Strategy. The fund, under normal market conditions, invests at least 80% of its net assets in U.S. equity securities with small market capitalizations. Equity securities consist of common and preferred stocks. Small cap companies are defined by the fund as companies with market capitalizations in the range of those market capitalizations of companies included in the Russell 2000 Index at the time of purchase. The capitalization range of the Russell 2000 Index is between $25.95 million and $25.18 billion as of September 30, 2025 and includes small, mid, and large capitalization companies. The size of the companies included in the Russell 2000 Index will change with market conditions. The Adviser focuses on estimating a companys value independent of its current stock … Show more… The fund, under normal market conditions, invests at least 80% of its net assets in U.S. equity securities with small market capitalizations. Equity securities consist of common and preferred stocks. Small cap companies are defined by the fund as companies with market capitalizations in the range of those market capitalizations of companies included in the Russell 2000 Index at the time of purchase. The capitalization range of the Russell 2000 Index is between $25.95 million and $25.18 billion as of September 30, 2025 and includes small, mid, and large capitalization companies. The size of the companies included in the Russell 2000 Index will change with market conditions. The Adviser focuses on estimating a companys value independent of its current stock price and invests in companies that it believes are undervalued. To estimate a companys value, the Adviser concentrates on the fundamental economic drivers of the business. The primary focus is on bottom-up analysis, which takes into consideration earnings, revenue growth, operating margins, balance sheet strength, free cash flow generation, management stewardship, and other economic factors. The Adviser also typically considers the level of industry competition, regulatory factors, the threat of technological obsolescence, and a variety of other industry factors. If the Advisers estimate of a companys value differs sufficiently from the current market price, the company may be an attractive investment opportunity. In constructing a portfolio of securities, the Adviser is not constrained by the sector or industry weights in the benchmark. The Adviser relies on individual stock selection and discipline in the investment process to add value. The highest portfolio security weights are assigned to companies where the Adviser has the highest level of conviction. Once a stock is owned by the fund, the Adviser continues to monitor the companys strategies, financial performance, and competitive environment. The Adviser may cause the fund to sell a security as it reaches or exceeds the Advisers estimate of the companys value, if the Adviser believes that the companys earnings, revenue growth, operating margin or other economic factors are deteriorating, if the original investment thesis leading to the purchase of the companys stock no longer applies, or if the Adviser identifies a stock that it believes offers a better investment opportunity. The fund may sell (write) covered call options to generate additional income or hedge exposure. Show less