADRs and GDRs. The Adviser seeks to construct a portfolio with a relatively small number of securities (typically 35 to 45 names) of smaller market capitalization companies where the potential growth in revenue and earnings can be bought at an attractive price relative to their growth rate and to their peer group. The Funds objective is to hold these companies through their growth stages. The Advisers process for selling or trimming a portfolio holding generally considers one or more of the following factors: Change to the investment thesis Change to the companys fundamental positioning such as a shift in competitive advantages, growth prospects, management team, financial condition and/or valuation Market capitalization increases (typically above US $5 billion or the upper end of the Benchmarks market capitalization) Changes to intrinsic and relative valuation Show less