0000806633 wft:C000002495Member 1986-12-06 2025-12-31 0000806633 wft:C000002495Member oef:AfterTaxesOnDistributionsAndSalesMember 1986-12-06 2025-12-31 0000806633 wft:C000002495Member oef:AfterTaxesOnDistributionsMember 1986-12-06 2025-12-31 0000806633 wft:C000002500Member 1986-12-06 2025-12-31 0000806633 wft:C000002500Member oef:AfterTaxesOnDistributionsAndSalesMember 1986-12-06 2025-12-31 0000806633 wft:C000002500Member oef:AfterTaxesOnDistributionsMember 1986-12-06 2025-12-31 0000806633 wft:C000002505Member 1986-12-06 2025-12-31 0000806633 wft:C000002505Member oef:AfterTaxesOnDistributionsAndSalesMember 1986-12-06 2025-12-31 0000806633 wft:C000002505Member oef:AfterTaxesOnDistributionsMember 1986-12-06 2025-12-31 0000806633 wft:C000002497Member 1992-08-16 2025-12-31 0000806633 wft:C000002497Member oef:AfterTaxesOnDistributionsAndSalesMember 1992-08-16 2025-12-31 0000806633 wft:C000002497Member oef:AfterTaxesOnDistributionsMember 1992-08-16 2025-12-31 0000806633 wft:C000002503Member 1995-06-19 2025-12-31 0000806633 wft:C000002503Member oef:AfterTaxesOnDistributionsAndSalesMember 1995-06-19 2025-12-31 0000806633 wft:C000002503Member oef:AfterTaxesOnDistributionsMember 1995-06-19 2025-12-31 0000806633 wft:C000070970Member 1996-09-25 2025-12-31 0000806633 wft:C000070970Member oef:AfterTaxesOnDistributionsAndSalesMember 1996-09-25 2025-12-31 0000806633 wft:C000070970Member oef:AfterTaxesOnDistributionsMember 1996-09-25 2025-12-31 0000806633 wft:C000002496Member 1997-12-17 2025-12-31 0000806633 wft:C000002496Member oef:AfterTaxesOnDistributionsAndSalesMember 1997-12-17 2025-12-31 0000806633 wft:C000002496Member oef:AfterTaxesOnDistributionsMember 1997-12-17 2025-12-31 0000806633 wft:C000002501Member 2002-06-28 2025-12-31 0000806633 wft:C000002501Member oef:AfterTaxesOnDistributionsAndSalesMember 2002-06-28 2025-12-31 0000806633 wft:C000002501Member oef:AfterTaxesOnDistributionsMember 2002-06-28 2025-12-31 0000806633 wft:C000002504Member 2003-07-28 2025-12-31 0000806633 wft:C000002504Member oef:AfterTaxesOnDistributionsAndSalesMember 2003-07-28 2025-12-31 0000806633 wft:C000002504Member oef:AfterTaxesOnDistributionsMember 2003-07-28 2025-12-31 0000806633 wft:C000002502Member 2005-01-27 2025-12-31 0000806633 wft:C000002502Member oef:AfterTaxesOnDistributionsAndSalesMember 2005-01-27 2025-12-31 0000806633 wft:C000002502Member oef:AfterTaxesOnDistributionsMember 2005-01-27 2025-12-31 0000806633 wft:C000051938Member 2007-10-01 2025-12-31 0000806633 wft:C000051938Member oef:AfterTaxesOnDistributionsAndSalesMember 2007-10-01 2025-12-31 0000806633 wft:C000051938Member oef:AfterTaxesOnDistributionsMember 2007-10-01 2025-12-31 0000806633 wft:C000065330Member 2008-11-17 2025-12-31 0000806633 wft:C000065330Member oef:AfterTaxesOnDistributionsAndSalesMember 2008-11-17 2025-12-31 0000806633 wft:C000065330Member oef:AfterTaxesOnDistributionsMember 2008-11-17 2025-12-31 0000806633 wft:C000097757Member 2011-04-12 2025-12-31 0000806633 wft:C000097757Member oef:AfterTaxesOnDistributionsAndSalesMember 2011-04-12 2025-12-31 0000806633 wft:C000097757Member oef:AfterTaxesOnDistributionsMember 2011-04-12 2025-12-31 0000806633 wft:C000110016Member 2012-01-31 2025-12-31 0000806633 wft:C000110017Member 2012-01-31 2025-12-31 0000806633 wft:C000110018Member 2012-01-31 2025-12-31 0000806633 wft:C000110019Member 2012-01-31 2025-12-31 0000806633 wft:C000110019Member oef:AfterTaxesOnDistributionsAndSalesMember 2012-01-31 2025-12-31 0000806633 wft:C000110019Member oef:AfterTaxesOnDistributionsMember 2012-01-31 2025-12-31 0000806633 wft:C000119725Member 2012-12-13 2025-12-31 0000806633 wft:C000119725Member oef:AfterTaxesOnDistributionsAndSalesMember 2012-12-13 2025-12-31 0000806633 wft:C000119725Member oef:AfterTaxesOnDistributionsMember 2012-12-13 2025-12-31 0000806633 wft:C000119726Member 2012-12-13 2025-12-31 0000806633 wft:C000166036Member 2016-02-01 2025-12-31 0000806633 wft:C000166036Member wft:S000000883MSCIACWIExUSAIndexMember 2016-02-01 2025-12-31 0000806633 wft:C000166036Member wft:S000000883MSCIACWIExUSASmallCapIndexMember 2016-02-01 2025-12-31 0000806633 wft:C000166036Member wft:S000000883MSCIWorldExUSASmallCapIndexMember 2016-02-01 2025-12-31 0000806633 wft:C000166037Member 2016-02-01 2025-12-31 0000806633 wft:C000166038Member 2016-02-01 2025-12-31 0000806633 wft:C000166038Member wft:S000000887Russell2000GrowthIndexMember 2016-02-01 2025-12-31 0000806633 wft:C000166038Member wft:S000000887Russell2000IndexMember 2016-02-01 2025-12-31 0000806633 wft:C000166038Member wft:S000000887Russell3000IndexMember 2016-02-01 2025-12-31 0000806633 wft:C000166039Member 2016-02-01 2025-12-31 0000806633 wft:C000166039Member wft:S000018772MSCIEmergingMarketsIndexMember 2016-02-01 2025-12-31 0000806633 wft:C000166039Member wft:S000018772MSCIEmergingMarketsSmallCapIndexMember 2016-02-01 2025-12-31 0000806633 wft:C000166040Member 2016-02-01 2025-12-31 0000806633 wft:C000166040Member wft:MSCIACWISmallCapIndexMember 2016-02-01 2025-12-31 0000806633 wft:C000166040Member wft:S000022592MSCIACWIIndexMember 2016-02-01 2025-12-31 0000806633 wft:C000166041Member 2016-02-01 2025-12-31 0000806633 wft:C000166041Member wft:S000031426MSCIEmergingMarketsIndexMember 2016-02-01 2025-12-31 0000806633 wft:C000166041Member wft:S000031426MSCIIndiaIMIInvestableMarketIndexMember 2016-02-01 2025-12-31 0000806633 wft:C000166042Member 2016-02-01 2025-12-31 0000806633 wft:C000166042Member wft:S000035891MSCIFrontierEmergingMarketsIndexMember 2016-02-01 2025-12-31 0000806633 wft:C000166042Member wft:S000035891MSCIFrontierMarketsIndexMember 2016-02-01 2025-12-31 0000806633 wft:C000166037Member wft:S000000884MSCIACWIExUSAIndexMember 2016-02-01 2025-12-31 0000806633 wft:C000166037Member wft:S000000884MSCIACWIExUSASmallCapIndexMember 2016-02-01 2025-12-31 0000806633 wft:C000166037Member wft:S000000884MSCIWorldExUSASmallCapIndexMember 2016-02-01 2025-12-31 0000806633 wft:C000214012Member 2019-10-01 2025-12-31 0000806633 wft:C000214012Member wft:MSCIACWIMidCapGrowthIndexMember 2019-10-01 2025-12-31 0000806633 wft:C000214012Member wft:S000066240MSCIACWIIndexMember 2019-10-01 2025-12-31 0000806633 wft:C000214013Member 2019-10-01 2025-12-31 0000806633 wft:C000214013Member oef:AfterTaxesOnDistributionsAndSalesMember 2019-10-01 2025-12-31 0000806633 wft:C000214013Member oef:AfterTaxesOnDistributionsMember 2019-10-01 2025-12-31 0000806633 wft:C000214013Member wft:MSCIACWIMidCapGrowthIndexMember 2019-10-01 2025-12-31 0000806633 wft:C000214013Member wft:S000066240MSCIACWIIndexMember 2019-10-01 2025-12-31 0000806633 wft:C000214014Member 2019-10-01 2025-12-31 0000806633 wft:C000214015Member 2019-10-01 2025-12-31 0000806633 wft:C000214015Member oef:AfterTaxesOnDistributionsAndSalesMember 2019-10-01 2025-12-31 0000806633 wft:C000214015Member oef:AfterTaxesOnDistributionsMember 2019-10-01 2025-12-31 0000806633 wft:C000214014Member wft:MSCIEAFEIndexMember 2019-10-01 2025-12-31 0000806633 wft:C000214015Member wft:MSCIEAFEIndexMember 2019-10-01 2025-12-31 0000806633 wft:C000214014Member wft:MSCIEAFEMidCapGrowthIndexMember 2019-10-01 2025-12-31 0000806633 wft:C000214015Member wft:MSCIEAFEMidCapGrowthIndexMember 2019-10-01 2025-12-31 0000806633 wft:C000214014Member wft:S000066241MSCIACWIExUSAIndexMember 2019-10-01 2025-12-31 0000806633 wft:C000214015Member wft:S000066241MSCIACWIExUSAIndexMember 2019-10-01 2025-12-31 0000806633 wft:C000217854Member 2020-01-31 2025-12-31 0000806633 wft:C000217854Member wft:S000000879Russell2000GrowthIndexMember 2020-01-31 2025-12-31 0000806633 wft:C000217854Member wft:S000000879Russell3000IndexMember 2020-01-31 2025-12-31 0000806633 wft:C000217855Member 2020-01-31 2025-12-31 0000806633 wft:C000217856Member 2020-01-31 2025-12-31 0000806633 wft:C000217856Member wft:S000000886Russell3000IndexMember 2020-01-31 2025-12-31 0000806633 wft:C000217856Member wft:S000000886RussellMicrocapIndexMember 2020-01-31 2025-12-31 0000806633 wft:C000217855Member wft:RussellMicrocapGrowthIndexMember 2020-01-31 2025-12-31 0000806633 wft:C000217855Member wft:S000000885Russell3000IndexMember 2020-01-31 2025-12-31 0000806633 wft:C000217855Member wft:S000000885RussellMicrocapIndexMember 2020-01-31 2025-12-31 0000806633 wft:C000230418Member 2021-10-01 2025-12-31 0000806633 wft:C000230418Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-10-01 2025-12-31 0000806633 wft:C000230418Member oef:AfterTaxesOnDistributionsMember 2021-10-01 2025-12-31 0000806633 wft:C000230418Member wft:FTSEUS3MonthTreasuryBillIndexMember 2021-10-01 2025-12-31 0000806633 wft:C000230418Member wft:Russell2500IndexMember 2021-10-01 2025-12-31 0000806633 wft:C000230419Member 2021-10-01 2025-12-31 0000806633 wft:C000230419Member wft:FTSEUS3MonthTreasuryBillIndexMember 2021-10-01 2025-12-31 0000806633 wft:C000230419Member wft:Russell2500IndexMember 2021-10-01 2025-12-31 0000806633 wft:C000230418Member wft:S000073482Russell3000IndexMember 2021-10-01 2025-12-31 0000806633 wft:C000230419Member wft:S000073482Russell3000IndexMember 2021-10-01 2025-12-31 0000806633 wft:C000236276Member 2022-06-13 2025-12-31 0000806633 wft:C000236276Member oef:AfterTaxesOnDistributionsAndSalesMember 2022-06-13 2025-12-31 0000806633 wft:C000236276Member oef:AfterTaxesOnDistributionsMember 2022-06-13 2025-12-31 0000806633 wft:C000236276Member wft:S000076417Russell2500GrowthIndexMember 2022-06-13 2025-12-31 0000806633 wft:C000236276Member wft:S000076417Russell3000IndexMember 2022-06-13 2025-12-31 0000806633 wft:C000236276Member wft:S000076417RussellMidcapGrowthIndexMember 2022-06-13 2025-12-31 0000806633 wft:C000236277Member 2022-06-13 2025-12-31 0000806633 wft:C000236277Member wft:S000076417Russell2500GrowthIndexMember 2022-06-13 2025-12-31 0000806633 wft:C000236277Member wft:S000076417Russell3000IndexMember 2022-06-13 2025-12-31 0000806633 wft:C000236277Member wft:S000076417RussellMidcapGrowthIndexMember 2022-06-13 2025-12-31 0000806633 wft:C000255334Member 2024-11-29 2025-12-31 0000806633 wft:C000255334Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-11-29 2025-12-31 0000806633 wft:C000255334Member oef:AfterTaxesOnDistributionsMember 2024-11-29 2025-12-31 0000806633 wft:C000255334Member wft:MSCIWorldExUSAValueIndexMember 2024-11-29 2025-12-31 0000806633 wft:C000255335Member 2024-11-29 2025-12-31 0000806633 wft:C000255334Member wft:MSCIWorldExUSAIndexMember 2024-11-29 2025-12-31 0000806633 wft:C000255335Member wft:MSCIWorldExUSAIndexMember 2024-11-29 2025-12-31 0000806633 wft:C000255335Member wft:MSCIWorldExUSAValueIndexMember 2024-11-29 2025-12-31 0000806633 wft:S000000877Member 2025-09-30 2025-09-30 0000806633 wft:S000000877Member wft:C000002495Member 2025-09-30 2025-09-30 0000806633 wft:S000000877Member wft:C000110016Member 2025-09-30 2025-09-30 0000806633 wft:S000000877Member wft:ConsumerDiscretionarySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000877Member wft:CurrentMarketAndEconomicConditionsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000877Member wft:EquitySecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000877Member wft:FinancialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000877Member wft:ForeignSecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000877Member wft:GovernmentAndRegulatoryRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000877Member wft:GrowthStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000877Member wft:HealthCareSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000877Member wft:IndustrialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000877Member wft:InformationTechnologySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000877Member wft:LiquidityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000877Member wft:MarketRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000000877Member wft:OperationalAndCybersecurityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000877Member oef:RiskLoseMoneyMember 2025-09-30 2025-09-30 0000806633 wft:S000000877Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-30 2025-09-30 0000806633 wft:S000000877Member wft:SectorAndIndustryWeightingsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000877Member wft:SmallerCompanyStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000877Member wft:StockMarketRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000877Member wft:StockSelectionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000878Member wft:ConsumerDiscretionarySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000878Member wft:ConsumerStaplesSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000878Member wft:CurrentMarketAndEconomicConditionsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000878Member wft:EquitySecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000878Member wft:FinancialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000878Member wft:ForeignSecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000878Member wft:GovernmentAndRegulatoryRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000878Member wft:GrowthStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000878Member wft:HealthCareSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000878Member wft:IndustrialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000878Member wft:InformationTechnologySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000878Member wft:LiquidityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000878Member wft:MarketRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000000878Member wft:OperationalAndCybersecurityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000878Member oef:RiskLoseMoneyMember 2025-09-30 2025-09-30 0000806633 wft:S000000878Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-30 2025-09-30 0000806633 wft:S000000878Member wft:SectorAndIndustryWeightingsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000878Member wft:SmallCapCompanyStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000878Member wft:StockMarketRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000878Member wft:StockSelectionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000878Member wft:ValueInvestingRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000879Member wft:ConsumerDiscretionarySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000879Member wft:CurrentMarketAndEconomicConditionsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000879Member wft:EquitySecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000879Member wft:FinancialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000879Member wft:ForeignSecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000879Member wft:GovernmentAndRegulatoryRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000879Member wft:GrowthStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000879Member wft:HealthCareSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000879Member wft:IndustrialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000879Member wft:InformationTechnologySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000879Member wft:InitialPublicOfferingsIPOsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000879Member wft:LiquidityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000879Member wft:MarketRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000000879Member wft:OperationalAndCybersecurityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000879Member oef:RiskLoseMoneyMember 2025-09-30 2025-09-30 0000806633 wft:S000000879Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-30 2025-09-30 0000806633 wft:S000000879Member wft:SectorAndIndustryWeightingsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000879Member wft:SmallerCompanyStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000879Member wft:StockMarketRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000879Member wft:StockSelectionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000882Member wft:CreditRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000000882Member wft:CurrentMarketAndEconomicConditionsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000882Member wft:EffectiveDurationMember 2025-09-30 2025-09-30 0000806633 wft:S000000882Member wft:FloatingRateInstrumentRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000882Member wft:GovernmentAndRegulatoryRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000882Member wft:IncomeRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000882Member wft:InterestRateRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000000882Member wft:MarketRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000000882Member wft:OperationalAndCybersecurityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000882Member wft:RepurchaseAgreementsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000882Member oef:RiskLoseMoneyMember 2025-09-30 2025-09-30 0000806633 wft:S000000882Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-30 2025-09-30 0000806633 wft:S000000882Member wft:RisksOfZeroCouponTreasurySecuritiesMember 2025-09-30 2025-09-30 0000806633 wft:S000000882Member wft:TreasuryInflationProtectedSecuritiesTIPSRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000882Member wft:VolatilityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:AsiaRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:C000002501Member 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:C000166036Member 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:CommunicationServicesSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:CountryRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:CurrentMarketAndEconomicConditionsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:DevelopedMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:EarlyStageCompaniesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:EmergingMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:EquitySecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:EuropeAndUnitedKingdomRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:FinancialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:ForeignSecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:FrontierMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:GovernmentAndRegulatoryRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:GrowthStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:IndianMarketAndIndiaRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:IndustrialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:InformationTechnologySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:JapanRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:LiquidityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:MarketRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:OperationalAndCybersecurityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member oef:RiskLoseMoneyMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:SectorAndIndustryWeightingsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:SmallCapCompanyStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:StockMarketRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000883Member wft:StockSelectionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:AsiaRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:C000002502Member 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:C000166037Member 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:CommunicationServicesSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:ConsumerStaplesSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:CountryRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:CurrentMarketAndEconomicConditionsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:DevelopedMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:EarlyStageCompaniesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:EmergingMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:EquitySecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:EuropeAndUnitedKingdomRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:FinancialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:ForeignSecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:FrontierMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:GovernmentAndRegulatoryRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:GrowthStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:HealthCareSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:IndianMarketAndIndiaRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:IndustrialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:InformationTechnologySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:InitialPublicOfferingsIPOsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:JapanRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:LiquidityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:MarketRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:MicroCapCompanyStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:OperationalAndCybersecurityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member oef:RiskLoseMoneyMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:SectorAndIndustryWeightingsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:StockMarketRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000884Member wft:StockSelectionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000885Member 2025-09-30 2025-09-30 0000806633 wft:S000000885Member wft:C000002503Member 2025-09-30 2025-09-30 0000806633 wft:S000000885Member wft:C000217855Member 2025-09-30 2025-09-30 0000806633 wft:S000000885Member wft:ConsumerDiscretionarySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000885Member wft:ConsumerStaplesSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000885Member wft:CountryRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000885Member wft:CurrentMarketAndEconomicConditionsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000885Member wft:EquitySecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000885Member wft:FinancialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000885Member wft:GovernmentAndRegulatoryRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000885Member wft:GrowthStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000885Member wft:HealthCareSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000885Member wft:IndustrialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000885Member wft:InformationTechnologySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000885Member wft:InitialPublicOfferingsIPOsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000885Member wft:LiquidityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000885Member wft:MarketRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000000885Member wft:MicroCapCompanyStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000885Member wft:OperationalAndCybersecurityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000885Member oef:RiskLoseMoneyMember 2025-09-30 2025-09-30 0000806633 wft:S000000885Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-30 2025-09-30 0000806633 wft:S000000885Member wft:SectorAndIndustryWeightingsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000885Member wft:StockMarketRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000885Member wft:StockSelectionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000886Member 2025-09-30 2025-09-30 0000806633 wft:S000000886Member wft:C000002504Member 2025-09-30 2025-09-30 0000806633 wft:S000000886Member wft:C000217856Member 2025-09-30 2025-09-30 0000806633 wft:S000000886Member wft:ConsumerDiscretionarySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000886Member wft:ConsumerStaplesSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000886Member wft:CurrentMarketAndEconomicConditionsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000886Member wft:EquitySecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000886Member wft:EuropeAndUnitedKingdomRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000886Member wft:FinancialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000886Member wft:ForeignSecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000886Member wft:GovernmentAndRegulatoryRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000886Member wft:GrowthStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000886Member wft:HealthCareSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000886Member wft:IndustrialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000886Member wft:InformationTechnologySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000886Member wft:InitialPublicOfferingsIPOsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000886Member wft:LiquidityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000886Member wft:MarketRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000000886Member wft:MicroCapCompanyStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000886Member wft:OperationalAndCybersecurityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000886Member oef:RiskLoseMoneyMember 2025-09-30 2025-09-30 0000806633 wft:S000000886Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-30 2025-09-30 0000806633 wft:S000000886Member wft:SectorAndIndustryWeightingsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000886Member wft:StockMarketRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000886Member wft:StockSelectionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000886Member wft:ValueInvestingRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000887Member wft:ConsumerDiscretionarySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000887Member wft:ConsumerStaplesSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000887Member wft:CurrentMarketAndEconomicConditionsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000887Member wft:EquitySecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000887Member wft:FinancialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000887Member wft:ForeignSecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000887Member wft:GovernmentAndRegulatoryRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000887Member wft:GrowthStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000887Member wft:HealthCareSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000887Member wft:IndustrialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000887Member wft:InformationTechnologySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000887Member wft:InitialPublicOfferingsIPOsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000887Member wft:LiquidityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000887Member wft:MarketRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000000887Member wft:OperationalAndCybersecurityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000887Member oef:RiskLoseMoneyMember 2025-09-30 2025-09-30 0000806633 wft:S000000887Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-30 2025-09-30 0000806633 wft:S000000887Member wft:SectorAndIndustryWeightingsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000887Member wft:SmallCapCompanyStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000887Member wft:StockMarketRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000000887Member wft:StockSelectionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000018772Member 2025-09-30 2025-09-30 0000806633 wft:S000018772Member wft:C000051938Member 2025-09-30 2025-09-30 0000806633 wft:S000018772Member wft:C000166039Member 2025-09-30 2025-09-30 0000806633 wft:S000018772Member wft:ChineseMarketAndAsiaRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000018772Member wft:CommunicationServicesSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000018772Member wft:CountryRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000018772Member wft:CurrentMarketAndEconomicConditionsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000018772Member wft:EmergingMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000018772Member wft:EquitySecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000018772Member wft:FinancialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000018772Member wft:ForeignSecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000018772Member wft:GovernmentAndRegulatoryRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000018772Member wft:GrowthStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000018772Member wft:HealthCareSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000018772Member wft:IndianMarketAndIndiaRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000018772Member wft:IndustrialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000018772Member wft:InformationTechnologySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000018772Member wft:LiquidityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000018772Member wft:MarketRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000018772Member wft:OperationalAndCybersecurityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000018772Member oef:RiskLoseMoneyMember 2025-09-30 2025-09-30 0000806633 wft:S000018772Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-30 2025-09-30 0000806633 wft:S000018772Member wft:SectorAndIndustryWeightingsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000018772Member wft:SmallCapCompanyStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000018772Member wft:StockMarketRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000018772Member wft:StockSelectionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000018772Member wft:TaiwanMarketRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:AsiaRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:C000065330Member 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:C000166040Member 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:ConsumerDiscretionarySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:ConsumerStaplesSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:CountryRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:CurrentMarketAndEconomicConditionsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:DevelopedMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:EarlyStageCompaniesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:EmergingMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:EquitySecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:EuropeAndUnitedKingdomRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:FinancialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:ForeignSecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:FrontierMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:GovernmentAndRegulatoryRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:GrowthStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:HealthCareSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:IndianMarketAndIndiaRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:IndustrialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:InformationTechnologySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:InitialPublicOfferingsIPOsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:JapanRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:LiquidityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:MarketRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:MicroCapAndSmallCompanyStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:OperationalAndCybersecurityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member oef:RiskLoseMoneyMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:SectorAndIndustryWeightingsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:StockMarketRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:StockSelectionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000022592Member wft:ValueInvestingRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:AsiaRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:C000070970Member 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:C000110018Member 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:CommunicationServicesSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:ConsumerStaplesSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:CountryRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:CurrentMarketAndEconomicConditionsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:DevelopedMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:EmergingMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:EnergySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:EquitySecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:EuropeAndUnitedKingdomRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:FinancialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:ForeignSecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:FrontierMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:GovernmentAndRegulatoryRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:HealthCareSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:IndustrialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:InformationTechnologySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:LargeCompanyStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:LiquidityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:MarketRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:MaterialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:OperationalAndCybersecurityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:RealEstateSectorRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member oef:RiskLoseMoneyMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:SectorAndIndustryWeightingsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:StockMarketRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:StockSelectionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:UtilitiesSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000024179Member wft:ValueInvestingRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000031426Member 2025-09-30 2025-09-30 0000806633 wft:S000031426Member wft:C000097757Member 2025-09-30 2025-09-30 0000806633 wft:S000031426Member wft:C000166041Member 2025-09-30 2025-09-30 0000806633 wft:S000031426Member wft:ConsumerDiscretionarySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000031426Member wft:CurrentMarketAndEconomicConditionsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000031426Member wft:EmergingMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000031426Member wft:EquitySecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000031426Member wft:FinancialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000031426Member wft:ForeignSecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000031426Member wft:GovernmentAndRegulatoryRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000031426Member wft:GrowthStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000031426Member wft:HealthCareSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000031426Member wft:IndianMarketAndIndiaRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000031426Member wft:IndustrialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000031426Member wft:InitialPublicOfferingsIPOsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000031426Member wft:LiquidityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000031426Member wft:MarketRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000031426Member wft:OperationalAndCybersecurityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000031426Member oef:RiskLoseMoneyMember 2025-09-30 2025-09-30 0000806633 wft:S000031426Member oef:RiskNondiversifiedStatusMember 2025-09-30 2025-09-30 0000806633 wft:S000031426Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-30 2025-09-30 0000806633 wft:S000031426Member wft:SectorAndIndustryWeightingsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000031426Member wft:SmallerCompanyStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000031426Member wft:StockMarketRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000031426Member wft:StockSelectionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000035891Member 2025-09-30 2025-09-30 0000806633 wft:S000035891Member wft:AsiaRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000035891Member wft:C000110019Member 2025-09-30 2025-09-30 0000806633 wft:S000035891Member wft:C000166042Member 2025-09-30 2025-09-30 0000806633 wft:S000035891Member wft:CommunicationServicesSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000035891Member wft:ConsumerDiscretionarySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000035891Member wft:CountryRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000035891Member wft:CurrentMarketAndEconomicConditionsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000035891Member wft:EmergingMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000035891Member wft:EquitySecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000035891Member wft:FinancialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000035891Member wft:ForeignSecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000035891Member wft:FrontierMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000035891Member wft:GovernmentAndRegulatoryRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000035891Member wft:GrowthStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000035891Member wft:HealthCareSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000035891Member wft:IndianMarketAndIndiaRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000035891Member wft:IndustrialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000035891Member wft:InitialPublicOfferingsIPOsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000035891Member wft:LiquidityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000035891Member