SMIZ

About SMIZ

TheFund seeks to generate positive risk-adjusted returns (positive rate of return after adjustment for the amount of risk taken) by, undernormal circumstances, investing at least 80% of its net assets (including any borrowings for investment purposes) in equity securitiesof small and midsize companies listed on U.S. stock exchanges or derivatives linked to such securities. The small and mid-cap securitiesare generally common stock selected from constituents in the Russell Midcap® Index and Russell 2000® Index.As of February 28, 2025, the average market capitalization of the constituents in the Russell Midcap® Index was $30.413billion, and the average market capitalization of the constituents in the Russell 2000® Index was $3.713 billion. TheFund is actively managed. The Fund may invest in companies in any economic sector.  TheAdvisor constructs the Fund’s portfolio using both quantitative and qualitative analysis. The companies included in the portfolioare selected from the constituents of the Russell 2000® Index and Russell Midcap® Index. The companiesselected for the Fund’s portfolio are considered by the Advisor to have sound fundamentals and growth potential to outperform a50/50 blend of the Russell 2000® Index and Russell Midcap® Index in the long term based on the Advisor’squantitative analysis. The Advisor utilizes a quantitative model focused on four factors: Agreement (percentage of earnings estimaterevisions that are revised upward), Magnitude (size of the earnings estimate revisions), Upside (where the most accurate or recent earningsestimates are coming in relative to the consensus) and Surprise (the magnitude and frequency of earnings surprises). Earnings surprisesare a concept created by the Advisor’s affiliate, Zacks Investment Research, and are defined as the difference between reportedearnings per share and consensus or average earnings estimates from sell-side analysts. Consensus estimates refer to the averageforecasts of a group of sell-side analysts as to what a company is expected to earn or lose in a given period of time (quarterly or annually).The data for the quantitative analysis is provided by Zacks Investment Research, which derives the data from information provided bysell-side analysts. The Advisor constructs a portfolio of between 150-250 positions based on the qualitative judgement of the portfoliomanager after reviewing the above factors using the quantitative data described above. Once selected for the Fund’s portfolio,a company may be maintained in the portfolio even if it is subsequently removed from the Russell 2000® Index or RussellMidcap® Index. TheFund invests about 30%-70% of the value of its net assets in small cap equity securities and about 30%-70% in mid cap equity securities.The Fund may also invest up to 20% of the Fund’s net assets in cash and cash equivalents, including money market funds and othershort-term fixed income investments, in seeking to protect principal, or when, in the Advisor’s opinion, there are not sufficientcompanies appropriate for investment. As an alternative to holding cash or cash equivalents, the Advisor may invest the Fund’sassets in shares of other investment companies, including open-end and closed-end funds and exchange-traded funds (“ETFs”)(collectively, “Underlying Funds”). Theportfolio is generally rebalanced on a monthly basis using the quantitative analysis described above. However, the Advisor may rebalancethe portfolio at other times based on qualitative factors like corporate actions, such as mergers and acquisitions, and spin-offs.