Strategy. Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of small market capitalization U.S. companies. These companies have market capitalizations similar to the market capitalizations of the companies in the Russell 2000 Index at the time of investment. The Russell 2000 Index is comprised of the 2000 smallest companies in the Russell 3000 Index based on total market capitalization. Within the Russell 2000 Index, the 1000 smallest companies are considered micro-capitalization companies. As of October 31, 2022, the market capitalizations of the companies in the Russell 2000 Index ranged from $11 million to $13 billion. The Fund principally invests in common stocks. The … Show more… Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of small market capitalization U.S. companies. These companies have market capitalizations similar to the market capitalizations of the companies in the Russell 2000 Index at the time of investment. The Russell 2000 Index is comprised of the 2000 smallest companies in the Russell 3000 Index based on total market capitalization. Within the Russell 2000 Index, the 1000 smallest companies are considered micro-capitalization companies. As of October 31, 2022, the market capitalizations of the companies in the Russell 2000 Index ranged from $11 million to $13 billion. The Fund principally invests in common stocks. The Funds sub-advisor, Zebra Capital Management, LLC (Zebra), seeks to capture a liquidity premium among fundamentally strong, publicly-traded equities. A liquidity premium is the additional return that may be realized on the sales of securities that are less liquid at the time of purchase. A liquidity premium may exist in public equity markets, as more liquid stocks tend to be priced at a premium, while less liquid stocks tend to be priced at a discount, thus having higher expected appreciation. Despite producing similar levels of earnings and cash flows, less liquid stocks can typically be purchased at lower prices, offering higher expected appreciation. Frequently, a fundamentally sound stock is less traded because it has temporarily fallen out of favor. Over time, the market may recognize the inherent value of the stock again, where the Fund would stand to benefit from the liquidity premium as the stocks trading activity and price rise. Zebra chooses the securities that comprise the Funds portfolio first by identifying stocks with strong fundamentals (i.e., earnings, book value, cash flows) that Zebra believes are undervalued in the market relative to their long-term appreciation potential. Zebra then applies the liquidity premium analysis using model and data analysis to identify the stocks that trade less frequently than stocks with comparable fundamentals. The Fund may also invest in growth companies. Stocks are typically sold when fundamentals deteriorate, trading activity increases relative to changes in a stocks fundamentals, or Zebra believes there are greater opportunities to capture liquidity premium in other stocks. The Fund may invest cash balances in other investment companies, including a government money market fund advised by the Manager, with respect to which the Manager also receives a management fee. The Fund also may purchase and sell equity index futures contracts to gain market exposure on cash balances or reduce market exposure in anticipation of liquidity needs. The Fund may seek to earn additional income by lending its securities to certain qualified broker-dealers and institutions. Show less