wft:MarketRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000035891Member wft:OperationalAndCybersecurityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000035891Member oef:RiskLoseMoneyMember 2025-09-30 2025-09-30 0000806633 wft:S000035891Member oef:RiskNondiversifiedStatusMember 2025-09-30 2025-09-30 0000806633 wft:S000035891Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-30 2025-09-30 0000806633 wft:S000035891Member wft:SectorAndIndustryWeightingsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000035891Member wft:SmallCapCompanyStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000035891Member wft:StockMarketRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000035891Member wft:StockSelectionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member 2025-09-30 2025-09-30 0000806633 wft:S000038937Member wft:C000119725Member 2025-09-30 2025-09-30 0000806633 wft:S000038937Member wft:C000119726Member 2025-09-30 2025-09-30 0000806633 wft:S000038937Member wft:ChineseMarketAndAsiaRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member wft:ConsumerDiscretionarySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member wft:CountryRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member wft:CurrentMarketAndEconomicConditionsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member wft:EarlyStageCompaniesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member wft:EmergingMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member wft:EquitySecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member wft:FinancialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member wft:ForeignSecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member wft:GovernmentAndRegulatoryRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member wft:GrowthStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member wft:HealthCareSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member wft:IndianMarketAndIndiaRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member wft:IndustrialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member wft:InformationTechnologySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member wft:InitialPublicOfferingsIPOsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member wft:LiquidityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member wft:MarketRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member wft:OperationalAndCybersecurityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member oef:RiskLoseMoneyMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member oef:RiskNondiversifiedStatusMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member wft:SectorAndIndustryWeightingsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member wft:SmallCapCompanyStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member wft:StockMarketRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member wft:StockSelectionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000038937Member wft:TaiwanMarketRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:AsiaRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:C000214012Member 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:C000214013Member 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:CommunicationServicesSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:ConsumerDiscretionarySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:CountryRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:CurrentMarketAndEconomicConditionsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:DevelopedMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:EarlyStageCompaniesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:EmergingMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:EquitySecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:EuropeAndUnitedKingdomRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:FinancialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:ForeignSecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:FrontierMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:GovernmentAndRegulatoryRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:GrowthStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:HealthCareSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:IndianMarketAndIndiaRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:IndustrialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:InformationTechnologySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:JapanRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:LiquidityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:MarketRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:OperationalAndCybersecurityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member oef:RiskLoseMoneyMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:SectorAndIndustryWeightingsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:SmallCapCompanyStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:StockMarketRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066240Member wft:StockSelectionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member 2025-09-30 2025-09-30 0000806633 wft:S000066241Member wft:AsiaRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member wft:C000214014Member 2025-09-30 2025-09-30 0000806633 wft:S000066241Member wft:C000214015Member 2025-09-30 2025-09-30 0000806633 wft:S000066241Member wft:CommunicationServicesSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member wft:ConsumerDiscretionarySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member wft:CountryRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member wft:CurrentMarketAndEconomicConditionsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member wft:DevelopedMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member wft:EarlyStageCompaniesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member wft:EquitySecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member wft:EuropeAndUnitedKingdomRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member wft:FinancialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member wft:ForeignSecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member wft:GovernmentAndRegulatoryRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member wft:GrowthStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member wft:IndustrialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member wft:InformationTechnologySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member wft:JapanRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member wft:LiquidityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member wft:MarketRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member wft:OperationalAndCybersecurityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member wft:RealEstateSectorRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member oef:RiskLoseMoneyMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member oef:RiskNondiversifiedStatusMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member wft:SectorAndIndustryWeightingsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member wft:SmallCapCompanyStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member wft:StockMarketRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000066241Member wft:StockSelectionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000073482Member 2025-09-30 2025-09-30 0000806633 wft:S000073482Member wft:C000230418Member 2025-09-30 2025-09-30 0000806633 wft:S000073482Member wft:C000230419Member 2025-09-30 2025-09-30 0000806633 wft:S000073482Member wft:CommonStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000073482Member wft:ConsumerDiscretionarySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000073482Member wft:CurrentMarketAndEconomicConditionsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000073482Member wft:DepositaryReceiptsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000073482Member wft:EquitySecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000073482Member wft:FinancialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000073482Member wft:ForeignSecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000073482Member wft:GovernmentAndRegulatoryRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000073482Member wft:GrowthStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000073482Member wft:HealthCareSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000073482Member wft:IndustrialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000073482Member wft:InformationTechnologySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000073482Member wft:LargeCompanyStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000073482Member wft:LiquidityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000073482Member wft:MarketRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000073482Member wft:MicroCapCompanyStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000073482Member wft:OperationalAndCybersecurityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000073482Member wft:PreferredStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000073482Member wft:QuantitativeModelRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000073482Member oef:RiskLoseMoneyMember 2025-09-30 2025-09-30 0000806633 wft:S000073482Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-30 2025-09-30 0000806633 wft:S000073482Member wft:SectorAndIndustryWeightingsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000073482Member wft:ShortSalesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000073482Member wft:SmallAndMidCapCompanyStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000073482Member wft:StockMarketRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000073482Member wft:StockSelectionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000076417Member wft:ConsumerDiscretionarySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000076417Member wft:CurrentMarketAndEconomicConditionsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000076417Member wft:EquitySecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000076417Member wft:FinancialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000076417Member wft:ForeignSecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000076417Member wft:GovernmentAndRegulatoryRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000076417Member wft:GrowthStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000076417Member wft:HealthCareSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000076417Member wft:IndustrialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000076417Member wft:InformationTechnologySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000076417Member wft:LargeCapitalizationStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000076417Member wft:LiquidityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000076417Member wft:MarketRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000076417Member wft:MicroSmallAndMidCapitalizationCompanyStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000076417Member wft:OperationalAndCybersecurityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000076417Member oef:RiskLoseMoneyMember 2025-09-30 2025-09-30 0000806633 wft:S000076417Member oef:RiskNondiversifiedStatusMember 2025-09-30 2025-09-30 0000806633 wft:S000076417Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-30 2025-09-30 0000806633 wft:S000076417Member wft:SectorAndIndustryWeightingsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000076417Member wft:StockMarketRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000076417Member wft:StockSelectionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:AsiaRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:C000255334Member 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:C000255335Member 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:CommunicationServicesSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:ConsumerStaplesSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:CountryRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:CurrentMarketAndEconomicConditionsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:DevelopedMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:EmergingMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:EnergySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:EquitySecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:EuropeAndUnitedKingdomRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:FinancialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:ForeignSecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:FrontierMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:GovernmentAndRegulatoryRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:HealthCareSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:IndustrialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:InformationTechnologySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:LargeCompanyStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:LiquidityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:MarketRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:NewFundRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:OperationalAndCybersecurityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member oef:RiskLoseMoneyMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member oef:RiskNondiversifiedStatusMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:SectorAndIndustryWeightingsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:SmallAndMidCapCompanyStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:StockMarketRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:StockSelectionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:UtilitiesSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000088934Member wft:ValueInvestingRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:AsiaRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:C000262950Member 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:C000262951Member 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:CommunicationServicesSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:ConsumerDiscretionarySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:ConsumerStaplesSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:CountryRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:CurrentMarketAndEconomicConditionsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:DevelopedMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:EmergingMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:EnergySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:EquitySecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:EuropeAndUnitedKingdomRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:FinancialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:ForeignSecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:FrontierMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:GovernmentAndRegulatoryRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:GrowthStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:HealthCareSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:IndianMarketAndIndiaRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:IndustrialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:InformationTechnologySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:LiquidityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:MarketRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:MaterialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:MicroCapAndSmallCompanyStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:NewFundRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:OperationalAndCybersecurityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:RealEstateSectorRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member oef:RiskLoseMoneyMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member oef:RiskNondiversifiedStatusMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:SectorAndIndustryWeightingsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:StockMarketRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:StockSelectionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:UtilitiesSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094440Member wft:ValueInvestingRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:AsiaRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:C000262952Member 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:C000262953Member 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:CommunicationServicesSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:ConsumerDiscretionarySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:ConsumerStaplesSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:CountryRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:CurrentMarketAndEconomicConditionsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:DevelopedMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:EmergingMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:EnergySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:EquitySecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:EuropeAndUnitedKingdomRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:FinancialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:ForeignSecuritiesRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:FrontierMarketsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:GovernmentAndRegulatoryRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:GrowthStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:HealthCareSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:IndianMarketAndIndiaRegionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:IndustrialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:InformationTechnologySectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:LiquidityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:MarketRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:MaterialsSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:MicroCapAndSmallCompanyStockRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:NewFundRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:OperationalAndCybersecurityRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:RealEstateSectorRisksMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member oef:RiskLoseMoneyMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member oef:RiskNondiversifiedStatusMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:SectorAndIndustryWeightingsRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:StockMarketRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:StockSelectionRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:UtilitiesSectorRiskMember 2025-09-30 2025-09-30 0000806633 wft:S000094441Member wft:ValueInvestingRiskMember 2025-09-30 2025-09-30 0000806633 2025-09-30 2025-09-30 0000806633 wft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000002495Member 2021-01-01 2025-12-31 0000806633 wft:C000002495Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000806633 wft:C000002495Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000806633 wft:C000002496Member 2021-01-01 2025-12-31 0000806633 wft:C000002496Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000806633 wft:C000002496Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000806633 wft:C000002497Member 2021-01-01 2025-12-31 0000806633 wft:C000002497Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000806633 wft:C000002497Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000806633 wft:C000002497Member wft:S000000879Russell2000GrowthIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000002497Member wft:S000000879Russell3000IndexMember 2021-01-01 2025-12-31 0000806633 wft:C000002500Member 2021-01-01 2025-12-31 0000806633 wft:C000002500Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000806633 wft:C000002500Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000806633 wft:C000002501Member 2021-01-01 2025-12-31 0000806633 wft:C000002501Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000806633 wft:C000002501Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000806633 wft:C000002501Member wft:S000000883MSCIACWIExUSAIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000002501Member wft:S000000883MSCIACWIExUSASmallCapIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000002501Member wft:S000000883MSCIWorldExUSASmallCapIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000002502Member 2021-01-01 2025-12-31 0000806633 wft:C000002502Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000806633 wft:C000002502Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000806633 wft:C000002503Member 2021-01-01 2025-12-31 0000806633 wft:C000002503Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000806633 wft:C000002503Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000806633 wft:C000002503Member wft:RussellMicrocapGrowthIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000002503Member wft:S000000885Russell3000IndexMember 2021-01-01 2025-12-31 0000806633 wft:C000002503Member wft:S000000885RussellMicrocapIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000002504Member 2021-01-01 2025-12-31 0000806633 wft:C000002504Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000806633 wft:C000002504Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000806633 wft:C000002504Member wft:S000000886Russell3000IndexMember 2021-01-01 2025-12-31 0000806633 wft:C000002504Member wft:S000000886RussellMicrocapIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000002505Member 2021-01-01 2025-12-31 0000806633 wft:C000002505Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000806633 wft:C000002505Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000806633 wft:C000002505Member wft:S000000887Russell2000GrowthIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000002505Member wft:S000000887Russell2000IndexMember 2021-01-01 2025-12-31 0000806633 wft:C000002505Member wft:S000000887Russell3000IndexMember 2021-01-01 2025-12-31 0000806633 wft:C000051938Member 2021-01-01 2025-12-31 0000806633 wft:C000051938Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000806633 wft:C000051938Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000806633 wft:C000051938Member wft:S000018772MSCIEmergingMarketsIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000051938Member wft:S000018772MSCIEmergingMarketsSmallCapIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000065330Member 2021-01-01 2025-12-31 0000806633 wft:C000065330Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000806633 wft:C000065330Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000806633 wft:C000065330Member wft:MSCIACWISmallCapIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000065330Member wft:S000022592MSCIACWIIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000070970Member 2021-01-01 2025-12-31 0000806633 wft:C000070970Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000806633 wft:C000070970Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000806633 wft:C000097757Member 2021-01-01 2025-12-31 0000806633 wft:C000097757Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000806633 wft:C000097757Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000806633 wft:C000097757Member wft:S000031426MSCIEmergingMarketsIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000097757Member wft:S000031426MSCIIndiaIMIInvestableMarketIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000110016Member 2021-01-01 2025-12-31 0000806633 wft:C000110017Member 2021-01-01 2025-12-31 0000806633 wft:C000110018Member 2021-01-01 2025-12-31 0000806633 wft:C000110019Member 2021-01-01 2025-12-31 0000806633 wft:C000110019Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000806633 wft:C000110019Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000806633 wft:C000110019Member wft:S000035891MSCIFrontierEmergingMarketsIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000110019Member wft:S000035891MSCIFrontierMarketsIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000119725Member 2021-01-01 2025-12-31 0000806633 wft:C000119725Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000806633 wft:C000119725Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000806633 wft:C000119726Member 2021-01-01 2025-12-31 0000806633 wft:C000166036Member 2021-01-01 2025-12-31 0000806633 wft:C000166036Member wft:S000000883MSCIACWIExUSAIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000166036Member wft:S000000883MSCIACWIExUSASmallCapIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000166036Member wft:S000000883MSCIWorldExUSASmallCapIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000166037Member 2021-01-01 2025-12-31 0000806633 wft:C000166038Member 2021-01-01 2025-12-31 0000806633 wft:C000166038Member wft:S000000887Russell2000GrowthIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000166038Member wft:S000000887Russell2000IndexMember 2021-01-01 2025-12-31 0000806633 wft:C000166038Member wft:S000000887Russell3000IndexMember 2021-01-01 2025-12-31 0000806633 wft:C000166039Member 2021-01-01 2025-12-31 0000806633 wft:C000166039Member wft:S000018772MSCIEmergingMarketsIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000166039Member wft:S000018772MSCIEmergingMarketsSmallCapIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000166040Member 2021-01-01 2025-12-31 0000806633 wft:C000166040Member wft:MSCIACWISmallCapIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000166040Member wft:S000022592MSCIACWIIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000166041Member 2021-01-01 2025-12-31 0000806633 wft:C000166041Member wft:S000031426MSCIEmergingMarketsIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000166041Member wft:S000031426MSCIIndiaIMIInvestableMarketIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000166042Member 2021-01-01 2025-12-31 0000806633 wft:C000166042Member wft:S000035891MSCIFrontierEmergingMarketsIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000166042Member wft:S000035891MSCIFrontierMarketsIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000214012Member 2021-01-01 2025-12-31 0000806633 wft:C000214012Member wft:MSCIACWIMidCapGrowthIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000214012Member wft:S000066240MSCIACWIIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000214013Member 2021-01-01 2025-12-31 0000806633 wft:C000214013Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000806633 wft:C000214013Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000806633 wft:C000214013Member wft:MSCIACWIMidCapGrowthIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000214013Member wft:S000066240MSCIACWIIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000214014Member 2021-01-01 2025-12-31 0000806633 wft:C000214015Member 2021-01-01 2025-12-31 0000806633 wft:C000214015Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000806633 wft:C000214015Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000806633 wft:C000217854Member 2021-01-01 2025-12-31 0000806633 wft:C000217854Member wft:S000000879Russell2000GrowthIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000217854Member wft:S000000879Russell3000IndexMember 2021-01-01 2025-12-31 0000806633 wft:C000217855Member 2021-01-01 2025-12-31 0000806633 wft:C000217856Member 2021-01-01 2025-12-31 0000806633 wft:C000217856Member wft:S000000886Russell3000IndexMember 2021-01-01 2025-12-31 0000806633 wft:C000217856Member wft:S000000886RussellMicrocapIndexMember 2021-01-01 2025-12-31 0000806633 wft:MSCIACWIValueIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000214014Member wft:MSCIEAFEIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000214015Member wft:MSCIEAFEIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000214014Member wft:MSCIEAFEMidCapGrowthIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000214015Member wft:MSCIEAFEMidCapGrowthIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000217855Member wft:RussellMicrocapGrowthIndexMember 2021-01-01 2025-12-31 0000806633 wft:S000000877Russell2000GrowthIndexMember 2021-01-01 2025-12-31 0000806633 wft:S000000877Russell2000IndexMember 2021-01-01 2025-12-31 0000806633 wft:S000000877Russell3000IndexMember 2021-01-01 2025-12-31 0000806633 wft:S000000878Russell2000IndexMember 2021-01-01 2025-12-31 0000806633 wft:S000000878Russell2000ValueIndexMember 2021-01-01 2025-12-31 0000806633 wft:S000000878Russell3000IndexMember 2021-01-01 2025-12-31 0000806633 wft:C000002502Member wft:S000000884MSCIACWIExUSAIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000166037Member wft:S000000884MSCIACWIExUSAIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000002502Member wft:S000000884MSCIACWIExUSASmallCapIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000166037Member wft:S000000884MSCIACWIExUSASmallCapIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000002502Member wft:S000000884MSCIWorldExUSASmallCapIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000166037Member wft:S000000884MSCIWorldExUSASmallCapIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000217855Member wft:S000000885Russell3000IndexMember 2021-01-01 2025-12-31 0000806633 wft:C000217855Member wft:S000000885RussellMicrocapIndexMember 2021-01-01 2025-12-31 0000806633 wft:S000024179MSCIACWIIndexMember 2021-01-01 2025-12-31 0000806633 wft:S000038937MSCIEmergingMarketsIndexMember 2021-01-01 2025-12-31 0000806633 wft:S000038937MSCIEmergingMarketsMidCapGrowthIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000214014Member wft:S000066241MSCIACWIExUSAIndexMember 2021-01-01 2025-12-31 0000806633 wft:C000214015Member wft:S000066241MSCIACWIExUSAIndexMember 2021-01-01 2025-12-31 0000806633 wft:S000000877Member wft:C000002495Member 2016-01-01 2016-12-31 0000806633 wft:S000000878Member wft:C000002496Member 2016-01-01 2016-12-31 0000806633 wft:S000000879Member wft:C000002497Member 2016-01-01 2016-12-31 0000806633 wft:S000000882Member wft:C000002500Member 2016-01-01 2016-12-31 0000806633 wft:S000000883Member wft:C000002501Member 2016-01-01 2016-12-31 0000806633 wft:S000000884Member wft:C000002502Member 2016-01-01 2016-12-31 0000806633 wft:S000000885Member wft:C000002503Member 2016-01-01 2016-12-31 0000806633 wft:S000000886Member wft:C000002504Member 2016-01-01 2016-12-31 0000806633 wft:S000000887Member wft:C000002505Member 2016-01-01 2016-12-31 0000806633 wft:S000018772Member wft:C000051938Member 2016-01-01 2016-12-31 0000806633 wft:S000022592Member wft:C000065330Member 2016-01-01 2016-12-31 0000806633 wft:S000024179Member wft:C000070970Member 2016-01-01 2016-12-31 0000806633 wft:S000031426Member wft:C000097757Member 2016-01-01 2016-12-31 0000806633 wft:S000035891Member wft:C000110019Member 2016-01-01 2016-12-31 0000806633 wft:S000038937Member wft:C000119725Member 2016-01-01 2016-12-31 0000806633 wft:S000000877Member wft:C000002495Member 2017-01-01 2017-12-31 0000806633 wft:S000000878Member wft:C000002496Member 2017-01-01 2017-12-31 0000806633 wft:S000000879Member wft:C000002497Member 2017-01-01 2017-12-31 0000806633 wft:S000000882Member wft:C000002500Member 2017-01-01 2017-12-31 0000806633 wft:S000000883Member wft:C000002501Member 2017-01-01 2017-12-31 0000806633 wft:S000000884Member wft:C000002502Member 2017-01-01 2017-12-31 0000806633 wft:S000000885Member wft:C000002503Member 2017-01-01 2017-12-31 0000806633 wft:S000000886Member wft:C000002504Member 2017-01-01 2017-12-31 0000806633 wft:S000000887Member wft:C000002505Member 2017-01-01 2017-12-31 0000806633 wft:S000018772Member wft:C000051938Member 2017-01-01 2017-12-31 0000806633 wft:S000022592Member wft:C000065330Member 2017-01-01 2017-12-31 0000806633 wft:S000024179Member wft:C000070970Member 2017-01-01 2017-12-31 0000806633 wft:S000031426Member wft:C000097757Member 2017-01-01 2017-12-31 0000806633 wft:S000035891Member wft:C000110019Member 2017-01-01 2017-12-31 0000806633 wft:S000038937Member wft:C000119725Member 2017-01-01 2017-12-31 0000806633 wft:S000000877Member wft:C000002495Member 2018-01-01 2018-12-31 0000806633 wft:S000000878Member wft:C000002496Member 2018-01-01 2018-12-31 0000806633 wft:S000000879Member wft:C000002497Member 2018-01-01 2018-12-31 0000806633 wft:S000000882Member wft:C000002500Member 2018-01-01 2018-12-31 0000806633 wft:S000000883Member wft:C000002501Member 2018-01-01 2018-12-31 0000806633 wft:S000000884Member wft:C000002502Member 2018-01-01 2018-12-31 0000806633 wft:S000000885Member wft:C000002503Member 2018-01-01 2018-12-31 0000806633 wft:S000000886Member wft:C000002504Member 2018-01-01 2018-12-31 0000806633 wft:S000000887Member wft:C000002505Member 2018-01-01 2018-12-31 0000806633 wft:S000018772Member wft:C000051938Member 2018-01-01 2018-12-31 0000806633 wft:S000022592Member wft:C000065330Member 2018-01-01 2018-12-31 0000806633 wft:S000024179Member wft:C000070970Member 2018-01-01 2018-12-31 0000806633 wft:S000031426Member wft:C000097757Member 2018-01-01 2018-12-31 0000806633 wft:S000035891Member wft:C000110019Member 2018-01-01 2018-12-31 0000806633 wft:S000038937Member wft:C000119725Member 2018-01-01 2018-12-31 0000806633 wft:S000000877Member wft:C000002495Member 2019-01-01 2019-12-31 0000806633 wft:S000000878Member wft:C000002496Member 2019-01-01 2019-12-31 0000806633 wft:S000000879Member wft:C000002497Member 2019-01-01 2019-12-31 0000806633 wft:S000000882Member wft:C000002500Member 2019-01-01 2019-12-31 0000806633 wft:S000000883Member wft:C000002501Member 2019-01-01 2019-12-31 0000806633 wft:S000000884Member wft:C000002502Member 2019-01-01 2019-12-31 0000806633 wft:S000000885Member wft:C000002503Member 2019-01-01 2019-12-31 0000806633 wft:S000000886Member wft:C000002504Member 2019-01-01 2019-12-31 0000806633 wft:S000000887Member wft:C000002505Member 2019-01-01 2019-12-31 0000806633 wft:S000018772Member wft:C000051938Member 2019-01-01 2019-12-31 0000806633 wft:S000022592Member wft:C000065330Member 2019-01-01 2019-12-31 0000806633 wft:S000024179Member wft:C000070970Member 2019-01-01 2019-12-31 0000806633 wft:S000031426Member wft:C000097757Member 2019-01-01 2019-12-31 0000806633 wft:S000035891Member wft:C000110019Member 2019-01-01 2019-12-31 0000806633 wft:S000038937Member wft:C000119725Member 2019-01-01 2019-12-31 0000806633 wft:S000000877Member wft:C000002495Member 2020-01-01 2020-12-31 0000806633 wft:S000000878Member wft:C000002496Member 2020-01-01 2020-12-31 0000806633 wft:S000000879Member wft:C000002497Member 2020-01-01 2020-12-31 0000806633 wft:S000000882Member wft:C000002500Member 2020-01-01 2020-12-31 0000806633 wft:S000000883Member wft:C000002501Member 2020-01-01 2020-12-31 0000806633 wft:S000000884Member wft:C000002502Member 2020-01-01 2020-12-31 0000806633 wft:S000000885Member wft:C000002503Member 2020-01-01 2020-12-31 0000806633 wft:S000000886Member wft:C000002504Member 2020-01-01 2020-12-31 0000806633 wft:S000000887Member wft:C000002505Member 2020-01-01 2020-12-31 0000806633 wft:S000018772Member wft:C000051938Member 2020-01-01 2020-12-31 0000806633 wft:S000022592Member wft:C000065330Member 2020-01-01 2020-12-31 0000806633 wft:S000024179Member wft:C000070970Member 2020-01-01 2020-12-31 0000806633 wft:S000031426Member wft:C000097757Member 2020-01-01 2020-12-31 0000806633 wft:S000035891Member wft:C000110019Member 2020-01-01 2020-12-31 0000806633 wft:S000038937Member wft:C000119725Member 2020-01-01 2020-12-31 0000806633 wft:S000066240Member wft:C000214013Member 2020-01-01 2020-12-31 0000806633 wft:S000066241Member wft:C000214015Member 2020-01-01 2020-12-31 0000806633 wft:S000000877Member wft:C000002495Member 2021-01-01 2021-12-31 0000806633 wft:S000000878Member wft:C000002496Member 2021-01-01 2021-12-31 0000806633 wft:S000000879Member wft:C000002497Member 2021-01-01 2021-12-31 0000806633 wft:S000000882Member wft:C000002500Member 2021-01-01 2021-12-31 0000806633 wft:S000000883Member wft:C000002501Member 2021-01-01 2021-12-31 0000806633 wft:S000000884Member wft:C000002502Member 2021-01-01 2021-12-31 0000806633 wft:S000000885Member wft:C000002503Member 2021-01-01 2021-12-31 0000806633 wft:S000000886Member wft:C000002504Member 2021-01-01 2021-12-31 0000806633 wft:S000000887Member wft:C000002505Member 2021-01-01 2021-12-31 0000806633 wft:S000018772Member wft:C000051938Member 2021-01-01 2021-12-31 0000806633 wft:S000022592Member wft:C000065330Member 2021-01-01 2021-12-31 0000806633 wft:S000024179Member wft:C000070970Member 2021-01-01 2021-12-31 0000806633 wft:S000031426Member wft:C000097757Member 2021-01-01 2021-12-31 0000806633 wft:S000035891Member wft:C000110019Member 2021-01-01 2021-12-31 0000806633 wft:S000038937Member wft:C000119725Member 2021-01-01 2021-12-31 0000806633 wft:S000066240Member wft:C000214013Member 2021-01-01 2021-12-31 0000806633 wft:S000066241Member wft:C000214015Member 2021-01-01 2021-12-31 0000806633 wft:S000000877Member wft:C000002495Member 2022-01-01 2022-12-31 0000806633 wft:S000000878Member wft:C000002496Member 2022-01-01 2022-12-31 0000806633 wft:S000000879Member wft:C000002497Member 2022-01-01 2022-12-31 0000806633 wft:S000000882Member wft:C000002500Member 2022-01-01 2022-12-31 0000806633 wft:S000000883Member wft:C000002501Member 2022-01-01 2022-12-31 0000806633 wft:S000000884Member wft:C000002502Member 2022-01-01 2022-12-31 0000806633 wft:S000000885Member wft:C000002503Member 2022-01-01 2022-12-31 0000806633 wft:S000000886Member wft:C000002504Member 2022-01-01 2022-12-31 0000806633 wft:S000000887Member wft:C000002505Member 2022-01-01 2022-12-31 0000806633 wft:S000018772Member wft:C000051938Member 2022-01-01 2022-12-31 0000806633 wft:S000022592Member wft:C000065330Member 2022-01-01 2022-12-31 0000806633 wft:S000024179Member wft:C000070970Member 2022-01-01 2022-12-31 0000806633 wft:S000031426Member