Risks in General. Domestic economic growth and market conditions, interest rate levels, and geopolitical events are among the factors affecting the securities markets of the Fund’s investments. There is risk that these and other factors may adversely affect the Fund’s performance. The loss of money is a risk of investing in the Fund.

Risks of Small and Medium Capitalization Companies. The Fund invests in the stocks of small, medium, and large capitalization companies.  Investments in small and medium capitalization companies may be riskier than investments in larger, more established companies. The earnings and prospects of these companies are more volatile than larger companies. Small and medium capitalization companies may have limited product lines and markets and may experience higher failure rates than do larger companies. The trading volume and number of holders of securities of smaller companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make prices fall more in response to selling pressure than is the case with larger companies. Smaller companies may also have limited markets, product lines, or financial resources, and may lack management experience.

Risks of Fixed Income Securities. Investing in fixed income securities subjects the Fund to interest rate risk and credit risk. Interest rate risk refers to the risk that the prices of fixed income securities generally fall as interest rates rise; conversely, the prices of fixed income securities generally rise as interest rates fall. Accordingly, the Fund is subject to the risk that increases in interest rates can cause the prices of the Fund’s investments in fixed income securities to decline. Credit risk is the risk that the issuer of bonds may not be able to meet interest or principal payments when bonds become due. Fixed income securities also face interest rate risk and duration risk. The Fund could lose money or experience a lower rate of return if it holds high-yield securities (“junk bonds”) that are subject to higher credit risks and are less liquid than other fixed income securities. Junk bonds are considered speculative and have more credit risk than investment grade bonds.

Risks of Non-Diversification. The Fund is a non-diversified portfolio, which means that it can take larger positions in a smaller number of securities than a portfolio that is “diversified.” Non-diversification increases the risk that the value of the Fund could go down because of the poor performance of a single investment and that events negatively affecting these fewer positions will have a greater negative impact on the Fund’s performance.

ESG or Responsible Investing Risk. The Fund’s investment strategy may select or exclude securities of certain issuers for reasons other than short-term financial performance. In particular, the Adviser’s investment process includes criteria that are focused on qualitative and non-financial markers, including organizational culture, and including environmental, social, and governance-related factors. As a result, the Fund may underperform funds that do not utilize investment screening processes that include a focus on environmental, social, and governance matters, or “ESG”. The Adviser’s investment criteria is qualitative and subjective by nature, and there is no guarantee that the criteria utilized by the Adviser or any judgment exercised by the Adviser will reflect the beliefs or values of any particular investor.