Strategy. The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets (including borrowings for investment purposes) in equity securities of U.S. companies that, at the time of purchase, have a market capitalization that is within the range of the market capitalization of issuers in the Russell 2000 Value Index. As of October 31, 2025, the median market capitalization of the companies in the Russell 2000 Value Index is $774 million and the largest stock is $21.5 billion. The Fund may invest in depositary receipts and equity securities of foreign companies. Although the Fund invests primarily in common stocks (which include both exchange-listed and over-the-counter (OTC) securities), the Fund may invest in all types of … Show more… The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets (including borrowings for investment purposes) in equity securities of U.S. companies that, at the time of purchase, have a market capitalization that is within the range of the market capitalization of issuers in the Russell 2000 Value Index. As of October 31, 2025, the median market capitalization of the companies in the Russell 2000 Value Index is $774 million and the largest stock is $21.5 billion. The Fund may invest in depositary receipts and equity securities of foreign companies. Although the Fund invests primarily in common stocks (which include both exchange-listed and over-the-counter (OTC) securities), the Fund may invest in all types of equity and equity-related securities, including (without limitation): ? Securities convertible into common stocks. ? Shares of real estate investment trusts (REITs). ? Warrants and rights to purchase common stocks. ? Preferred stocks. ? Exchange-traded limited partnerships. Special Situations: The Fund may invest in companies that may experience unusual and possibly unique developments which may create a special opportunity for significant returns. Special situations include: significant technological improvements or important discoveries; reorganizations, recapitalizations or mergers; favorable resolutions of litigation; new management or material changes in company policies; and actual or potential changes in control of a company. Strategies: The Adviser uses a value approach to select the Funds investments. Using this investment style, the Adviser seeks securities selling at substantial discounts to their underlying values and then holds these securities until the market values reflect what the Adviser believes to be their intrinsic values. The Adviser employs a bottom-up strategy, focusing on undervalued industries that the Adviser believes are experiencing positive change. The Adviser then uses both qualitative and quantitative methods to assess a securitys potential value. The portfolio manager managing the Fund and the analytical team meet with a multitude of companies annually to identify companies with increasing returns on capital in their core businesses which are selling at attractive valuations. Factors the Adviser looks for in selecting investments include (without limitation): ? Increasing returns on invested capital. ? Companies who have demonstrated an ability to generate high return on invested capital. ? Companies which provide solid cash flows with appropriate capital. ? Potential catalysts such as new products, cyclical upturns and changes in management. ? Low market valuations relative to earnings forecast, book value, cash flow and sales. The Fund may participate as a purchaser in initial public offerings of securities (IPO). An IPO is a companys first offering of stock to the public. The Adviser will sell a stock when it no longer meets one or more investment criteria, either through obtaining target value or due to an adverse change in fundamentals or business momentum. Each holding has a target valuation established at purchase, which the Adviser constantly monitors and adjusts as appropriate. Show less