wft:C000097757Member 2022-01-01 2022-12-31 0000806633 wft:S000035891Member wft:C000110019Member 2022-01-01 2022-12-31 0000806633 wft:S000038937Member wft:C000119725Member 2022-01-01 2022-12-31 0000806633 wft:S000066240Member wft:C000214013Member 2022-01-01 2022-12-31 0000806633 wft:S000066241Member wft:C000214015Member 2022-01-01 2022-12-31 0000806633 wft:S000073482Member wft:C000230418Member 2022-01-01 2022-12-31 0000806633 wft:S000000877Member wft:C000002495Member 2023-01-01 2023-12-31 0000806633 wft:S000000878Member wft:C000002496Member 2023-01-01 2023-12-31 0000806633 wft:S000000879Member wft:C000002497Member 2023-01-01 2023-12-31 0000806633 wft:S000000882Member wft:C000002500Member 2023-01-01 2023-12-31 0000806633 wft:S000000883Member wft:C000002501Member 2023-01-01 2023-12-31 0000806633 wft:S000000884Member wft:C000002502Member 2023-01-01 2023-12-31 0000806633 wft:S000000885Member wft:C000002503Member 2023-01-01 2023-12-31 0000806633 wft:S000000886Member wft:C000002504Member 2023-01-01 2023-12-31 0000806633 wft:S000000887Member wft:C000002505Member 2023-01-01 2023-12-31 0000806633 wft:S000018772Member wft:C000051938Member 2023-01-01 2023-12-31 0000806633 wft:S000022592Member wft:C000065330Member 2023-01-01 2023-12-31 0000806633 wft:S000024179Member wft:C000070970Member 2023-01-01 2023-12-31 0000806633 wft:S000031426Member wft:C000097757Member 2023-01-01 2023-12-31 0000806633 wft:S000035891Member wft:C000110019Member 2023-01-01 2023-12-31 0000806633 wft:S000038937Member wft:C000119725Member 2023-01-01 2023-12-31 0000806633 wft:S000066240Member wft:C000214013Member 2023-01-01 2023-12-31 0000806633 wft:S000066241Member wft:C000214015Member 2023-01-01 2023-12-31 0000806633 wft:S000073482Member wft:C000230418Member 2023-01-01 2023-12-31 0000806633 wft:S000076417Member wft:C000236276Member 2023-01-01 2023-12-31 0000806633 wft:S000000877Member wft:C000002495Member 2024-01-01 2024-12-31 0000806633 wft:S000000878Member wft:C000002496Member 2024-01-01 2024-12-31 0000806633 wft:S000000879Member wft:C000002497Member 2024-01-01 2024-12-31 0000806633 wft:S000000882Member wft:C000002500Member 2024-01-01 2024-12-31 0000806633 wft:S000000883Member wft:C000002501Member 2024-01-01 2024-12-31 0000806633 wft:S000000884Member wft:C000002502Member 2024-01-01 2024-12-31 0000806633 wft:S000000885Member wft:C000002503Member 2024-01-01 2024-12-31 0000806633 wft:S000000886Member wft:C000002504Member 2024-01-01 2024-12-31 0000806633 wft:S000000887Member wft:C000002505Member 2024-01-01 2024-12-31 0000806633 wft:S000018772Member wft:C000051938Member 2024-01-01 2024-12-31 0000806633 wft:S000022592Member wft:C000065330Member 2024-01-01 2024-12-31 0000806633 wft:S000024179Member wft:C000070970Member 2024-01-01 2024-12-31 0000806633 wft:S000031426Member wft:C000097757Member 2024-01-01 2024-12-31 0000806633 wft:S000035891Member wft:C000110019Member 2024-01-01 2024-12-31 0000806633 wft:S000038937Member wft:C000119725Member 2024-01-01 2024-12-31 0000806633 wft:S000066240Member wft:C000214013Member 2024-01-01 2024-12-31 0000806633 wft:S000066241Member wft:C000214015Member 2024-01-01 2024-12-31 0000806633 wft:S000073482Member wft:C000230418Member 2024-01-01 2024-12-31 0000806633 wft:S000076417Member wft:C000236276Member 2024-01-01 2024-12-31 0000806633 wft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000002495Member 2025-01-01 2025-12-31 0000806633 wft:C000002495Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000806633 wft:C000002495Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000806633 wft:C000002496Member 2025-01-01 2025-12-31 0000806633 wft:C000002496Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000806633 wft:C000002496Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000806633 wft:C000002497Member 2025-01-01 2025-12-31 0000806633 wft:C000002497Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000806633 wft:C000002497Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000806633 wft:C000002497Member wft:S000000879Russell2000GrowthIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000002497Member wft:S000000879Russell3000IndexMember 2025-01-01 2025-12-31 0000806633 wft:C000002500Member 2025-01-01 2025-12-31 0000806633 wft:C000002500Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000806633 wft:C000002500Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000806633 wft:C000002501Member 2025-01-01 2025-12-31 0000806633 wft:C000002501Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000806633 wft:C000002501Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000806633 wft:C000002501Member wft:S000000883MSCIACWIExUSAIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000002501Member wft:S000000883MSCIACWIExUSASmallCapIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000002501Member wft:S000000883MSCIWorldExUSASmallCapIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000002502Member 2025-01-01 2025-12-31 0000806633 wft:C000002502Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000806633 wft:C000002502Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000806633 wft:C000002503Member 2025-01-01 2025-12-31 0000806633 wft:C000002503Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000806633 wft:C000002503Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000806633 wft:C000002503Member wft:RussellMicrocapGrowthIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000002503Member wft:S000000885Russell3000IndexMember 2025-01-01 2025-12-31 0000806633 wft:C000002503Member wft:S000000885RussellMicrocapIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000002504Member 2025-01-01 2025-12-31 0000806633 wft:C000002504Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000806633 wft:C000002504Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000806633 wft:C000002504Member wft:S000000886Russell3000IndexMember 2025-01-01 2025-12-31 0000806633 wft:C000002504Member wft:S000000886RussellMicrocapIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000002505Member 2025-01-01 2025-12-31 0000806633 wft:C000002505Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000806633 wft:C000002505Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000806633 wft:C000002505Member wft:S000000887Russell2000GrowthIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000002505Member wft:S000000887Russell2000IndexMember 2025-01-01 2025-12-31 0000806633 wft:C000002505Member wft:S000000887Russell3000IndexMember 2025-01-01 2025-12-31 0000806633 wft:C000051938Member 2025-01-01 2025-12-31 0000806633 wft:C000051938Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000806633 wft:C000051938Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000806633 wft:C000051938Member wft:S000018772MSCIEmergingMarketsIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000051938Member wft:S000018772MSCIEmergingMarketsSmallCapIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000065330Member 2025-01-01 2025-12-31 0000806633 wft:C000065330Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000806633 wft:C000065330Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000806633 wft:C000065330Member wft:MSCIACWISmallCapIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000065330Member wft:S000022592MSCIACWIIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000070970Member 2025-01-01 2025-12-31 0000806633 wft:C000070970Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000806633 wft:C000070970Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000806633 wft:C000097757Member 2025-01-01 2025-12-31 0000806633 wft:C000097757Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000806633 wft:C000097757Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000806633 wft:C000097757Member wft:S000031426MSCIEmergingMarketsIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000097757Member wft:S000031426MSCIIndiaIMIInvestableMarketIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000110016Member 2025-01-01 2025-12-31 0000806633 wft:C000110017Member 2025-01-01 2025-12-31 0000806633 wft:C000110018Member 2025-01-01 2025-12-31 0000806633 wft:C000110019Member 2025-01-01 2025-12-31 0000806633 wft:C000110019Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000806633 wft:C000110019Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000806633 wft:C000110019Member wft:S000035891MSCIFrontierEmergingMarketsIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000110019Member wft:S000035891MSCIFrontierMarketsIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000119725Member 2025-01-01 2025-12-31 0000806633 wft:C000119725Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000806633 wft:C000119725Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000806633 wft:C000119726Member 2025-01-01 2025-12-31 0000806633 wft:C000166036Member 2025-01-01 2025-12-31 0000806633 wft:C000166036Member wft:S000000883MSCIACWIExUSAIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000166036Member wft:S000000883MSCIACWIExUSASmallCapIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000166036Member wft:S000000883MSCIWorldExUSASmallCapIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000166037Member 2025-01-01 2025-12-31 0000806633 wft:C000166038Member 2025-01-01 2025-12-31 0000806633 wft:C000166038Member wft:S000000887Russell2000GrowthIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000166038Member wft:S000000887Russell2000IndexMember 2025-01-01 2025-12-31 0000806633 wft:C000166038Member wft:S000000887Russell3000IndexMember 2025-01-01 2025-12-31 0000806633 wft:C000166039Member 2025-01-01 2025-12-31 0000806633 wft:C000166039Member wft:S000018772MSCIEmergingMarketsIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000166039Member wft:S000018772MSCIEmergingMarketsSmallCapIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000166040Member 2025-01-01 2025-12-31 0000806633 wft:C000166040Member wft:MSCIACWISmallCapIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000166040Member wft:S000022592MSCIACWIIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000166041Member 2025-01-01 2025-12-31 0000806633 wft:C000166041Member wft:S000031426MSCIEmergingMarketsIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000166041Member wft:S000031426MSCIIndiaIMIInvestableMarketIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000166042Member 2025-01-01 2025-12-31 0000806633 wft:C000166042Member wft:S000035891MSCIFrontierEmergingMarketsIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000166042Member wft:S000035891MSCIFrontierMarketsIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000214012Member 2025-01-01 2025-12-31 0000806633 wft:C000214012Member wft:MSCIACWIMidCapGrowthIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000214012Member wft:S000066240MSCIACWIIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000214013Member 2025-01-01 2025-12-31 0000806633 wft:C000214013Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000806633 wft:C000214013Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000806633 wft:C000214013Member wft:MSCIACWIMidCapGrowthIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000214013Member wft:S000066240MSCIACWIIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000214014Member 2025-01-01 2025-12-31 0000806633 wft:C000214015Member 2025-01-01 2025-12-31 0000806633 wft:C000214015Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000806633 wft:C000214015Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000806633 wft:C000217854Member 2025-01-01 2025-12-31 0000806633 wft:C000217854Member wft:S000000879Russell2000GrowthIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000217854Member wft:S000000879Russell3000IndexMember 2025-01-01 2025-12-31 0000806633 wft:C000217855Member 2025-01-01 2025-12-31 0000806633 wft:C000217856Member 2025-01-01 2025-12-31 0000806633 wft:C000217856Member wft:S000000886Russell3000IndexMember 2025-01-01 2025-12-31 0000806633 wft:C000217856Member wft:S000000886RussellMicrocapIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000230418Member 2025-01-01 2025-12-31 0000806633 wft:C000230418Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000806633 wft:C000230418Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000806633 wft:C000230418Member wft:FTSEUS3MonthTreasuryBillIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000230418Member wft:Russell2500IndexMember 2025-01-01 2025-12-31 0000806633 wft:C000230419Member 2025-01-01 2025-12-31 0000806633 wft:C000236276Member 2025-01-01 2025-12-31 0000806633 wft:C000236276Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000806633 wft:C000236276Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000806633 wft:C000236276Member wft:S000076417Russell2500GrowthIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000236276Member wft:S000076417Russell3000IndexMember 2025-01-01 2025-12-31 0000806633 wft:C000236276Member wft:S000076417RussellMidcapGrowthIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000236277Member 2025-01-01 2025-12-31 0000806633 wft:C000236277Member wft:S000076417Russell2500GrowthIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000236277Member wft:S000076417Russell3000IndexMember 2025-01-01 2025-12-31 0000806633 wft:C000236277Member wft:S000076417RussellMidcapGrowthIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000255334Member 2025-01-01 2025-12-31 0000806633 wft:C000255334Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000806633 wft:C000255334Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000806633 wft:C000255334Member wft:MSCIWorldExUSAValueIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000255335Member 2025-01-01 2025-12-31 0000806633 wft:C000230419Member wft:FTSEUS3MonthTreasuryBillIndexMember 2025-01-01 2025-12-31 0000806633 wft:MSCIACWIValueIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000214014Member wft:MSCIEAFEIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000214015Member wft:MSCIEAFEIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000214014Member wft:MSCIEAFEMidCapGrowthIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000214015Member wft:MSCIEAFEMidCapGrowthIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000255334Member wft:MSCIWorldExUSAIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000255335Member wft:MSCIWorldExUSAIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000255335Member wft:MSCIWorldExUSAValueIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000230419Member wft:Russell2500IndexMember 2025-01-01 2025-12-31 0000806633 wft:C000217855Member wft:RussellMicrocapGrowthIndexMember 2025-01-01 2025-12-31 0000806633 wft:S000000877Member wft:C000002495Member 2025-01-01 2025-12-31 0000806633 wft:S000000877Russell2000GrowthIndexMember 2025-01-01 2025-12-31 0000806633 wft:S000000877Russell2000IndexMember 2025-01-01 2025-12-31 0000806633 wft:S000000877Russell3000IndexMember 2025-01-01 2025-12-31 0000806633 wft:S000000878Member wft:C000002496Member 2025-01-01 2025-12-31 0000806633 wft:S000000878Russell2000IndexMember 2025-01-01 2025-12-31 0000806633 wft:S000000878Russell2000ValueIndexMember 2025-01-01 2025-12-31 0000806633 wft:S000000878Russell3000IndexMember 2025-01-01 2025-12-31 0000806633 wft:S000000879Member wft:C000002497Member 2025-01-01 2025-12-31 0000806633 wft:S000000882Member wft:C000002500Member 2025-01-01 2025-12-31 0000806633 wft:S000000883Member wft:C000002501Member 2025-01-01 2025-12-31 0000806633 wft:S000000884Member wft:C000002502Member 2025-01-01 2025-12-31 0000806633 wft:C000002502Member wft:S000000884MSCIACWIExUSAIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000166037Member wft:S000000884MSCIACWIExUSAIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000002502Member wft:S000000884MSCIACWIExUSASmallCapIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000166037Member wft:S000000884MSCIACWIExUSASmallCapIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000002502Member wft:S000000884MSCIWorldExUSASmallCapIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000166037Member wft:S000000884MSCIWorldExUSASmallCapIndexMember 2025-01-01 2025-12-31 0000806633 wft:S000000885Member wft:C000002503Member 2025-01-01 2025-12-31 0000806633 wft:C000217855Member wft:S000000885Russell3000IndexMember 2025-01-01 2025-12-31 0000806633 wft:C000217855Member wft:S000000885RussellMicrocapIndexMember 2025-01-01 2025-12-31 0000806633 wft:S000000886Member wft:C000002504Member 2025-01-01 2025-12-31 0000806633 wft:S000000887Member wft:C000002505Member 2025-01-01 2025-12-31 0000806633 wft:S000018772Member wft:C000051938Member 2025-01-01 2025-12-31 0000806633 wft:S000022592Member wft:C000065330Member 2025-01-01 2025-12-31 0000806633 wft:S000024179Member wft:C000070970Member 2025-01-01 2025-12-31 0000806633 wft:S000024179MSCIACWIIndexMember 2025-01-01 2025-12-31 0000806633 wft:S000031426Member wft:C000097757Member 2025-01-01 2025-12-31 0000806633 wft:S000035891Member wft:C000110019Member 2025-01-01 2025-12-31 0000806633 wft:S000038937Member wft:C000119725Member 2025-01-01 2025-12-31 0000806633 wft:S000038937MSCIEmergingMarketsIndexMember 2025-01-01 2025-12-31 0000806633 wft:S000038937MSCIEmergingMarketsMidCapGrowthIndexMember 2025-01-01 2025-12-31 0000806633 wft:S000066240Member wft:C000214013Member 2025-01-01 2025-12-31 0000806633 wft:S000066241Member wft:C000214015Member 2025-01-01 2025-12-31 0000806633 wft:C000214014Member wft:S000066241MSCIACWIExUSAIndexMember 2025-01-01 2025-12-31 0000806633 wft:C000214015Member wft:S000066241MSCIACWIExUSAIndexMember 2025-01-01 2025-12-31 0000806633 wft:S000073482Member wft:C000230418Member 2025-01-01 2025-12-31 0000806633 wft:C000230418Member wft:S000073482Russell3000IndexMember 2025-01-01 2025-12-31 0000806633 wft:C000230419Member wft:S000073482Russell3000IndexMember 2025-01-01 2025-12-31 0000806633 wft:S000076417Member wft:C000236276Member 2025-01-01 2025-12-31 0000806633 wft:S000088934Member wft:C000255334Member 2025-01-01 2025-12-31 0000806633 wft:S000000878Member 2025-09-30 2025-09-30 0000806633 wft:S000000878Member wft:C000002496Member 2025-09-30 2025-09-30 0000806633 wft:S000000878Member wft:C000110017Member 2025-09-30 2025-09-30 0000806633 wft:S000000879Member 2025-09-30 2025-09-30 0000806633 wft:S000000879Member wft:C000002497Member 2025-09-30 2025-09-30 0000806633 wft:S000000879Member wft:C000217854Member 2025-09-30 2025-09-30 0000806633 wft:S000000882Member 2025-09-30 2025-09-30 0000806633 wft:S000000882Member wft:C000002500Member 2025-09-30 2025-09-30 0000806633 wft:S000000887Member 2025-09-30 2025-09-30 0000806633 wft:S000000887Member wft:C000002505Member 2025-09-30 2025-09-30 0000806633 wft:S000000887Member wft:C000166038Member 2025-09-30 2025-09-30 0000806633 wft:S000076417Member 2025-09-30 2025-09-30 0000806633 wft:S000076417Member wft:C000236276Member 2025-09-30 2025-09-30 0000806633 wft:S000076417Member wft:C000236277Member 2025-09-30 2025-09-30 0000806633 wft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0000806633 wft:C000002495Member 2016-01-01 2025-12-31 0000806633 wft:C000002495Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000806633 wft:C000002495Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000806633 wft:C000002496Member 2016-01-01 2025-12-31 0000806633 wft:C000002496Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000806633 wft:C000002496Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000806633 wft:C000002497Member 2016-01-01 2025-12-31 0000806633 wft:C000002497Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000806633 wft:C000002497Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000806633 wft:C000002497Member wft:S000000879Russell2000GrowthIndexMember 2016-01-01 2025-12-31 0000806633 wft:C000002497Member wft:S000000879Russell3000IndexMember 2016-01-01 2025-12-31 0000806633 wft:C000002500Member 2016-01-01 2025-12-31 0000806633 wft:C000002500Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000806633 wft:C000002500Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000806633 wft:C000002501Member 2016-01-01 2025-12-31 0000806633 wft:C000002501Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000806633 wft:C000002501Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000806633 wft:C000002501Member wft:S000000883MSCIACWIExUSAIndexMember 2016-01-01 2025-12-31 0000806633 wft:C000002501Member wft:S000000883MSCIACWIExUSASmallCapIndexMember 2016-01-01 2025-12-31 0000806633 wft:C000002501Member wft:S000000883MSCIWorldExUSASmallCapIndexMember 2016-01-01 2025-12-31 0000806633 wft:C000002502Member 2016-01-01 2025-12-31 0000806633 wft:C000002502Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000806633 wft:C000002502Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000806633 wft:C000002503Member 2016-01-01 2025-12-31 0000806633 wft:C000002503Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000806633 wft:C000002503Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000806633 wft:C000002503Member wft:RussellMicrocapGrowthIndexMember 2016-01-01 2025-12-31 0000806633 wft:C000002503Member wft:S000000885Russell3000IndexMember 2016-01-01 2025-12-31 0000806633 wft:C000002503Member wft:S000000885RussellMicrocapIndexMember 2016-01-01 2025-12-31 0000806633 wft:C000002504Member 2016-01-01 2025-12-31 0000806633 wft:C000002504Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000806633 wft:C000002504Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000806633 wft:C000002504Member wft:S000000886Russell3000IndexMember 2016-01-01 2025-12-31 0000806633 wft:C000002504Member wft:S000000886RussellMicrocapIndexMember 2016-01-01 2025-12-31 0000806633 wft:C000002505Member 2016-01-01 2025-12-31 0000806633 wft:C000002505Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000806633 wft:C000002505Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000806633 wft:C000002505Member wft:S000000887Russell2000GrowthIndexMember 2016-01-01 2025-12-31 0000806633 wft:C000002505Member wft:S000000887Russell2000IndexMember 2016-01-01 2025-12-31 0000806633 wft:C000002505Member wft:S000000887Russell3000IndexMember 2016-01-01 2025-12-31 0000806633 wft:C000051938Member 2016-01-01 2025-12-31 0000806633 wft:C000051938Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000806633 wft:C000051938Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000806633 wft:C000051938Member wft:S000018772MSCIEmergingMarketsIndexMember 2016-01-01 2025-12-31 0000806633 wft:C000051938Member wft:S000018772MSCIEmergingMarketsSmallCapIndexMember 2016-01-01 2025-12-31 0000806633 wft:C000065330Member 2016-01-01 2025-12-31 0000806633 wft:C000065330Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000806633 wft:C000065330Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000806633 wft:C000065330Member wft:MSCIACWISmallCapIndexMember 2016-01-01 2025-12-31 0000806633 wft:C000065330Member wft:S000022592MSCIACWIIndexMember 2016-01-01 2025-12-31 0000806633 wft:C000070970Member 2016-01-01 2025-12-31 0000806633 wft:C000070970Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000806633 wft:C000070970Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000806633 wft:C000097757Member 2016-01-01 2025-12-31 0000806633 wft:C000097757Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000806633 wft:C000097757Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000806633 wft:C000097757Member wft:S000031426MSCIEmergingMarketsIndexMember 2016-01-01 2025-12-31 0000806633 wft:C000097757Member wft:S000031426MSCIIndiaIMIInvestableMarketIndexMember 2016-01-01 2025-12-31 0000806633 wft:C000110016Member 2016-01-01 2025-12-31 0000806633 wft:C000110017Member 2016-01-01 2025-12-31 0000806633 wft:C000110018Member 2016-01-01 2025-12-31 0000806633 wft:C000110019Member 2016-01-01 2025-12-31 0000806633 wft:C000110019Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000806633 wft:C000110019Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000806633 wft:C000110019Member wft:S000035891MSCIFrontierEmergingMarketsIndexMember 2016-01-01 2025-12-31 0000806633 wft:C000110019Member wft:S000035891MSCIFrontierMarketsIndexMember 2016-01-01 2025-12-31 0000806633 wft:C000119725Member 2016-01-01 2025-12-31 0000806633 wft:C000119725Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000806633 wft:C000119725Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000806633 wft:C000119726Member 2016-01-01 2025-12-31 0000806633 wft:MSCIACWIValueIndexMember 2016-01-01 2025-12-31 0000806633 wft:S000000877Russell2000GrowthIndexMember 2016-01-01 2025-12-31 0000806633 wft:S000000877Russell2000IndexMember 2016-01-01 2025-12-31 0000806633 wft:S000000877Russell3000IndexMember 2016-01-01 2025-12-31 0000806633 wft:S000000878Russell2000IndexMember 2016-01-01 2025-12-31 0000806633 wft:S000000878Russell2000ValueIndexMember 2016-01-01 2025-12-31 0000806633 wft:S000000878Russell3000IndexMember 2016-01-01 2025-12-31 0000806633 wft:C000002502Member wft:S000000884MSCIACWIExUSAIndexMember 2016-01-01 2025-12-31 0000806633 wft:C000002502Member wft:S000000884MSCIACWIExUSASmallCapIndexMember 2016-01-01 2025-12-31 0000806633 wft:C000002502Member wft:S000000884MSCIWorldExUSASmallCapIndexMember 2016-01-01 2025-12-31 0000806633 wft:S000024179MSCIACWIIndexMember 2016-01-01 2025-12-31 0000806633 wft:S000038937MSCIEmergingMarketsIndexMember 2016-01-01 2025-12-31 0000806633 wft:S000038937MSCIEmergingMarketsMidCapGrowthIndexMember 2016-01-01 2025-12-31 iso4217:USD pure 0000806633 false 485BPOS 2025-09-30 0.1054 0.2429 -0.0358 0.3326 0.3656 0.2103 -0.3084 0.3343 0.1319 -0.1044 -0.2175 0.2084 0.0939 -0.0551 0.0008 0.5340 -0.0550 0.1378 0.1763 0.3754 0.4836 0.2133 -0.3738 0.1752 -0.0012 0.1056 -0.0509 0.3766 -0.1150 0.2804 -0.1895 0.2742 0.3272 0.3010 -0.3872 0.2120 -0.0213 0.0486 -0.0372 0.3820 Wasatch Emerging Markets Small Cap Fund&#174; &mdash; Summary -0.1140 0.2116 -0.1849 0.2647 0.2824 0.0860 -0.4111 0.2816 0.1068 0.0435 Wasatch Frontier Emerging Small Countries Fund&#174; &mdash; Summary -0.0440 0.3763 -0.0713 0.3307 0.4222 0.2150 -0.3497 0.2557 0.0670 -0.0469 Wasatch Global Opportunities Fund® — Summary 0.3468 0.0804 -0.3310 0.2777 0.0050 0.0174 Wasatch Global Small Cap Value Fund™ — Summary 0.1665 0.1121 -0.0552 0.1725 0.0202 0.2510 0.0002 0.0565 0.0867 0.3091 -0.0847 0.3301 -0.1571 0.2943 0.2445 0.1083 -0.3664 0.1164 -0.0041 0.1131 Wasatch International Growth Fund® — Summary 0.0179 0.0429 0.2759 -0.1466 0.3218 0.4171 -0.0142 -0.3663 0.1064 -0.0449 Wasatch International Opportunities Fund® — Summary 0.2705 0.0499 -0.3487 0.2148 0.0118 0.0903 0.4661 Wasatch International Value Fund™ — Summary -0.0838 0.2775 0.0724 -0.1279 0.2091 0.0484 0.0779 0.3606 0.0257 0.4223 0.6471 0.0526 -0.4064 0.2258 Wasatch Micro Cap Fund® — Summary 0.1242 0.2641 -0.0865 0.2985 0.4084 0.2678 -0.2895 0.1313 0.2440 0.0921 0.0482 0.2173 0.0350 0.4015 0.5448 0.0832 -0.4026 0.2124 0.1550 -0.0880 0.1985 0.1955 -0.0945 0.2362 0.1252 0.2538 -0.2156 0.3162 0.1182 -0.0368 Wasatch Small Cap Value Fund® — Summary 0.0803 0.3156 0.1056 0.3806 0.7138 0.0558 -0.3971 0.1919 0.0825 -0.0285 0.3336 0.0915 -0.0446 -0.1093 0.0232 0.0046 0.1046 -0.0384 0.1715 0.2007 -0.0494 -0.3414 0.0136 Wasatch-Hoisington U.S. Treasury Fund® — Summary N-1A WASATCH FUNDS TRUST 2026-01-31 Wasatch Core Growth Fund® — Summary Investment Objectives The Fund’s primary investment objective is long-term growth of capital. Income is a secondary objective, but only whenconsistent with long-term growth of capital.Currently, we do not expect the Fund’s investments to generate substantialincome. Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The tables below describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">in the tables and examples below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> Shareholder Fees(Fees paid directly from your investment.) 0 0 -0.0200 -0.0200 0 0 Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment.) 0.0100 0.0100 0.0016 0.0006 0.0116 0.0106 -0.0001 0.0116 0.0105 January 31,2027 Example <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">funds. The example assumes that you invested $10,000 in the applicable class of the Fund for the time periods indicated and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5% return </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">each year and that operating expenses (as a percentage of net assets) of the Fund remained the same. This example reflects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">contractual fee waivers and reimbursements through January 31, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2027</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. Although your actual costs may be higher or lower, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> 118 368 638 1409 107 336 584 1293 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">46</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">% of the average value of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio.</span></div> 0.46 Principal Strategies <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund invests primarily in smaller growing companies at reasonable prices.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Under normal market conditions, we will invest the Fund’s net assets primarily in the equity securities, typically common </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stock, of smaller growing companies. We consider these companies to be companies we believe have typically exhibited </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consistent growth in earnings per share and that are relatively small, with minimum market capitalizations of $100 million and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">up to a maximum market capitalization at the time of purchase of $5 billion or the market capitalization of the largest </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">company in the Russell 2000</span><span style="color: #000000; font-family: arial; font-size: 6.5pt; position: relative; top: -4.25pt;">®</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Index as of its most recent reconstitution date, whichever is greater. The Russell 2000 Index </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">reconstitution date is typically each year on or around July 1. As of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2025</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> reconstitution date, the market capitalization of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies included in the Russell 2000 Index ranged from $</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">61</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> million to $</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">16.033</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> billion. The market capitalizations for the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">range of companies in the Russell 2000 Index are subject to change at its next reconstitution date.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest up to 20% of the Fund’s total assets in the equity securities (typically common stock) of foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies (companies that are incorporated in any country outside the United States and whose securities principally trade </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">outside the United States). Securities issued by companies incorporated outside the United States whose securities are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">principally traded in the United States are not defined as foreign companies and are not subject to this limitation.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">We focus on companies that we consider to be high quality. We use a process of “bottom-up” fundamental analysis to look </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">for individual companies that we believe are stable and have the potential to grow steadily for long periods of time. Our </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">analysis may include studying a company’s financial statements, building proprietary financial models, visiting company </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">facilities, and meeting with executive management, suppliers and customers.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund seeks to purchase stocks at prices we believe are reasonable relative to our projection of a company’s long-term </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">earnings growth rate. The Fund’s secondary objective of income is achieved when fast-growing portfolio companies pay </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">dividends, generated by cash flow, typically after achieving growth targets.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may invest a large percentage of its assets (greater than 5%) in a particular region or market.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">these sectors were industrials, information technology, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consumer discretionary</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">financials</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, and health care.</span></div> The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, these sectors were industrials, information technology, consumer discretionary, financials, and health care. All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price ofits shares. As a result, you may lose money if you invest in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Market risk is the risk that a particular security, or shares of the Fund in general, may fall in value. Securities are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments due to, among other things, market movements over the short-term or over longer periods during more prolonged </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market downturns. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund’s shares and result in increased market volatility.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Current Market and Economic Conditions Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Current market and economic conditions risk is the risk that a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment, or shares of the Fund in general, may fall in value due to current market and economic conditions or events. For </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">example, actions taken by the Federal Reserve or foreign central banks may at times result in unusually high market volatility, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may negatively impact companies, including banks and financial services companies, and negatively impact Fund performance. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S. regulators have also proposed from time to time changes to market and issuer regulations which may impact the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and any regulatory changes adopted could adversely impact the Fund’s ability to achieve its investment strategies or make </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets and investor behavior, which could have a negative impact on the Fund’s investments and operations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">confidence and may adversely impact financial markets and the broader economy. For example, in February 2022, Russia </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in Russia, Europe and the United States. The hostilities and sanctions resulting from those hostilities may have a significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact on certain Fund investments as well as performance and liquidity. Similarly, in October 2023, Hamas launched an attack </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on Israel, which touched off a strong military response from Israel that closed borders and airspace, damaged infrastructure </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and resulted in significant civilian and military casualties in Israel and the Gaza Strip. The conflict has reignited regional </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">tensions that threaten to involve other countries and factions. The continuing conflict and its escalation could have a severe </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adverse effect on the regional economy, currency and companies. These events may negatively impact other regional and global </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic markets of the world (including Europe and the United States), companies in such countries and various sectors, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industries and markets for securities and commodities globally, such as oil and natural gas. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In addition, the Chinese government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the Fund’s assets may go down.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Accordingly, the hostilities and sanctions resulting from these hostilities may have a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">negative effect on certain Fund investments, including investments extending beyond any direct or indirect exposure the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have to issuers of such countries or those of adjoining geographic regions.