Strategy. Principal Investment Strategy of the Smaller Companies Fund. The Smaller Companies Fund seeks to meet its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in unaffiliated mutual funds and exchange-traded funds (ETFs) that invest primarily in securities of small-capitalization issuers (Underlying Small-Cap Funds). The Smaller Companies Funds investment objective may be changed without shareholder approval; however, the Smaller Companies Fund will provide 60 days advance notice to shareholders before implementing a change in the Smaller Companies Funds investment objective. The Smaller Companies Fund seeks to produce income through dividends paid on such Underlying Small-Cap Funds. The Smaller Companies Fund also seeks to produce income (e.g., premium income on … Show more… Principal Investment Strategy of the Smaller Companies Fund. The Smaller Companies Fund seeks to meet its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in unaffiliated mutual funds and exchange-traded funds (ETFs) that invest primarily in securities of small-capitalization issuers (Underlying Small-Cap Funds). The Smaller Companies Funds investment objective may be changed without shareholder approval; however, the Smaller Companies Fund will provide 60 days advance notice to shareholders before implementing a change in the Smaller Companies Funds investment objective. The Smaller Companies Fund seeks to produce income through dividends paid on such Underlying Small-Cap Funds. The Smaller Companies Fund also seeks to produce income (e.g., premium income on the sale of an option) and total return through an options strategy. The Funds Advisor will generally buy and sell options linked to either the Russell 2000 Index or the S&P 500 Index. The Funds exposure to options is expected to be between 10-20% of the Funds net assets. The Underlying Small-Cap Funds in which Smaller Companies Fund invests consider small-capitalization issuers to be, at the time of purchase, no larger than the largest capitalized issuer included in the Russell 2000 Index. As of February 28, 2022, the largest company in the Russell 2000 Index had a market capitalization of $11.969 billion. The Russell 2000 Index measures the performance of the 2,000 smallest issuers in the Russell 3000 Index, which measures the performance of the 3,000 largest U.S. issuers. The Russell 2000 Index is widely regarded as representative of small capitalization issuers. The portfolio managers will strategically allocate the Smaller Companies Funds resources to the Underlying Small-Cap Funds and the options strategy as the portfolio managers deem appropriate to perform well over a market cycle. The portfolio managers select the Underlying Small-Cap Funds based on the following criteria: expense ratio, trading value relative to its net asset value, liquidity, the Underlying Small-Cap Funds overall float and size, amount and frequency of its distributions, percentage of its aggregate holding having an appropriate market capitalization, the Underlying Small-Cap Funds performance compared historically to the small company stock indices and the availability of individual call options on the Underlying Small-Cap Fund. The Smaller Companies Fund intends to sell covered call options on a portion of its holdings. The Funds Advisor generally sells covered call options to provide the income component of the options strategy described in the Funds investment objective. The extent of option selling will depend upon market conditions and the Advisors judgment of the advantages of selling call options on the Smaller Companies Funds investments. The Smaller Companies Fund may also sell put options on ETFs that the Funds Advisor believes are attractive for purchase at prices at or above the exercise price of the put options sold. The Advisor generally will sell put options to increase the total return component of the options strategy described in the Funds investment objective. The Smaller Companies Fund may, in certain circumstances, purchase put options on the S&P 500 (or another broad-based securities index deemed suitable for this purpose) to protect against a loss of principal value due to stock price decline. The Advisor generally purchases put options to protect the total return component of the options strategy described in the Funds investment objective. The extent of option selling or purchasing activity will depend upon market conditions and the Advisors assessment of the advantages of selling index call options, purchasing index put options and selling put options on individual stocks. Additionally, the Smaller Companies Fund will enter into call spreads and put spreads that are out of the money. A spread is an options position established by purchasing one option and selling another option of the same class, but of a different series. So, the exercise price of the call options sold will be above the current level of the index when sold and the exercise price of the call options bought will be above the exercise price of the call options sold. The exercise price of put options sold generally will be below the current level of the index when sold and the exercise price of the put options bought will be below the exercise price of put options sold. The Smaller Companies Fund may be appropriate for investors with long-term time horizons who are not sensitive to short-term losses and want to participate in the long-term growth of the financial markets. The Funds Advisor rebalances the Smaller Companies Funds investments in the Underlying Small-Cap Funds as the Advisor deems necessary and appropriate. The Smaller Companies Funds investments in the types of securities and other investments described in this prospectus vary from time to time, and, at any time, the Smaller Companies Fund may not be invested in all of the types of securities and other investments described in this prospectus. The Smaller Companies Fund may also invest in securities and other investments not described in this prospectus. Show less