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impacted by trade disputes and other matters. For example, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recently has been in the process of renegotiating many of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">its global trade relationships and has imposed or threatened to impose significant import tariffs, including with respect to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such actions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could lead to price volatility and overall decline in U</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">S</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and global investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">It is difficult to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">predict </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the outcome and impact of any trade</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> negotiations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> a</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> public health crisis and ensuing policies enacted by governments and central banks </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> cause significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and uncertainty in global financial markets, negatively impacting global growth prospects. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">As the COVID-19 pandemic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in disruptions in the trading markets. Further, the interconnectivity between global economies and financial markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">country, region or financial market.</span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Stock Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investments may decline in value due to movements in the overall stock market.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Stock Selection Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund is actively managed, and its performance therefore will reflect, in part, the ability of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio manager(s) to select investments and to make investment decisions that are suited to achieving the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment objective. The Advisor does not actively track the composition or weightings of market indexes (including the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">benchmark indexes) or of the broader markets generally. As a result, the Fund could underperform its benchmark indexes and/or</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> other funds with a similar investment objective and/or strategy or it may lose value even when the overall stock market is not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in general decline.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Equity securities represent ownership in a company. They may be traded (bought or sold) on a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities exchange or stock market. Stock markets are volatile. The price of equity securities will fluctuate and can decline and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">reduce the value of a portfolio invested in equity securities. The value of equity securities purchased by the Fund could decline if </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries such as </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">labor shortages, an increase in production costs and changes in competitive conditions within an industry. In addition, the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of equity securities may decline due to, among other things, general market conditions not specifically related to a company or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in interest or currency rates, changes in government regulations, the political situation, or generally adverse investor sentiment. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain equity securities may be less liquid, meaning that they may be difficult to sell at a time or price that is desirable, than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other types of securities, or they may be illiquid. Some securities exchanges or stock markets may also be less liquid or illiquid </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">due to low trading volume. In addition, equity securities include common stock. Common stock holds the lowest priority in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capital structure of a company and therefore takes the largest share of the company’s risk and its accompanying volatility. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rights of common stockholders generally are subordinate to all other claims on a company’s assets, including preferred </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stockholders and debt holders with respect to the payment of dividends and upon the liquidation or bankruptcy of the issuing </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">company. The common stock of a company that experiences financial distress may lose significant value or become worthless, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and therefore the Fund could lose money if a company in which it invests becomes financially distressed.  </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-style: italic; font-weight: bold; margin-left: 12pt;">Liquidity Risk</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition, the trading market for a particular security or type of security in which the Fund invests may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly less liquid than developed or even emerging markets, and there may be little or no trading volume for a period of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">time for a particular security. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities quickly </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">at a desired price when necessary to meet the Fund’s liquidity needs or in response to a specific economic event. It may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult at times to sell such securities at any price, which could impact not only the daily net asset value (NAV) of the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">but also the composition of the portfolio if other securities must be sold to meet the Fund’s liquidity needs. Additionally, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market quotations for such securities may be volatile and thus affect the daily NAV of the Fund.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Smaller Company Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Small- and mid-cap stocks may be very sensitive to changing economic conditions and market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">downturns. In particular, the issuers of small company stocks have more narrow markets for their products and services, fewer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">product lines, and more limited managerial and financial resources than larger issuers. The stocks of small companies may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">therefore be more volatile and the ability to sell these stocks at a desirable time or price may be more limited.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Growth Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Growth stock prices may be more sensitive to changes in companies’ current or expected earnings than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the prices of other stocks, and growth stock prices may fall or may not appreciate in step with the broader securities markets. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Growth companies may be newer or smaller companies and may retain a large part of their earnings for research, development </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or investments in capital assets.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Sector and Industry Weightings Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> To the extent the Fund emphasizes, from time to time, investments in a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Market conditions, interest rates, and economic, political, regulatory, or financial developments could significantly affect all the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in those sectors. The Fund may also from time to time make significant investments in an industry or industries within </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a particular sector. The industries that constitute a sector may all react in the same way to economic, political or regulatory </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events. Adverse conditions in such industry or industries could have a correspondingly adverse effect on the financial condition </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of issuers. These conditions may cause the value of the Fund’s shares to fluctuate more than the values of shares of funds that </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invest in a greater variety of investments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Industrials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The industrials sector includes companies in the capital goods, commercial and professional services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and transportation industry groups, including companies engaged in the business of human capital management, business </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">research and consulting, air freight and logistics, transportation services, airlines, maritime shipping and transportation, ground </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transportation, transportation infrastructure, and aerospace and defense. Companies in the industrials sector can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by general economic trends, including such factors as employment and economic growth, interest rate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, changes in consumer spending, legislative and government regulation and spending, import controls, commodity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">prices, and worldwide competition. Changes in the economy, fuel prices, labor agreements, and insurance costs may result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">occasional sharp price movements in transportation securities. Aerospace and defense companies rely, to a significant extent, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on government demand for their products and services. The financial condition of, and investor interest in, aerospace and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">defense companies are heavily influenced by government defense spending policies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Information Technology Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The information technology sector includes companies in the software and services, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology hardware and equipment, and semiconductors and semiconductor equipment industry groups. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology sector are subject to rapid obsolescence of existing technology, short product cycles, falling prices and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">profits, competition from new market entrants, and general economic conditions. Stocks of companies in the information </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology sector, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Technological developments, fixed rate pricing, and the ability to retain skilled employees can significantly affect the industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in the information technology sector.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Consumer Discretionary Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The consumer discretionary sector includes companies in industries such as consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services, household durables, leisure products, textiles, apparel and luxury goods, hotels, restaurants, retailing, and automobiles. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Companies in the consumer discretionary sector may be significantly impacted by the performance of the overall domestic and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">global economy and by interest rates. The consumer discretionary sector relies heavily on disposable household income and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">spending. Companies in this sector may be subject to severe competition, which may have an adverse impact on their </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">respective profitability. The retail industry can be significantly affected by changes in demographics, and consumer tastes and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">shopping habits, which can also affect the demand for, and success of, consumer products and services in the marketplace. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">automotive industry is highly cyclical and can be significantly affected by labor relations and fluctuating component prices.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Financials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The financials sector includes companies in the banks, financial services, and insurance industry </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">groups. Companies in the financials sector are subject to extensive government regulation, can be subject to relatively rapid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Banking companies, including thrifts and mortgage finance and consumer finance companies, may be affected by extensive </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulation, which may limit both the amounts and types of loans and other financial commitments they can make, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the interest rates and fees they can charge, and the amount of capital they must maintain. Profitability is largely dependent on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Credit losses resulting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from financial difficulties of borrowers can negatively affect banking companies. Banking companies may also be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">severe price competition. Competition is high among banking companies and failure to maintain or increase market share may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in lost market value. Capital markets, a sub-industry of financial services, may be affected by extensive government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation as well as economic and other financial events that could cause fluctuations in the stock market, impacting the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">overall value of investments. The insurance industry may be affected by extensive government regulation and can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by interest rates, general economic conditions, and price and marketing competition. Different segments </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the insurance industry can be significantly affected by natural disasters, mortality and morbidity rates, and environmental </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">clean-up.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Health Care Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The health care sector includes companies in the health care equipment and services, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry groups. Health care companies are strongly affected by worldwide </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">scientific or technological developments. Their products may rapidly become obsolete. Many health care companies are also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to significant government regulation and may be affected by changes in government policies. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry group in particular are heavily dependent on patent protection, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the expiration of patents may adversely affect the profitability of such companies. These companies are also subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">extensive litigation based on product liability and other similar claims. Many new products are subject to government approval </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and the process of obtaining government approval can be long and costly, and even approved products are susceptible to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">obsolescence. These companies are also subject to competitive forces that may make it difficult to increase prices, or that may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">lead to price reductions.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Foreign Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to additional risks not associated with investments in U.S. securities. Securities issued by companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">incorporated outside the United States but whose securities are principally traded in the United States are still subject to many </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the foreign securities risks such as economic and political risks. Differences in the economic and political environment, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">amount of available public information, custody practices for assets, the amount of taxation, limitations on the use or transfer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of Fund assets, the degree of market regulation, settlement practices, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transaction costs,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the potential for permanent or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">temporary termination of trading, and financial reporting, accounting and auditing standards, and, in the case of foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency-denominated securities, fluctuations in currency exchange rates, can have a significant adverse effect on the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a foreign security. More specifically, changes in currency exchange rates will affect the value of non-U.S. securities, the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">dividends and interest earned from such securities and gains and losses realized on the sale of such securities. The value of an </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment denominated in a foreign currency will decline in U.S. dollar terms if that currency weakens against the U.S. dollar. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may be invested in the local currency of a foreign country in connection with executing foreign securities transactions. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">When the Fund executes the securities transactions, there is the risk of the value of the foreign currency increasing or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">decreasing against the value of the U.S. dollar. While the Fund is permitted to hedge currency risks, the Advisor does not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">anticipate doing so at this time. Additionally, certain countries may restrict foreign investment in their securities and may utilize </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">formal or informal currency-exchange controls or “capital controls.” Capital controls may impose restrictions on the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ability to repatriate investments or income. Such capital controls can also have a significant effect on the value of the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">holdings.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Other government actions, such as confiscations, the nationalization of companies, the imposition of sanctions, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade restrictions (including tariffs), could also negatively impact an investment in a foreign security.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Operational and Cybersecurity Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">customer data, or proprietary information, or cause the Fund or its service providers to lose proprietary information, suffer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">data corruption, or lose operational functionality. Such events could cause the Fund to incur regulatory penalties, reputational </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">damage, additional compliance costs associated with corrective measures and/or financial loss. Similar incidents affecting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers of the Fund’s portfolio companies may negatively impact performance. Operational risk may arise from human error, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">errors by third parties, communication errors, or technology failures, among other causes. The Fund also relies on a range of </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services from third-parties, including custody. Any delay or failure in the services provided to the Fund may negatively affect the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund and its ability to meet its investment objective. Although the Fund and the Fund’s investment adviser seek to reduce </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">operational risks through controls and/or procedures, it is not possible to identify and address all such risks and there is no way </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to completely protect against or mitigate such risks, especially because the Fund does not directly control the cybersecurity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">systems of issuers or third-party service providers.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Government and Regulatory Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The risk that governments or regulatory authorities may take actions that could adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affect markets in which the Fund invests and in the economy, more generally. Government and regulatory authorities may also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">act to increase the scope or burden of regulations applicable to the Fund and to the companies in which the Fund invests. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">legislation or regulation could restrict the ability of the Fund to fully implement its investment strategies, either generally or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">with respect to certain securities, industries or countries and could limit or preclude the Fund’s ability to achieve its investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">objective.</span></div> Historical Performance <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The following tables provide information on how the Fund has performed over time. Performance in this section represents</span> <span style="color: #000000; font-family: arial narrow; font-size: 10pt;">past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future.</span> <span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Performance for the Fund’s Investor Class shares would be substantially similar to that for Institutional Class shares because </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the shares are invested in the same portfolio of securities and would differ only to the extent that Institutional Class shares </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">have different expenses. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund</span> <span style="color: #000000; font-family: arial narrow; font-size: 10pt;">by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The table below is </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">designed to help you evaluate your risk tolerance by showing the best and worst quarterly performance of the Fund’s Investor Class for the calendar years shown in the bar chart. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The average annual total returns table below allows you to compare the</span> <span style="color: #000000; font-family: arial narrow; font-size: 10pt;">performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based</span> <span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market index and additional indexes composed of securities similar to those held by the Fund.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. Performance information is updated </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regularly and is available on the Fund’s website </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">wasatchglobal.com</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> Performance in this section representspast performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fundby showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund.The average annual total returns table below allows you to compare theperformance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-basedmarket index and additional indexes composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. wasatchglobal.com Wasatch Core Growth Fund — Investor ClassYear by Year Total Returns <div style="margin-top: 12pt;"><span style="color: #336f8a; font-family: arial; font-size: 12pt; font-weight: bold;">Best and Worst Quarterly Returns</span><span style="color: #000000; font-family: arial; font-size: 1pt; font-weight: bold; line-height: 0.00pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 168pt;"> <tr style="height: 12.5pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Best — 6/30/2020</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">33.11%</span></div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Worst — 3/31/2020</span></div> </div> </td> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">-23.93%</span></div> </div> </td> </tr> </table> Best 2020-06-30 0.3311 Worst 2020-03-31 -0.2393 Average Annual Total Returns(as of 12/31/25) 1986-12-06 1986-12-06 1986-12-06 -0.1044 0.0252 0.1056 -0.1210 0.0097 0.0889 -0.0497 0.0200 0.0852 2012-01-31 -0.1033 0.0264 0.1071 0.1715 0.1315 0.1429 0.1301 0.0318 0.0957 0.1281 0.0609 0.0962 <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through</span> <span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Fund shares throughtax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred. Wasatch Emerging India Fund® — Summary Investment Objective <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund’s investment objective is long-term growth of capital.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The tables below describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">in the tables and examples below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> Shareholder Fees(Fees paid directly from your investment.) 0 0 -0.0200 -0.0200 0 0 Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment.) 0.0125 0.0125 0.0025 0.0013 0.0001 0.0001 0.0151 0.0139 Example <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">funds. The example assumes that you invested $10,000 in the applicable class of the Fund for the time periods indicated and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5% return </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">each year and that operating expenses (as a percentage of net assets) of the Fund remained the same. This example reflects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">contractual fee waivers and reimbursements through January 31, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2027</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. Although your actual costs may be higher or lower, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> 154 477 824 1802 142 440 760 1669 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">34</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">% of the average value of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio.</span></div> 0.34 Principal Strategies <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund invests primarily in companies tied economically to India.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Under normal market conditions, we will invest at least 80% of the Fund’s net assets (plus borrowings for investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">purposes) in the equity securities, typically common stock, of companies of all market capitalizations tied economically to India.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">We will consider qualifying investments to be in companies that are listed on an Indian exchange, that have at least 50% of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">their assets in India, or that derive at least 50% of their revenues or profits from goods produced or sold, investments made, or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services performed in India.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">India is considered an emerging market. Companies in the India region with economic ties to India may be located in India, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Bangladesh, Pakistan and Sri Lanka.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">We use a process of quantitative screening followed by “bottom up” fundamental analysis to identify individual companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">that we believe have above average revenue and earnings growth potential.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">these sectors were financials, health care, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industrials, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consumer discretionary</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund is classified as a non-diversified mutual fund, which means that the Fund may invest a larger percentage of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">assets in the securities of a small number of issuers than a diversified fund.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">We may also invest in initial public offerings (IPOs).</span></div> The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, these sectors were financials, health care, industrials, and consumer discretionary.  All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price of its shares. As a result, you may lose money if you invest in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Market risk is the risk that a particular security, or shares of the Fund in general, may fall in value. Securities are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments due to, among other things, market movements over the short-term or over longer periods during more prolonged </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market downturns. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund’s shares and result in increased market volatility.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Current Market and Economic Conditions Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Current market and economic conditions risk is the risk that a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment, or shares of the Fund in general, may fall in value due to current market and economic conditions or events. For </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">example, actions taken by the Federal Reserve or foreign central banks may at times result in unusually high market volatility, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may negatively impact companies, including banks and financial services companies, and negatively impact Fund performance. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S. regulators have also proposed from time to time changes to market and issuer regulations which may impact the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and any regulatory changes adopted could adversely impact the Fund’s ability to achieve its investment strategies or make </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets and investor behavior, which could have a negative impact on the Fund’s investments and operations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">confidence and may adversely impact financial markets and the broader economy. For example, in February 2022, Russia </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in Russia, Europe and the United States. The hostilities and sanctions resulting from those hostilities may have a significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact on certain Fund investments as well as performance and liquidity. Similarly, in October 2023, Hamas launched an attack </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on Israel, which touched off a strong military response from Israel that closed borders and airspace, damaged infrastructure </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and resulted in significant civilian and military casualties in Israel and the Gaza Strip. The conflict has reignited regional </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">tensions that threaten to involve other countries and factions. The continuing conflict and its escalation could have a severe </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adverse effect on the regional economy, currency and companies. These events may negatively impact other regional and global </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic markets of the world (including Europe and the United States), companies in such countries and various sectors, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industries and markets for securities and commodities globally, such as oil and natural gas. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In addition, the Chinese government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the Fund’s assets may go down.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Accordingly, the hostilities and sanctions resulting from these hostilities may have a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">negative effect on certain Fund investments, including investments extending beyond any direct or indirect exposure the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have to issuers of such countries or those of adjoining geographic regions.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impacted by trade disputes and other matters. For example, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recently has been in the process of renegotiating many of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">its global trade relationships and has imposed or threatened to impose significant import tariffs, including with respect to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such actions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could lead to price volatility and overall decline in U</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">S</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and global investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">It is difficult to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">predict </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the outcome and impact of any trade</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> negotiations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> a</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> public health crisis and ensuing policies enacted by governments and central banks </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> cause significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and uncertainty in global financial markets, negatively impacting global growth prospects. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">As the COVID-19 pandemic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in disruptions in the trading markets. Further, the interconnectivity between global economies and financial markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">country, region or financial market.</span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Stock Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investments may decline in value due to movements in the overall stock market.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Stock Selection Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund is actively managed, and its performance therefore will reflect, in part, the ability of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio manager(s) to select investments and to make investment decisions that are suited to achieving the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment objective. The Advisor does not actively track the composition or weightings of market indexes (including the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">benchmark indexes) or of the broader markets generally. As a result, the Fund could underperform its benchmark indexes and/or</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> other funds with a similar investment objective and/or strategy or it may lose value even when the overall stock market is not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in general decline.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Equity securities represent ownership in a company. They may be traded (bought or sold) on a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities exchange or stock market. Stock markets are volatile. The price of equity securities will fluctuate and can decline and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">reduce the value of a portfolio invested in equity securities. The value of equity securities purchased by the Fund could decline if </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries such as </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">labor shortages, an increase in production costs and changes in competitive conditions within an industry. In addition, the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of equity securities may decline due to, among other things, general market conditions not specifically related to a company or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in interest or currency rates, changes in government regulations, the political situation, or generally adverse investor sentiment. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain equity securities may be less liquid, meaning that they may be difficult to sell at a time or price that is desirable, than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other types of securities, or they may be illiquid. Some securities exchanges or stock markets may also be less liquid or illiquid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">due to low trading volume. In addition, equity securities include common stock. Common stock holds the lowest priority in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capital structure of a company and therefore takes the largest share of the company’s risk and its accompanying volatility. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rights of common stockholders generally are subordinate to all other claims on a company’s assets, including preferred </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stockholders and debt holders with respect to the payment of dividends and upon the liquidation or bankruptcy of the issuing </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">company. The common stock of a company that experiences financial distress may lose significant value or become worthless, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and therefore the Fund could lose money if a company in which it invests becomes financially distressed.  </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-style: italic; font-weight: bold; margin-left: 12pt;">Liquidity Risk</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition, the trading market for a particular security or type of security in which the Fund invests may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly less liquid than developed or even emerging markets, and there may be little or no trading volume for a period of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">time for a particular security. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities quickly </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">at a desired price when necessary to meet the Fund’s liquidity needs or in response to a specific economic event. It may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult at times to sell such securities at any price, which could impact not only the daily net asset value (NAV) of the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">but also the composition of the portfolio if other securities must be sold to meet the Fund’s liquidity needs. Additionally, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market quotations for such securities may be volatile and thus affect the daily NAV of the Fund.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Foreign Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to additional risks not associated with investments in U.S. securities. Securities issued by companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">incorporated outside the United States but whose securities are principally traded in the United States are still subject to many </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the foreign securities risks such as economic and political risks. Differences in the economic and political environment, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">amount of available public information, custody practices for assets, the amount of taxation, limitations on the use or transfer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of Fund assets, the degree of market regulation, settlement practices, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transaction costs,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the potential for permanent or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">temporary termination of trading, and financial reporting, accounting and auditing standards, and, in the case of foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency-denominated securities, fluctuations in currency exchange rates, can have a significant adverse effect on the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a foreign security. More specifically, changes in currency exchange rates will affect the value of non-U.S. securities, the value of </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">dividends and interest earned from such securities and gains and losses realized on the sale of such securities. The value of an </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment denominated in a foreign currency will decline in U.S. dollar terms if that currency weakens against the U.S. dollar. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may be invested in the local currency of a foreign country in connection with executing foreign securities transactions. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">When the Fund executes the securities transactions, there is the risk of the value of the foreign currency increasing or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">decreasing against the value of the U.S. dollar. While the Fund is permitted to hedge currency risks, the Advisor does not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">anticipate doing so at this time. Additionally, certain countries may restrict foreign investment in their securities and may utilize </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">formal or informal currency-exchange controls or “capital controls.” Capital controls may impose restrictions on the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ability to repatriate investments or income.  Such capital controls can also have a significant effect on the value of the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">holdings. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Other government actions, such as confiscations, the nationalization of companies, the imposition of sanctions, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade restrictions (including tariffs), could also negatively impact an investment in a foreign security.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Emerging Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition to the risks of investing in foreign securities in general, the enhanced risks of investing in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the securities of companies domiciled in emerging market countries include increased political or social instability, economies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on only a few industries, unstable currencies, runaway inflation, as well as highly volatile, substantially smaller and less </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">liquid securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">parties that fail to complete transactions, lack of or limited government oversight over securities exchanges and brokers, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">additional valuation risks, and the potential for government seizure of assets or nationalization of companies or other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government interference in which case the Fund could lose all or a significant portion of its investment in a country.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Indian Market and India Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Government actions, bureaucratic obstacles and inconsistent economic and tax reform </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">policies within the Indian government have had a significant effect on the economy and could adversely affect market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions, deter economic growth and reduce the profitability of private enterprises. Global factors and foreign actions may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">inhibit the flow of foreign capital on which India is dependent to sustain its growth. Large portions of many Indian companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">remain in the hands of their founders (including members of their families). Family-controlled companies may have weaker and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">less transparent corporate governance, which increases the potential for loss and unequal treatment of investors. India </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">experiences many of the market risks associated with developing economies, including relatively low levels of liquidity, which </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may result in extreme volatility in the prices of Indian securities. Religious, cultural and military disputes persist in India, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">between India and Pakistan (as well as sectarian groups within each country). The threat of aggression in the region could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">hinder development of the Indian economy, and escalating tensions could impact the broader region, including China.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Indian </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to a short-term capital gains tax in India on gains realized upon the disposition of securities lots held </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">less than one year. The Fund accrues for this potential expense, which reduces its net asset values.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Because the Fund may invest a large percentage of its assets in India, the value of the Fund’s shares may be affected by </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events that adversely affect India and may fluctuate more than the value of a less concentrated fund’s shares.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Smaller Company Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Small- and mid-cap stocks may be very sensitive to changing economic conditions and market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">downturns. In particular, the issuers of small company stocks have more narrow markets for their products and services, fewer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">product lines, and more limited managerial and financial resources than larger issuers. The stocks of small companies may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">therefore be more volatile and the ability to sell these stocks at a desirable time or price may be more limited.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Growth Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Growth stock prices may be more sensitive to changes in companies’ current or expected earnings than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the prices of other stocks, and growth stock prices may fall or may not appreciate in step with the broader securities markets. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Growth companies may be newer or smaller companies and may retain a large part of their earnings for research, development </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or investments in capital assets.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Sector and Industry Weightings Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> To the extent the Fund emphasizes, from time to time, investments in a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Market conditions, interest rates, and economic, political, regulatory, or financial developments could significantly affect all the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in those sectors. The Fund may also from time to time make significant investments in an industry or industries within </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a particular sector. The industries that constitute a sector may all react in the same way to economic, political or regulatory </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events. Adverse conditions in such industry or industries could have a correspondingly adverse effect on the financial condition </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of issuers. These conditions may cause the value of the Fund’s shares to fluctuate more than the values of shares of funds that </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invest in a greater variety of investments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Financials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The financials sector includes companies in the banks, financial services, and insurance industry </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">groups. Companies in the financials sector are subject to extensive government regulation, can be subject to relatively rapid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Banking companies, including thrifts and mortgage finance and consumer finance companies, may be affected by extensive </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulation, which may limit both the amounts and types of loans and other financial commitments they can make, </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the interest rates and fees they can charge, and the amount of capital they must maintain. Profitability is largely dependent on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Credit losses resulting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from financial difficulties of borrowers can negatively affect banking companies. Banking companies may also be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">severe price competition. Competition is high among banking companies and failure to maintain or increase market share may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in lost market value. Capital markets, a sub-industry of financial services, may be affected by extensive government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation as well as economic and other financial events that could cause fluctuations in the stock market, impacting the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">overall value of investments. The insurance industry may be affected by extensive government regulation and can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by interest rates, general economic conditions, and price and marketing competition. Different segments </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the insurance industry can be significantly affected by natural disasters, mortality and morbidity rates, and environmental </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">clean-up.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Health Care Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The health care sector includes companies in the health care equipment and services, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry groups. Health care companies are strongly affected by worldwide </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">scientific or technological developments. Their products may rapidly become obsolete. Many health care companies are also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to significant government regulation and may be affected by changes in government policies. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry group in particular are heavily dependent on patent protection, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the expiration of patents may adversely affect the profitability of such companies. These companies are also subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">extensive litigation based on product liability and other similar claims. Many new products are subject to government approval </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and the process of obtaining government approval can be long and costly, and even approved products are susceptible to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">obsolescence. These companies are also subject to competitive forces that may make it difficult to increase prices, or that may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">lead to price reductions.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Industrials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The industrials sector includes companies in the capital goods, commercial and professional services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and transportation industry groups, including companies engaged in the business of human capital management, business </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">research and consulting, air freight and logistics, transportation services, airlines, maritime shipping and transportation, ground </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transportation, transportation infrastructure, and aerospace and defense. Companies in the industrials sector can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by general economic trends, including such factors as employment and economic growth, interest rate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, changes in consumer spending, legislative and government regulation and spending, import controls, commodity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">prices, and worldwide competition. Changes in the economy, fuel prices, labor agreements, and insurance costs may result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">occasional sharp price movements in transportation securities. Aerospace and defense companies rely, to a significant extent, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on government demand for their products and services. The financial condition of, and investor interest in, aerospace and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">defense companies are heavily influenced by government defense spending policies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Consumer Discretionary</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;"> Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consumer discretionary</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> sector includes companies in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industries such as consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">household durables</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">leisure products</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">textiles</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">apparel and luxury goods</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">hotels</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">restaurants</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">retailing</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and automobiles.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Companies</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in the consumer discretionary sector may be significantly impacted by the performance of the overall domestic and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">global economy and by interest rates</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The consumer discretionary sector relies heavily on disposable</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">household income </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">spending</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. Companies in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">this sector</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> may be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">severe competition</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">which may have an adverse impact on their </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">respective profitability</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The retail industry can be significantly affected by changes in demographics,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consumer tastes and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">shopping habits</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">which can also affect the demand for</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">success of,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consumer products and services in the marketplace</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">automotive industry is highly cyclical and can be significantly affected by labor relations and fluctuating component prices.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Initial Public Offerings (IPOs) Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> IPOs involve a higher degree of risk because companies involved in IPOs generally have </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the absence of a prior public market, the small number of shares available for trading and limited investor information.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Non-Diversification Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund can invest a larger portion of its assets in the stocks of a limited number of companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">than a diversified fund, which means it may have more exposure to the price movements of a single security or small group of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities than funds that diversify their investments among many companies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Operational and Cybersecurity Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">customer data, or proprietary information, or cause the Fund or its service providers to lose proprietary information, suffer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">data corruption, or lose operational functionality. Such events could cause the Fund to incur regulatory penalties, reputational </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">damage, additional compliance costs associated with corrective measures and/or financial loss. Similar incidents affecting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers of the Fund’s portfolio companies may negatively impact performance. Operational risk may arise from human error, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">errors by third parties, communication errors, or technology failures, among other causes. The Fund also relies on a range of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services from third-parties, including custody. Any delay or failure in the services provided to the Fund may negatively affect the </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund and its ability to meet its investment objective. Although the Fund and the Fund’s investment adviser seek to reduce </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">operational risks through controls and/or procedures, it is not possible to identify and address all such risks and there is no way </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to completely protect against or mitigate such risks, especially because the Fund does not directly control the cybersecurity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">systems of issuers or third-party service providers.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Government and Regulatory Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The risk that governments or regulatory authorities may take actions that could adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affect markets in which the Fund invests and in the economy, more generally. Government and regulatory authorities may also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">act to increase the scope or burden of regulations applicable to the Fund and to the companies in which the Fund invests. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">legislation or regulation could restrict the ability of the Fund to fully implement its investment strategies, either generally or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">with respect to certain securities, industries or countries and could limit or preclude the Fund’s ability to achieve its investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">objective.</span></div> Historical Performance <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The following tables provide information on how the Fund has performed over time. Performance in this section represents</span> <span style="color: #000000; font-family: arial narrow; font-size: 10pt;">past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future.</span> <span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Performance for the Fund’s Investor Class shares would be substantially similar to that for Institutional Class shares because </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the shares are invested in the same portfolio of securities and would differ only to the extent that Institutional Class shares </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">have different expenses. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The table below is designed to help you evaluate your risk tolerance by showing the best and worst quarterly performance of the Fund’s Investor Class for the calendar years shown in the bar chart. The average annual total returns table below allows you to compare the performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based market index and an additional index composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. Performance information is </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">updated regularly and is available on the Fund’s website </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">wasatchglobal.com</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> Performance in this section representspast performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund.The average annual total returns table below allows you to compare the performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based market index and an additional index composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. wasatchglobal.com Wasatch Emerging India Fund — Investor ClassYear by Year Total Returns <div style="margin-top: 12pt;"><span style="color: #336f8a; font-family: arial; font-size: 12pt; font-weight: bold;">Best and Worst Quarterly Returns</span><span style="color: #000000; font-family: arial; font-size: 1pt; font-weight: bold; line-height: 0.00pt;"> </span></div> <div style="margin-top: 0.0pt;"> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 168pt;"> <tr style="height: 12.5pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Best — 12/31/2020</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">24.88%</span></div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Worst — 3/31/2020</span></div> </div> </td> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">-28.12%</span></div> </div> </td> </tr> </table> </div> Best 2020-12-31 0.2488 Worst 2020-03-31 -0.2812 Average Annual Total Returns(as of 12/31/25) 2011-04-12 2011-04-12 2011-04-12 -0.0551 0.0609 0.1007 -0.0845 0.0461 0.0890 0.0250 0.0579 0.0867 2016-02-01 -0.0541 0.0619 0.1113 0.3357 0.3357 0.0420 0.0420 0.0842 0.0922 0.0041 0.0041 0.1107 0.1107 0.1007 0.1102 <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through</span> <span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Fund shares throughtax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred. Wasatch Emerging Markets Select Fund® — Summary Investment Objective <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund’s investment objective is long-term growth of capital.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The tables below describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">in the tables and examples below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> Shareholder Fees(Fees paid directly from your investment.) 0 0 -0.0200 -0.0200 0 0 Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment.) 0.0100 0.0100 0.0036 0.0012 0.0001 0.0001 0.0137 0.0113 Example <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">funds. The example assumes that you invested $10,000 in the applicable class of the Fund for the time periods indicated and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5% return </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">each year and that operating expenses (as a percentage of net assets) of the Fund remained the same. This example reflects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">contractual fee waivers and reimbursements through January 31, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2027</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. Although your actual costs may be higher or lower, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> 139 434 750 1646 115 359 622 1375 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">28</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">% of the average value of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio.</span></div> 0.28 Principal Strategies <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">The Fund invests primarily in companies of all market capitalizations that are tied economically to emerging market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">countries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Under normal market conditions, we will invest at least 80% of the Fund’s net assets (plus borrowings for investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">purposes) in the equity securities, typically common stock, of companies that are tied economically to emerging market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Emerging market countries are those currently included in the Morgan Stanley Capital International (MSCI) Emerging </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Markets Index. We will consider qualifying investments to be in companies that are listed on an exchange in an emerging </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market country, that have at least 50% of their assets in an emerging market country, or that derive at least 50% of their </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">revenues or profits from goods produced or sold, investments made, or services performed in an emerging market country.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Under normal market conditions, the Fund will generally invest in 30 to 50 companies. However, we may invest in fewer or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">more companies when we believe that doing so will help our efforts to achieve the Fund’s investment objective.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">We travel extensively outside the U.S. to visit companies and expect to meet with senior management. We use a process of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">quantitative screening followed by “bottom-up” fundamental analysis with the goal of owning the highest quality growth </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies tied economically to emerging market countries. Our analysis may include studying a company’s financial </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">statements, visiting company facilities, and meeting with executive management, suppliers and customers.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">We do not use allocation models to restrict the Fund’s investments to certain regions, countries or industries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">these sectors were financials, information technology, consumer discretionary, industrials, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">health care</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a large percentage of its assets (greater than 5%) in a particular region or market, including Asia, India, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Taiwan, and China.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund is classified as a non-diversified mutual fund, which means that the Fund may invest a larger percentage of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">assets in the securities of a small number of issuers than a diversified fund.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may invest in initial public offerings (IPOs) and early stage companies.</span></div> The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, these sectors were financials, information technology, consumer discretionary, industrials, and health care. All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price ofits shares. As a result, you may lose money if you invest in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Market risk is the risk that a particular security, or shares of the Fund in general, may fall in value. Securities are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments due to, among other things, market movements over the short-term or over longer periods during more prolonged </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market downturns. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund’s shares and result in increased market volatility.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Current Market and Economic Conditions Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Current market and economic conditions risk is the risk that a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment, or shares of the Fund in general, may fall in value due to current market and economic conditions or events. For </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">example, actions taken by the Federal Reserve or foreign central banks may at times result in unusually high market volatility, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may negatively impact companies, including banks and financial services companies, and negatively impact Fund performance. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S. regulators have also proposed from time to time changes to market and issuer regulations which may impact the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and any regulatory changes adopted could adversely impact the Fund’s ability to achieve its investment strategies or make </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets and investor behavior, which could have a negative impact on the Fund’s investments and operations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">confidence and may adversely impact financial markets and the broader economy. For example, in February 2022, Russia </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in Russia, Europe and the United States. The hostilities and sanctions resulting from those hostilities may have a significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact on certain Fund investments as well as performance and liquidity. Similarly, in October 2023, Hamas launched an attack </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on Israel, which touched off a strong military response from Israel that closed borders and airspace, damaged infrastructure </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and resulted in significant civilian and military casualties in Israel and the Gaza Strip. The conflict has reignited regional </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">tensions that threaten to involve other countries and factions. The continuing conflict and its escalation could have a severe </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adverse effect on the regional economy, currency and companies. These events may negatively impact other regional and global </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic markets of the world (including Europe and the United States), companies in such countries and various sectors, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industries and markets for securities and commodities globally, such as oil and natural gas. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In addition, the Chinese government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the Fund’s assets may go down.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Accordingly, the hostilities and sanctions resulting from these hostilities may have a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">negative effect on certain Fund investments, including investments extending beyond any direct or indirect exposure the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have to issuers of such countries or those of adjoining geographic regions.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impacted by trade disputes and other matters. For example, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recently has been in the process of renegotiating many of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">its global trade relationships and has imposed or threatened to impose significant import tariffs, including with respect to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such actions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could lead to price volatility and overall decline in U</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">S</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and global investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">It is difficult to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">predict </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the outcome and impact of any trade</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> negotiations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> a</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> public health crisis and ensuing policies enacted by governments and central banks </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> cause significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and uncertainty in global financial markets, negatively impacting global growth prospects. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">As the COVID-19 pandemic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in disruptions in the trading markets. Further, the interconnectivity between global economies and financial markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">country, region or financial market.</span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Stock Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investments may decline in value due to movements in the overall stock market.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Stock Selection Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund is actively managed, and its performance therefore will reflect, in part, the ability of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio manager(s) to select investments and to make investment decisions that are suited to achieving the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment objective. The Advisor does not actively track the composition or weightings of market indexes (including the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">benchmark indexes) or of the broader markets generally. As a result, the Fund could underperform its benchmark indexes and/or</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> other funds with a similar investment objective and/or strategy or it may lose value even when the overall stock market is not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in general decline.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Equity securities represent ownership in a company. They may be traded (bought or sold) on a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities exchange or stock market. Stock markets are volatile. The price of equity securities will fluctuate and can decline and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">reduce the value of a portfolio invested in equity securities. The value of equity securities purchased by the Fund could decline if </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries such as </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">labor shortages, an increase in production costs and changes in competitive conditions within an industry. In addition, the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of equity securities may decline due to, among other things, general market conditions not specifically related to a company or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in interest or currency rates, changes in government regulations, the political situation, or generally adverse investor sentiment. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain equity securities may be less liquid, meaning that they may be difficult to sell at a time or price that is desirable, than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other types of securities, or they may be illiquid. Some securities exchanges or stock markets may also be less liquid or illiquid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">due to low trading volume. In addition, equity securities include common stock. Common stock holds the lowest priority in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capital structure of a company and therefore takes the largest share of the company’s risk and its accompanying volatility. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rights of common stockholders generally are subordinate to all other claims on a company’s assets, including preferred </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stockholders and debt holders with respect to the payment of dividends and upon the liquidation or bankruptcy of the issuing </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">company. The common stock of a company that experiences financial distress may lose significant value or become worthless, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and therefore the Fund could lose money if a company in which it invests becomes financially distressed.  </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-style: italic; font-weight: bold; margin-left: 12pt;">Liquidity Risk</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition, the trading market for a particular security or type of security in which the Fund invests may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly less liquid than developed or even emerging markets, and there may be little or no trading volume for a period of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">time for a particular security. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities quickly </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">at a desired price when necessary to meet the Fund’s liquidity needs or in response to a specific economic event. It may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult at times to sell such securities at any price, which could impact not only the daily net asset value (NAV) of the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">but also the composition of the portfolio if other securities must be sold to meet the Fund’s liquidity needs. Additionally, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market quotations for such securities may be volatile and thus affect the daily NAV of the Fund.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Foreign Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to additional risks not associated with investments in U.S. securities. Securities issued by companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">incorporated outside the United States but whose securities are principally traded in the United States are still subject to many </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the foreign securities risks such as economic and political risks. Differences in the economic and political environment, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">amount of available public information, custody practices for assets, the amount of taxation, limitations on the use or transfer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of Fund assets, the degree of market regulation, settlement practices, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transaction costs,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the potential for permanent or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">temporary termination of trading, and financial reporting, accounting and auditing standards, and, in the case of foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency-denominated securities, fluctuations in currency exchange rates, can have a significant adverse effect on the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a foreign security. More specifically, changes in currency exchange rates will affect the value of non-U.S. securities, the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">dividends and interest earned from such securities and gains and losses realized on the sale of such securities. The value of an </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment denominated in a foreign currency will decline in U.S. dollar terms if that currency weakens against the U.S. dollar. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may be invested in the local currency of a foreign country in connection with executing foreign securities transactions. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">When the Fund executes the securities transactions, there is the risk of the value of the foreign currency increasing or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">decreasing against the value of the U.S. dollar. While the Fund is permitted to hedge currency risks, the Advisor does not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">anticipate doing so at this time. Additionally, certain countries may restrict foreign investment in their securities and may utilize </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">formal or informal currency-exchange controls or “capital controls.” Capital controls may impose restrictions on the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ability to repatriate investments or income.  Such capital controls can also have a significant effect on the value of the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">holdings. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Other government actions, such as confiscations, the nationalization of companies, the imposition of sanctions, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade restrictions (including tariffs), could also negatively impact an investment in a foreign security.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Emerging Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition to the risks of investing in foreign securities in general, the enhanced risks of investing in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the securities of companies domiciled in emerging market countries include increased political or social instability, economies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on only a few industries, unstable currencies, runaway inflation, as well as highly volatile, substantially smaller and less </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">liquid securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">parties that fail to complete transactions, lack of or limited government oversight over securities exchanges and brokers, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">additional valuation risks, and the potential for government seizure of assets or nationalization of companies or other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government interference in which case the Fund could lose all or a significant portion of its investment in a country.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Country/Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Social, political and economic conditions and changes in regulatory, tax, or economic policy in a country </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or region could significantly affect the market in that country or region. In addition, global economies and financial markets are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may represent a large portion of the market in a particular country or region and industries can be sensitive to adverse social, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">political, economic, or regulatory developments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Indian Market and India Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Government actions, bureaucratic obstacles and inconsistent economic and tax reform </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">policies within the Indian government have had a significant effect on the economy and could adversely affect market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions, deter economic growth and reduce the profitability of private enterprises. Global factors and foreign actions may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">inhibit the flow of foreign capital on which India is dependent to sustain its growth. Large portions of many Indian companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">remain in the hands of their founders (including members of their families). Family-controlled companies may have weaker and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">less transparent corporate governance, which increases the potential for loss and unequal treatment of investors. India </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">experiences many of the market risks associated with developing economies, including relatively low levels of liquidity, which </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may result in extreme volatility in the prices of Indian securities. Religious, cultural and military disputes persist in India, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">between India and Pakistan (as well as sectarian groups within each country). The threat of aggression in the region could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">hinder development of the Indian economy, and escalating tensions could impact the broader region, including China.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Indian </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to a short-term capital gains tax in India on gains realized upon the disposition of securities lots held </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">less than one year. The Fund accrues for this potential expense, which reduces its net asset values.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Chinese Market and Asia Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The value of the Fund’s assets may be adversely affected by, among other things, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">political, economic, social and religious instability, inadequate investor protection, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">inadequate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">accounting standards and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">practices, changes in laws or regulations of countries within the Asia region, relations with other nations, natural disasters, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">corruption, civil unrest, and military activity. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In particular, China’s economy has a heavy influence on the Asia region, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">therefore actions taken by China or developments impacting China and its economy may negatively impact the economies and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies in other countries in the Asia region, including adversely affecting the investments held by a Fund in the Asia region </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regardless of the direct or indirect exposure the Fund may have to issuers in China.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Certain Asian countries have experienced </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and may in the future experience expropriation and nationalization of assets, confiscatory taxation, currency manipulation, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">political instability, government influence over the private sector and social instability as a result of religious, ethnic, socio-economic</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> and/or political unrest. Countries in the Asia region, particularly China, Japan and South Korea, also may be adversely </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected by political, military, economic and other factors related to North Korea. In addition, China’s long-running conflict over </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Taiwan’s sovereignty, border disputes with many neighbors and historically strained relations with Japan could adversely impact </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economies in the region. The economies of many Asian countries differ from the economies of more developed countries in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">many respects such as the rate of growth, inflation, capital reinvestment, resource self-sufficiency, financial system stability, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and sensitivity to changes in global trade. Certain Asian countries are highly dependent upon and may be affected by </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">developments in the United States, Europe and other Asian economies. Asian economies and companies could be affected if </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">global economic conditions deteriorate as a result of political instability and uncertainty. In addition, international trade could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">be affected by politically motivated actions in the U.S. and Europe, and by increased tensions with other nations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> including </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">intensified concerns about trade disputes, tariffs, and potential trade wars</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Taiwan Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The economy of Taiwan is heavily dependent on exports. Currency fluctuations, increasing competition </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from Asia’s other emerging economies, and conditions that weaken demand for Taiwan’s export products worldwide could have </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a negative impact on the Taiwanese economy as a whole, and may impact the Fund’s performance to the extent the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invests in such securities. Additionally, a disruption in Taiwan’s exports could also result in broader negative economic impacts </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">with respect to those industries and countries that rely upon them. Concerns over Taiwan’s history of political contention and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">its current relationship with China may also have a significant impact on Taiwan.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Any escalation of hostility between China and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Taiwan would have a significant adverse impact on the value of investments in both countries and the region, which could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">negatively affect the value and liquidity of the Fund’s investments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Small Cap Company Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Small-cap stocks may be very sensitive to changing economic conditions and market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">downturns because the issuers often have narrow markets for their products or services, fewer product lines, and more limited </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">managerial and financial resources than larger issuers. The stocks of small-cap companies may therefore be more volatile and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the ability to sell these stocks at a desirable time or price may be more limited.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Growth Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Growth stock prices may be more sensitive to changes in companies’ current or expected earnings than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the prices of other stocks, and growth stock prices may fall or may not appreciate in step with the broader securities markets. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Growth companies may be newer or smaller companies and may retain a large part of their earnings for research, development </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or investments in capital assets.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Sector and Industry Weightings Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> To the extent the Fund emphasizes, from time to time, investments in a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Market conditions, interest rates, and economic, political, regulatory, or financial developments could significantly affect all the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in those sectors. The Fund may also from time to time make significant investments in an industry or industries within </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a particular sector. The industries that constitute a sector may all react in the same way to economic, political or regulatory </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events. Adverse conditions in such industry or industries could have a correspondingly adverse effect on the financial condition </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of issuers. These conditions may cause the value of the Fund’s shares to fluctuate more than the values of shares of funds that </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invest in a greater variety of investments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Financials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The financials sector includes companies in the banks, financial services, and insurance industry </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">groups. Companies in the financials sector are subject to extensive government regulation, can be subject to relatively rapid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Banking companies, including thrifts and mortgage finance and consumer finance companies, may be affected by extensive </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulation, which may limit both the amounts and types of loans and other financial commitments they can make, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the interest rates and fees they can charge, and the amount of capital they must maintain. Profitability is largely dependent on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Credit losses resulting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from financial difficulties of borrowers can negatively affect banking companies. Banking companies may also be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">severe price competition. Competition is high among banking companies and failure to maintain or increase market share may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in lost market value. Capital markets, a sub-industry of financial services, may be affected by extensive government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation as well as economic and other financial events that could cause fluctuations in the stock market, impacting the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">overall value of investments. The insurance industry may be affected by extensive government regulation and can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by interest rates, general economic conditions, and price and marketing competition. Different segments </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the insurance industry can be significantly affected by natural disasters, mortality and morbidity rates, and environmental </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">clean-up.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Information Technology Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The information technology sector includes companies in the software and services, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology hardware and equipment, and semiconductors and semiconductor equipment industry groups. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology sector are subject to rapid obsolescence of existing technology, short product cycles, falling prices and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">profits, competition from new market entrants, and general economic conditions. Stocks of companies in the information </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology sector, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Technological developments, fixed rate pricing, and the ability to retain skilled employees can significantly affect the industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in the information technology sector.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Consumer Discretionary Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The consumer discretionary sector includes companies in industries such as consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services, household durables, leisure products, textiles, apparel and luxury goods, hotels, restaurants, retailing, and automobiles. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Companies in the consumer discretionary sector may be significantly impacted by the performance of the overall domestic and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">global economy and by interest rates. The consumer discretionary sector relies heavily on disposable household income and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">spending. Companies in this sector may be subject to severe competition, which may have an adverse impact on their </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">respective profitability. The retail industry can be significantly affected by changes in demographics, and consumer tastes and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">shopping habits, which can also affect the demand for, and success of, consumer products and services in the marketplace. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">automotive industry is highly cyclical and can be significantly affected by labor relations and fluctuating component prices.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Industrials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The industrials sector includes companies in the capital goods, commercial and professional services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and transportation industry groups, including companies engaged in the business of human capital management, business </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">research and consulting, air freight and logistics, transportation services, airlines, maritime shipping and transportation, ground </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transportation, transportation infrastructure, and aerospace and defense. Companies in the industrials sector can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by general economic trends, including such factors as employment and economic growth, interest rate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, changes in consumer spending, legislative and government regulation and spending, import controls, commodity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">prices, and worldwide competition. Changes in the economy, fuel prices, labor agreements, and insurance costs may result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">occasional sharp price movements in transportation securities. Aerospace and defense companies rely, to a significant extent, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on government demand for their products and services. The financial condition of, and investor interest in, aerospace and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">defense companies are heavily influenced by government defense spending policies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Health Care Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The health care sector includes companies in the health care equipment and services, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry groups. Health care companies are strongly affected by worldwide </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">scientific or technological developments. Their products may rapidly become obsolete. Many health care companies are also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to significant government regulation and may be affected by changes in government policies. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry group in particular are heavily dependent on patent protection, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the expiration of patents may adversely affect the profitability of such companies. These companies are also subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">extensive litigation based on product liability and other similar claims. Many new products are subject to government approval </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and the process of obtaining government approval can be long and costly, and even approved products are susceptible to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">obsolescence. These companies are also subject to competitive forces that may make it difficult to increase prices, or that may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">lead to price reductions.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Initial Public Offerings (IPOs) Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> IPOs involve a higher degree of risk because companies involved in IPOs generally have </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the absence of a prior public market, the small number of shares available for trading and limited investor information.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Early Stage Companies Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Early stage companies may never obtain necessary financing, may rely on untested business </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry, and as such may never be profitable. Stocks of early stage companies may be illiquid, privately traded, and more </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatile and speculative than the securities of larger companies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Non-Diversification Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund can invest a larger portion of its assets in the stocks of a limited number of companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">than a diversified fund, which means it may have more exposure to the price movements of a single security or small group of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities than funds that diversify their investments among many companies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Operational and Cybersecurity Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">customer data, or proprietary information, or cause the Fund or its service providers to lose proprietary information, suffer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">data corruption, or lose operational functionality. Such events could cause the Fund to incur regulatory penalties, reputational </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">damage, additional compliance costs associated with corrective measures and/or financial loss. Similar incidents affecting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers of the Fund’s portfolio companies may negatively impact performance. Operational risk may arise from human error, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">errors by third parties, communication errors, or technology failures, among other causes. The Fund also relies on a range of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services from third-parties, including custody. Any delay or failure in the services provided to the Fund may negatively affect the </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund and its ability to meet its investment objective. Although the Fund and the Fund’s investment adviser seek to reduce </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">operational risks through controls and/or procedures, it is not possible to identify and address all such risks and there is no way </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to completely protect against or mitigate such risks, especially because the Fund does not directly control the cybersecurity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">systems of issuers or third-party service providers.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Government and Regulatory Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The risk that governments or regulatory authorities may take actions that could adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affect markets in which the Fund invests and in the economy, more generally. Government and regulatory authorities may also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">act to increase the scope or burden of regulations applicable to the Fund and to the companies in which the Fund invests. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">legislation or regulation could restrict the ability of the Fund to fully implement its investment strategies, either generally or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">with respect to certain securities, industries or countries and could limit or preclude the Fund’s ability to achieve its investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">objective.</span></div> Historical Performance <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The following tables provide information on how the Fund has performed over time. Performance in this section represents</span> <span style="color: #000000; font-family: arial narrow; font-size: 10pt;">past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future.</span> <span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Performance for the Fund’s Investor Class shares would be substantially similar to that for Institutional Class shares because </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the shares are invested in the same portfolio of securities and would differ only to the extent that Institutional Class shares </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">have different expenses. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The table below is designed to help you evaluate your risk tolerance by showing the best and worst quarterly performance of the Fund’s Investor Class for the calendar years shown in the bar chart. The average annual total returns table below allows you to compare the performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based market index and an additional index composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. Performance information is updated </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regularly and is available on the Fund’s website </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">wasatchglobal.com</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> Performance in this section representspast performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund.The average annual total returns table below allows you to compare the performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based market index and an additional index composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. wasatchglobal.com Wasatch Emerging Markets Select Fund — Investor ClassYear by Year Total Returns <div style="margin-top: 12pt;"><span style="color: #336f8a; font-family: arial; font-size: 12pt; font-weight: bold;">Best and Worst Quarterly Returns</span><span style="color: #000000; font-family: arial; font-size: 1pt; font-weight: bold; line-height: 0.00pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 168pt;"> <tr style="height: 12.5pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Best — 6/30/2020</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">34.97%</span></div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Worst — 6/30/2022</span></div> </div> </td> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">-24.80%</span></div> </div> </td> </tr> </table> Best 2020-06-30 0.3497 Worst 2022-06-30 -0.2480 Average Annual Total Returns(as of 12/31/25) 2012-12-13 2012-12-13 2012-12-13 0.1056 -0.0028 0.0803 0.1133 -0.0004 0.0816 0.0702 0.0004 0.0672 2012-12-13 0.1085 -0.0008 0.0828 0.3357 0.0420 0.0842 0.3299 0.0415 0.0748 <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through</span> <span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Fund shares throughtax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred. Investment Objective <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund’s investment objective is long-term growth of capital.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The tables below describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">in the tables and examples below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> Shareholder Fees(Fees paid directly from your investment.) 0 0 -0.0200 -0.0200 0 0 Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment.) 0.0150 0.0150 0.0055 0.0034 0.0205 0.0184 -0.0010 -0.0009 0.0195 0.0175 Effective January 31, 2026, the management fee was reduced from 1.65% to 1.50%. The management fee and the total annual fund operating expenses have beenrestated to reflect the 1.50% management fee. January 31,2027 Example <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">funds. The example assumes that you invested $10,000 in the applicable class of the Fund for the time periods indicated and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5% return </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">each year and that operating expenses (as a percentage of net assets) of the Fund remained the same. This example reflects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">contractual fee waivers and reimbursements through January 31, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2027</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. Although your actual costs may be higher or lower, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> 198 633 1094 2371 178 570 987 2151 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">38</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">% of the average value of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio.</span></div> 0.38 Principal Strategies <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund invests primarily in small companies tied economically to emerging markets.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Under normal market conditions, we will invest at least 80% of the Fund’s net assets (plus borrowings for investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">purposes) in the equity securities, typically common stock, of small-capitalization companies that are tied economically to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">emerging market countries. The Fund considers a company to be a small-capitalization company if its market capitalization, at </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the time of purchase, is less than the larger of $3 billion or the market capitalization of the largest company in the Morgan </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Stanley Capital International (MSCI) Emerging Markets Small Cap Index as of its most recent reconstitution date. As of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">most recent reconstitution date, the market capitalization of companies included in the MSCI Emerging Markets Small Cap </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Index ranged from $</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">120</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> million to $</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">14.098</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> billion. The market capitalizations for the range of companies in the MSCI Emerging </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Markets Small Cap Index are subject to change following MSCI’s fourth quarter index review, which occurs on or around </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">November of each year.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Emerging market countries are those currently included in the MSCI Emerging Markets Index. We will consider qualifying </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments to be in companies that are listed on an exchange in an emerging market country, that have at least 50% of their </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">assets in an emerging market country, or that derive at least 50% of their revenues or profits from goods produced or sold, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments made, or services performed in an emerging market country.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">We travel extensively outside of the U.S. to visit companies and expect to meet with senior management. We use a process </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of quantitative screening followed by “bottom-up” fundamental analysis to identify individual companies that we believe have </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">above average revenue and earnings growth potential.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">We do not use allocation models to restrict the Fund’s investments to certain regions, countries or industries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a large percentage of its assets (greater than 5%) in a particular region or market, including Asia, India, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Taiwan, and China.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">these sectors were </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">financials,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> information technology, industrials, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">communication services</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">health care</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, these sectors were financials, information technology, industrials, communication services, and health care. All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price ofits shares. As a result, you may lose money if you invest in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Market risk is the risk that a particular security, or shares of the Fund in general, may fall in value. Securities are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments due to, among other things, market movements over the short-term or over longer periods during more prolonged </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market downturns. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund’s shares and result in increased market volatility.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Current Market and Economic Conditions Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Current market and economic conditions risk is the risk that a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment, or shares of the Fund in general, may fall in value due to current market and economic conditions or events. For </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">example, actions taken by the Federal Reserve or foreign central banks may at times result in unusually high market volatility, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may negatively impact companies, including banks and financial services companies, and negatively impact Fund performance. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S. regulators have also proposed from time to time changes to market and issuer regulations which may impact the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and any regulatory changes adopted could adversely impact the Fund’s ability to achieve its investment strategies or make </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets and investor behavior, which could have a negative impact on the Fund’s investments and operations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">confidence and may adversely impact financial markets and the broader economy. For example, in February 2022, Russia </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in Russia, Europe and the United States. The hostilities and sanctions resulting from those hostilities may have a significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact on certain Fund investments as well as performance and liquidity. Similarly, in October 2023, Hamas launched an attack </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on Israel, which touched off a strong military response from Israel that closed borders and airspace, damaged infrastructure </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and resulted in significant civilian and military casualties in Israel and the Gaza Strip. The conflict has reignited regional </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">tensions that threaten to involve other countries and factions. The continuing conflict and its escalation could have a severe </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adverse effect on the regional economy, currency and companies. These events may negatively impact other regional and global </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic markets of the world (including Europe and the United States), companies in such countries and various sectors, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industries and markets for securities and commodities globally, such as oil and natural gas. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In addition, the Chinese government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the Fund’s assets may go down.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Accordingly, the hostilities and sanctions resulting from these hostilities may have a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">negative effect on certain Fund investments, including investments extending beyond any direct or indirect exposure the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have to issuers of such countries or those of adjoining geographic regions.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impacted by trade disputes and other matters. For example, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recently has been in the process of renegotiating many of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">its global trade relationships and has imposed or threatened to impose significant import tariffs, including with respect to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such actions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could lead to price volatility and overall decline in U</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">S</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and global investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">It is difficult to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">predict </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the outcome and impact of any trade</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> negotiations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> a</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> public health crisis and ensuing policies enacted by governments and central banks </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> cause significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and uncertainty in global financial markets, negatively impacting global growth prospects. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">As the COVID-19 pandemic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in disruptions in the trading markets. Further, the interconnectivity between global economies and financial markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">country, region or financial market.</span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Stock Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investments may decline in value due to movements in the overall stock market.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Stock Selection Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund is actively managed, and its performance therefore will reflect, in part, the ability of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio manager(s) to select investments and to make investment decisions that are suited to achieving the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment objective. The Advisor does not actively track the composition or weightings of market indexes (including the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">benchmark indexes) or of the broader markets generally. As a result, the Fund could underperform its benchmark indexes and/or</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> other funds with a similar investment objective and/or strategy or it may lose value even when the overall stock market is not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in general decline.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Equity securities represent ownership in a company. They may be traded (bought or sold) on a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities exchange or stock market. Stock markets are volatile. The price of equity securities will fluctuate and can decline and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">reduce the value of a portfolio invested in equity securities. The value of equity securities purchased by the Fund could decline if </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries such as </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">labor shortages, an increase in production costs and changes in competitive conditions within an industry. In addition, the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of equity securities may decline due to, among other things, general market conditions not specifically related to a company or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in interest or currency rates, changes in government regulations, the political situation, or generally adverse investor sentiment. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain equity securities may be less liquid, meaning that they may be difficult to sell at a time or price that is desirable, than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other types of securities, or they may be illiquid. Some securities exchanges or stock markets may also be less liquid or illiquid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">due to low trading volume. In addition, equity securities include common stock. Common stock holds the lowest priority in the </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capital structure of a company and therefore takes the largest share of the company’s risk and its accompanying volatility. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rights of common stockholders generally are subordinate to all other claims on a company’s assets, including preferred </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stockholders and debt holders with respect to the payment of dividends and upon the liquidation or bankruptcy of the issuing </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">company. The common stock of a company that experiences financial distress may lose significant value or become worthless, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and therefore the Fund could lose money if a company in which it invests becomes financially distressed.  </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-style: italic; font-weight: bold; margin-left: 12pt;">Liquidity Risk</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition, the trading market for a particular security or type of security in which the Fund invests may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly less liquid than developed or even emerging markets, and there may be little or no trading volume for a period of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">time for a particular security. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities quickly </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">at a desired price when necessary to meet the Fund’s liquidity needs or in response to a specific economic event. It may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult at times to sell such securities at any price, which could impact not only the daily net asset value (NAV) of the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">but also the composition of the portfolio if other securities must be sold to meet the Fund’s liquidity needs. Additionally, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market quotations for such securities may be volatile and thus affect the daily NAV of the Fund.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Foreign Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to additional risks not associated with investments in U.S. securities. Securities issued by companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">incorporated outside the United States but whose securities are principally traded in the United States are still subject to many </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the foreign securities risks such as economic and political risks. Differences in the economic and political environment, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">amount of available public information, custody practices for assets, the amount of taxation, limitations on the use or transfer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of Fund assets, the degree of market regulation, settlement practices, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transaction costs,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the potential for permanent or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">temporary termination of trading, and financial reporting, accounting and auditing standards, and, in the case of foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency-denominated securities, fluctuations in currency exchange rates, can have a significant adverse effect on the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a foreign security. More specifically, changes in currency exchange rates will affect the value of non-U.S. securities, the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">dividends and interest earned from such securities and gains and losses realized on the sale of such securities. The value of an </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment denominated in a foreign currency will decline in U.S. dollar terms if that currency weakens against the U.S. dollar. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may be invested in the local currency of a foreign country in connection with executing foreign securities transactions. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">When the Fund executes the securities transactions, there is the risk of the value of the foreign currency increasing or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">decreasing against the value of the U.S. dollar. While the Fund is permitted to hedge currency risks, the Advisor does not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">anticipate doing so at this time. Additionally, certain countries may restrict foreign investment in their securities and may utilize </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">formal or informal currency-exchange controls or “capital controls.” Capital controls may impose restrictions on the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ability to repatriate investments or income.  Such capital controls can also have a significant effect on the value of the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">holdings. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Other government actions, such as confiscations, the nationalization of companies, the imposition of sanctions, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade restrictions (including tariffs), could also negatively impact an investment in a foreign security.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Emerging Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition to the risks of investing in foreign securities in general, the enhanced risks of investing in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the securities of companies domiciled in emerging market countries include increased political or social instability, economies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on only a few industries, unstable currencies, runaway inflation, as well as highly volatile, substantially smaller and less </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">liquid securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">parties that fail to complete transactions, lack of or limited government oversight over securities exchanges and brokers, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">additional valuation risks, and the potential for government seizure of assets or nationalization of companies or other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government interference in which case the Fund could lose all or a significant portion of its investment in a country.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Country/Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Social, political and economic conditions and changes in regulatory, tax, or economic policy in a country </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or region could significantly affect the market in that country or region. In addition, global economies and financial markets are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may represent a large portion of the market in a particular country or region and industries can be sensitive to adverse social, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">political, economic, or regulatory developments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Indian Market and India Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Government actions, bureaucratic obstacles and inconsistent economic and tax reform </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">policies within the Indian government have had a significant effect on the economy and could adversely affect market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions, deter economic growth and reduce the profitability of private enterprises. Global factors and foreign actions may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">inhibit the flow of foreign capital on which India is dependent to sustain its growth. Large portions of many Indian companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">remain in the hands of their founders (including members of their families). Family-controlled companies may have weaker and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">less transparent corporate governance, which increases the potential for loss and unequal treatment of investors. India </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">experiences many of the market risks associated with developing economies, including relatively low levels of liquidity, which </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may result in extreme volatility in the prices of Indian securities. Religious, cultural and military disputes persist in India, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">between India and Pakistan (as well as sectarian groups within each country). The threat of aggression in the region could </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">hinder development of the Indian economy, and escalating tensions could impact the broader region, including China.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Indian </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to a short-term capital gains tax in India on gains realized upon the disposition of securities lots held </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">less than one year. The Fund accrues for this potential expense, which reduces its net asset values.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Because the Fund may invest a large percentage of its assets in India, the value of the Fund’s shares may be affected by </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events that adversely affect India and may fluctuate more than the value of a less concentrated fund’s shares.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Taiwan Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The economy of Taiwan is heavily dependent on exports. Currency fluctuations, increasing competition </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from Asia’s other emerging economies, and conditions that weaken demand for Taiwan’s export products worldwide could have </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a negative impact on the Taiwanese economy as a whole, and may impact the Fund’s performance to the extent the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invests in such securities. Additionally, a disruption in Taiwan’s exports could also result in broader negative economic impacts </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">with respect to those industries and countries that rely upon them. Concerns over Taiwan’s history of political contention and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">its current relationship with China may also have a significant impact on Taiwan.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Any escalation of hostility between China and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Taiwan would have a significant adverse impact on the value of investments in both countries and the region, which could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">negatively affect the value and liquidity of the Fund’s investments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Chinese Market and Asia Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The value of the Fund’s assets may be adversely affected by, among other things, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">political, economic, social and religious instability, inadequate investor protection, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">inadequate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">accounting standards and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">practices, changes in laws or regulations of countries within the Asia region, relations with other nations, natural disasters, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">corruption, civil unrest, and military activity. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In particular, China’s economy has a heavy influence on the Asia region, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">therefore actions taken by China or developments impacting China and its economy may negatively impact the economies and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies in other countries in the Asia region, including adversely affecting the investments held by a Fund in the Asia region </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regardless of the direct or indirect exposure the Fund may have to issuers in China.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Certain Asian countries have experienced </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and may in the future experience expropriation and nationalization of assets, confiscatory taxation, currency manipulation, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">political instability, government influence over the private sector and social instability as a result of religious, ethnic, socio-economic</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> and/or political unrest. Countries in the Asia region, particularly China, Japan and South Korea, also may be adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected by political, military, economic and other factors related to North Korea. In addition, China’s long-running conflict over </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Taiwan’s sovereignty, border disputes with many neighbors and historically strained relations with Japan could adversely impact </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economies in the region. The economies of many Asian countries differ from the economies of more developed countries in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">many respects such as the rate of growth, inflation, capital reinvestment, resource self-sufficiency, financial system stability, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and sensitivity to changes in global trade. Certain Asian countries are highly dependent upon and may be affected by </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">developments in the United States, Europe and other Asian economies. Asian economies and companies could be affected if </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">global economic conditions deteriorate as a result of political instability and uncertainty. In addition, international trade could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">be affected by politically motivated actions in the U.S. and Europe, and by increased tensions with other nations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> including </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">intensified concerns about trade disputes, tariffs, and potential trade wars</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Small Cap Company Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Small-cap stocks may be very sensitive to changing economic conditions and market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">downturns because the issuers often have narrow markets for their products or services, fewer product lines, and more limited </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">managerial and financial resources than larger issuers. The stocks of small-cap companies may therefore be more volatile and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the ability to sell these stocks at a desirable time or price may be more limited. As noted above, the Fund under normal market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions invests at least 80% of its net assets (plus borrowings for investment purposes) in small-capitalization companies as </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">defined above measured at the time of purchase that are tied economically to emerging market countries. In pursuing its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment strategy, the Fund may hold such securities for long periods of time during which market appreciation may cause </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the market capitalization of such companies to increase beyond the $3 billion or the market capitalization of the largest </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">company in the MSCI Emerging Markets Small Cap Index (“Appreciated Companies”). In accordance with current regulatory </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">requirements, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">as of the date of this Prospectus, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund is not required to sell portfolio holdings that market appreciation has </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">caused to increase in value beyond the definition of a small-capitalization company and as a result, the Fund may at times have </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significant investments in Appreciated Companies. During periods when the Fund does not meet the 80% threshold due to the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market appreciation of its holdings, the Fund’s future acquisitions will only be in companies meeting its small-capitalization </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">definition at the time of purchase. In addition, to the extent the weighted average market capitalization of the Fund is higher </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">than that of its benchmark or peers, the Fund’s performance compared to the benchmark or to peers with similar strategies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may differ. On September 20, 2023, the SEC adopted amendments to the investment company name rule, Rule 35d-1, which </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">requires, among other things, funds to review their portfolio investments periodically and if a fund no longer meets its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">respective 80% test, to take appropriate action to bring the fund back into compliance within a specified period which may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">include disposing of portfolio securities and may result in realized capital gains. To the extent the Fund falls within the revised </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rule, the Fund will seek to comply with the conditions of the revised rule upon the SEC’s compliance date currently scheduled as </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the date of this Prospectus to be on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">January</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">31</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2027</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, however the compliance date may be subject to additional delays and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the requirements of the amended Rule 35d-1 may be subject to additional modifications.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Growth Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Growth stock prices may be more sensitive to changes in companies’ current or expected earnings than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the prices of other stocks, and growth stock prices may fall or may not appreciate in step with the broader securities markets. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Growth companies may be newer or smaller companies and may retain a large part of their earnings for research, development </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or investments in capital assets.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Sector and Industry Weightings Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> To the extent the Fund emphasizes, from time to time, investments in a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Market conditions, interest rates, and economic, political, regulatory, or financial developments could significantly affect all the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in those sectors. The Fund may also from time to time make significant investments in an industry or industries within </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a particular sector. The industries that constitute a sector may all react in the same way to economic, political or regulatory </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events. Adverse conditions in such industry or industries could have a correspondingly adverse effect on the financial condition </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of issuers. These conditions may cause the value of the Fund’s shares to fluctuate more than the values of shares of funds that </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invest in a greater variety of investments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Financials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The financials sector includes companies in the banks, financial services, and insurance industry </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">groups. Companies in the financials sector are subject to extensive government regulation, can be subject to relatively rapid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Banking companies, including thrifts and mortgage finance and consumer finance companies, may be affected by extensive </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulation, which may limit both the amounts and types of loans and other financial commitments they can make, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the interest rates and fees they can charge, and the amount of capital they must maintain. Profitability is largely dependent on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Credit losses resulting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from financial difficulties of borrowers can negatively affect banking companies. Banking companies may also be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">severe price competition. Competition is high among banking companies and failure to maintain or increase market share may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in lost market value. Capital markets, a sub-industry of financial services, may be affected by extensive government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation as well as economic and other financial events that could cause fluctuations in the stock market, impacting the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">overall value of investments. The insurance industry may be affected by extensive government regulation and can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by interest rates, general economic conditions, and price and marketing competition. Different segments </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the insurance industry can be significantly affected by natural disasters, mortality and morbidity rates, and environmental </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">clean-up.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Information Technology Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The information technology sector includes companies in the software and services, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology hardware and equipment, and semiconductors and semiconductor equipment industry groups. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology sector are subject to rapid obsolescence of existing technology, short product cycles, falling prices and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">profits, competition from new market entrants, and general economic conditions. Stocks of companies in the information </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology sector, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Technological developments, fixed rate pricing, and the ability to retain skilled employees can significantly affect the industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in the information technology sector.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Industrials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The industrials sector includes companies in the capital goods, commercial and professional services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and transportation industry groups, including companies engaged in the business of human capital management, business </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">research and consulting, air freight and logistics, transportation services, airlines, maritime shipping and transportation, ground </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transportation, transportation infrastructure, and aerospace and defense. Companies in the industrials sector can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by general economic trends, including such factors as employment and economic growth, interest rate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, changes in consumer spending, legislative and government regulation and spending, import controls, commodity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">prices, and worldwide competition. Changes in the economy, fuel prices, labor agreements, and insurance costs may result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">occasional sharp price movements in transportation securities. Aerospace and defense companies rely, to a significant extent, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on government demand for their products and services. The financial condition of, and investor interest in, aerospace and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">defense companies are heavily influenced by government defense spending policies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Communication Services</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;"> Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">communication services sector includes diversified telecommunication services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">wireless telecommunication services companies</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">media and entertainment companies</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The communication </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services sector is subject to</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> government regulation</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and can be significantly affected by </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">intense competition and technology </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">which may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">make</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">products and services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of certain companies obsolete</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Wireless telecommunication </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">can be significantly affected by </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">failure to obtain</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or delays in obtaining</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">financing or regulatory approval,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">intense </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">competition</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, product incompatibility, changing consumer preferences, rapid obsolescence, significant capital expenditures, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">heavy debt burdens</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Media and entertainment companies</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> can be significantly affected by </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technological advances</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changing consumer</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> preferences</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Health Care Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The health care sector includes companies in the health care equipment and services, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry groups. Health care companies are strongly affected by worldwide </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">scientific or technological developments. Their products may rapidly become obsolete. Many health care companies are also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to significant government regulation and may be affected by changes in government policies. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry group in particular are heavily dependent on patent protection, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the expiration of patents may adversely affect the profitability of such companies. These companies are also subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">extensive litigation based on product liability and other similar claims. Many new products are subject to government approval </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and the process of obtaining government approval can be long and costly, and even approved products are susceptible to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">obsolescence. These companies are also subject to competitive forces that may make it difficult to increase prices, or that may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">lead to price reductions.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Operational and Cybersecurity Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">customer data, or proprietary information, or cause the Fund or its service providers to lose proprietary information, suffer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">data corruption, or lose operational functionality. Such events could cause the Fund to incur regulatory penalties, reputational </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">damage, additional compliance costs associated with corrective measures and/or financial loss. Similar incidents affecting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers of the Fund’s portfolio companies may negatively impact performance. Operational risk may arise from human error, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">errors by third parties, communication errors, or technology failures, among other causes. The Fund also relies on a range of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services from third-parties, including custody. Any delay or failure in the services provided to the Fund may negatively affect the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund and its ability to meet its investment objective. Although the Fund and the Fund’s investment adviser seek to reduce </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">operational risks through controls and/or procedures, it is not possible to identify and address all such risks and there is no way </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to completely protect against or mitigate such risks, especially because the Fund does not directly control the cybersecurity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">systems of issuers or third-party service providers.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Government and Regulatory Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The risk that governments or regulatory authorities may take actions that could adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affect markets in which the Fund invests and in the economy, more generally. Government and regulatory authorities may also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">act to increase the scope or burden of regulations applicable to the Fund and to the companies in which the Fund invests. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">legislation or regulation could restrict the ability of the Fund to fully implement its investment strategies, either generally or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">with respect to certain securities, industries or countries and could limit or preclude the Fund’s ability to achieve its investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">objective.</span></div> Historical Performance <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The following tables provide information on how the Fund has performed over time. Performance in this section represents</span> <span style="color: #000000; font-family: arial narrow; font-size: 10pt;">past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future.</span> <span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Performance for the Fund’s Investor Class shares would be substantially similar to that for Institutional Class shares because </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the shares are invested in the same portfolio of securities and would differ only to the extent that Institutional Class shares </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">have different expenses. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The table below is designed to help you evaluate your risk tolerance by showing the best and worst quarterly performance of the Fund’s Investor Class for the calendar years shown in the bar chart. The average annual total returns table below allows you to compare the performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based market index and an additional index composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. Performance information is updated </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regularly and is available on the Fund’s website </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">wasatchglobal.com</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> Performance in this section representspast performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund.The average annual total returns table below allows you to compare the performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based market index and an additional index composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. wasatchglobal.com Wasatch Emerging Markets Small Cap Fund — Investor ClassYear by Year Total Returns <div style="margin-top: 12pt;"><span style="color: #336f8a; font-family: arial; font-size: 12pt; font-weight: bold;">Best and Worst Quarterly Returns</span><span style="color: #000000; font-family: arial; font-size: 1pt; font-weight: bold; line-height: 0.00pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 168pt;"> <tr style="height: 12.5pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Best — 6/30/2020</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">31.60%</span></div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Worst — 3/31/2020</span></div> </div> </td> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">-23.74%</span></div> </div> </td> </tr> </table> Best 2020-06-30 0.3160 Worst 2020-03-31 -0.2374 Average Annual Total Returns(as of 12/31/25) 2007-10-01 2007-10-01 2007-10-01 0.0486 -0.0017 0.0610 -0.0329 -0.0203 0.0451 0.1230 0.0072 0.0526 2016-02-01 0.0474 -0.0003 0.0681 0.3357 0.3357 0.0420 0.0420 0.0843 0.0922 0.1858 0.1858 0.0843 0.0843 0.0831 0.0926 <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through</span> <span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Fund shares throughtax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred. Investment Objective <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund’s investment objective is long-term growth of capital.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The tables below describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">in the tables and examples below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> Shareholder Fees(Fees paid directly from your investment.) 0 0 -0.0200 -0.0200 0 0 Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment.) 0.0150 0.0150 0.0087 0.0102 0.0001 0.0001 0.0238 0.0253 -0.0042 -0.0077 0.0196 0.0176 Effective January 31, 2026, the management fee was reduced from 1.65% to 1.50%. The management fee and the total annual fund operating expenses have been restated to reflect the 1.50% management fee. The Total Annual Fund Operating Expenses may not equal the expense ratio stated in the Fund’s most recent Annual Report and Financial Highlights. The expense ratio in the financial statements reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. January 31,2027 Example <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">funds. The example assumes that you invested $10,000 in the applicable class of the Fund for the time periods indicated and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5% return </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">each year and that operating expenses (as a percentage of net assets) of the Fund remained the same. This example reflects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">contractual fee waivers and reimbursements through January 31, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2027</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. Although your actual costs may be higher or lower, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> 199 702 1232 2684 179 714 1276 2808 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">60</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">% of the average value of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio.</span></div> 0.60 Principal Strategies <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">The Fund invests primarily in the equity securities of companies of all market capitalizations that are tied economically to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">frontier markets and small emerging market countries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Under normal market conditions, we will invest at least 80% of the Fund’s assets (plus borrowings for investment purposes) </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in the equity securities, typically common stock, of companies that are tied economically to frontier markets and small </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">emerging market countries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">We consider “frontier markets” to include any non-developed or non-emerging country that is outside the Morgan Stanley </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Capital International (MSCI) ACWI Index, and also any country that is currently included in the Russell Frontier Index, the S&amp;P </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Frontier Broad Market Index (BMI), or the MSCI Frontier Markets Index. We may also determine a country to be a frontier </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market considering various factors including, the classification of a country as a frontier market by any international </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">organization that evaluates or classifies countries (such as the World Bank, International Monetary Fund, MSCI, or FTSE </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">International).</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">“Emerging markets” include those countries currently considered to be developing as per their inclusion in the MSCI </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Emerging Markets Index. We consider a “small emerging market country” to be any country that individually constitutes not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">more than 7% of the MSCI Emerging Markets Index or the S&amp;P Emerging BMI.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">We will consider qualifying investments to be in companies that are listed on a securities exchange in a frontier market or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">small emerging market country, that are legally domiciled in a frontier market or small emerging market country, that have at </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">least 50% of their assets in a frontier market or small emerging market country, or that derive at least 50% of their revenues or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">profits from goods produced or sold, investments made, or services provided in a frontier market or small emerging market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">country. The Fund will not be required to sell a security because the market to which it is economically tied is no longer what we </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consider to be a frontier market or a small emerging market country.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In general, frontier markets and small emerging market countries, with the exception of the oil-producing Persian Gulf </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">States, tend to have relatively low gross national product per capita compared to the larger traditionally recognized emerging </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets and the world’s major developed economies. Frontier and small emerging market countries include the least developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets even by emerging market standards. We believe frontier markets and small emerging market countries offer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment opportunities that arise from long-term trends in demographics, deregulation, offshore outsourcing and improving </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">corporate governance.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">We travel extensively outside the U.S. to visit companies and expect to meet with senior management. We use a process of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">quantitative screening followed by “bottom-up” fundamental analysis with the goal of owning the highest quality growth </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies tied economically to frontier markets and small emerging market countries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">We do not use allocation models to restrict the Fund’s investments to certain regions, countries or industries. The Fund may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invest a large percentage of its assets (greater than 5%) in a particular region or market, including Asia and India.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">these sectors were financials, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consumer discretionary, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">health care</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industrials</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">communication services</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund is classified as a non-diversified mutual fund, which means that the Fund may invest a larger percentage of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">assets in the securities of a small number of issuers than a diversified fund.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">We may also invest in initial public offerings (IPOs).</span></div> The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, these sectors were financials, consumer discretionary, health care, industrials, and communication services. All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price ofits shares. As a result, you may lose money if you invest in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Market risk is the risk that a particular security, or shares of the Fund in general, may fall in value. Securities are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments due to, among other things, market movements over the short-term or over longer periods during more prolonged </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market downturns. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund’s shares and result in increased market volatility.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Current Market and Economic Conditions Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Current market and economic conditions risk is the risk that a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment, or shares of the Fund in general, may fall in value due to current market and economic conditions or events. For </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">example, actions taken by the Federal Reserve or foreign central banks may at times result in unusually high market volatility, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may negatively impact companies, including banks and financial services companies, and negatively impact Fund performance. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S. regulators have also proposed from time to time changes to market and issuer regulations which may impact the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and any regulatory changes adopted could adversely impact the Fund’s ability to achieve its investment strategies or make </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets and investor behavior, which could have a negative impact on the Fund’s investments and operations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">confidence and may adversely impact financial markets and the broader economy. For example, in February 2022, Russia </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in Russia, Europe and the United States. The hostilities and sanctions resulting from those hostilities may have a significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact on certain Fund investments as well as performance and liquidity. Similarly, in October 2023, Hamas launched an attack </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on Israel, which touched off a strong military response from Israel that closed borders and airspace, damaged infrastructure </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and resulted in significant civilian and military casualties in Israel and the Gaza Strip. The conflict has reignited regional </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">tensions that threaten to involve other countries and factions. The continuing conflict and its escalation could have a severe </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adverse effect on the regional economy, currency and companies. These events may negatively impact other regional and global </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic markets of the world (including Europe and the United States), companies in such countries and various sectors, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industries and markets for securities and commodities globally, such as oil and natural gas. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In addition, the Chinese government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the Fund’s assets may go down.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Accordingly, the hostilities and sanctions resulting from these hostilities may have a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">negative effect on certain Fund investments, including investments extending beyond any direct or indirect exposure the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have to issuers of such countries or those of adjoining geographic regions.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impacted by trade disputes and other matters. For example, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recently has been in the process of renegotiating many of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">its global trade relationships and has imposed or threatened to impose significant import tariffs, including with respect to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such actions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could lead to price volatility and overall decline in U</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">S</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and global investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">It is difficult to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">predict </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the outcome and impact of any trade</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> negotiations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> a</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> public health crisis and ensuing policies enacted by governments and central banks </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> cause significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and uncertainty in global financial markets, negatively impacting global growth prospects. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">As the COVID-19 pandemic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in disruptions in the trading markets. Further, the interconnectivity between global economies and financial markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">country, region or financial market.</span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Stock Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investments may decline in value due to movements in the overall stock market.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Stock Selection Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund is actively managed, and its performance therefore will reflect, in part, the ability of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio manager(s) to select investments and to make investment decisions that are suited to achieving the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment objective. The Advisor does not actively track the composition or weightings of market indexes (including the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">benchmark indexes) or of the broader markets generally. As a result, the Fund could underperform its benchmark indexes and/or</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> other funds with a similar investment objective and/or strategy or it may lose value even when the overall stock market is not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in general decline.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Equity securities represent ownership in a company. They may be traded (bought or sold) on a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities exchange or stock market. Stock markets are volatile. The price of equity securities will fluctuate and can decline and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">reduce the value of a portfolio invested in equity securities. The value of equity securities purchased by the Fund could decline if </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries such as </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">labor shortages, an increase in production costs and changes in competitive conditions within an industry. In addition, the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of equity securities may decline due to, among other things, general market conditions not specifically related to a company or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in interest or currency rates, changes in government regulations, the political situation, or generally adverse investor sentiment. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain equity securities may be less liquid, meaning that they may be difficult to sell at a time or price that is desirable, than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other types of securities, or they may be illiquid. Some securities exchanges or stock markets may also be less liquid or illiquid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">due to low trading volume. In addition, equity securities include common stock. Common stock holds the lowest priority in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capital structure of a company and therefore takes the largest share of the company’s risk and its accompanying volatility. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rights of common stockholders generally are subordinate to all other claims on a company’s assets, including preferred </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stockholders and debt holders with respect to the payment of dividends and upon the liquidation or bankruptcy of the issuing </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">company. The common stock of a company that experiences financial distress may lose significant value or become worthless, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and therefore the Fund could lose money if a company in which it invests becomes financially distressed.  </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-style: italic; font-weight: bold; margin-left: 12pt;">Liquidity Risk</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition, the trading market for a particular security or type of security in which the Fund invests may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly less liquid than developed or even emerging markets, and there may be little or no trading volume for a period of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">time for a particular security. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities quickly </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">at a desired price when necessary to meet the Fund’s liquidity needs or in response to a specific economic event. It may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult at times to sell such securities at any price, which could impact not only the daily net asset value (NAV) of the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">but also the composition of the portfolio if other securities must be sold to meet the Fund’s liquidity needs. Additionally, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market quotations for such securities may be volatile and thus affect the daily NAV of the Fund.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Foreign Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to additional risks not associated with investments in U.S. securities. Securities issued by companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">incorporated outside the United States but whose securities are principally traded in the United States are still subject to many </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the foreign securities risks such as economic and political risks. Differences in the economic and political environment, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">amount of available public information, custody practices for assets, the amount of taxation, limitations on the use or transfer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of Fund assets, the degree of market regulation, settlement practices, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transaction costs,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the potential for permanent or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">temporary termination of trading, and financial reporting, accounting and auditing standards, and, in the case of foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency-denominated securities, fluctuations in currency exchange rates, can have a significant adverse effect on the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a foreign security. More specifically, changes in currency exchange rates will affect the value of non-U.S. securities, the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">dividends and interest earned from such securities and gains and losses realized on the sale of such securities. The value of an </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment denominated in a foreign currency will decline in U.S. dollar terms if that currency weakens against the U.S. dollar. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may be invested in the local currency of a foreign country in connection with executing foreign securities transactions. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">When the Fund executes the securities transactions, there is the risk of the value of the foreign currency increasing or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">decreasing against the value of the U.S. dollar. While the Fund is permitted to hedge currency risks, the Advisor does not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">anticipate doing so at this time. Additionally, certain countries may restrict foreign investment in their securities and may utilize </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">formal or informal currency-exchange controls or “capital controls.” Capital controls may impose restrictions on the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ability to repatriate investments or income.  Such capital controls can also have a significant effect on the value of the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">holdings. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Other government actions, such as confiscations, the nationalization of companies, the imposition of sanctions, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade restrictions (including tariffs), could also negatively impact an investment in a foreign security.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Frontier Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition to the risks of investing in foreign securities in developed and emerging markets, frontier </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market securities involve unique risks, such as exposure to economies less diverse and mature than those of the U.S. or more </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">established foreign markets. Given the generally smaller size and less developed capital markets than those of emerging </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets or other more developed foreign markets, the risks of investing in emerging markets are magnified for frontier </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets. Economic or political instability may cause larger price changes in frontier market securities than in securities of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers based in more developed foreign countries, including securities of issuers in larger emerging markets. Frontier markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">generally receive less investor attention than developed markets or larger emerging markets. These risks can result in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potential for extreme stock price volatility and illiquidity.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Emerging Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition to the risks of investing in foreign securities in general, the enhanced risks of investing in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the securities of companies domiciled in emerging market countries, and in particular small emerging market countries, include </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, as well </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">as highly volatile, substantially smaller and less liquid securities markets, unpredictable shifts in policies relating to foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments, lack of protection for investors against parties that fail to complete transactions, lack of or limited government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">oversight over securities exchanges and brokers, additional valuation risks, and the potential for government seizure of assets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or nationalization of companies or other government interference in which case the Fund could lose all or a significant portion </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of its investment in a country.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Country/Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Social, political and economic conditions and changes in regulatory, tax, or economic policy in a country </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or region could significantly affect the market in that country or region. In addition, global economies and financial markets are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may represent a large portion of the market in a particular country or region and industries can be sensitive to adverse social, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">political, economic, or regulatory developments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Asia Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The value of the Fund’s assets may be adversely affected by, among other things, political, economic, social </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and religious instability, inadequate investor protection, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">inadequate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">accounting standards and practices, changes in laws or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulations of countries within the Asia region, relations with other nations, natural disasters, corruption, civil unrest, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">military activity. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In particular, China’s economy has a heavy influence on the Asia region, and therefore actions taken by China </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or developments impacting China and its economy may negatively impact the economies and companies in other countries in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the Asia region, including adversely affecting the investments held by a Fund in the Asia region regardless of the direct or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">indirect exposure the Fund may have to issuers in China.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Countries in the Asia region, particularly China, Japan and South </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Korea, may be adversely affected by disputes with many of their neighbors and historically strained relations with Japan could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adversely impact economies in the region. The economies of many Asian countries differ from the economies of more developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries in many respects, such as the rate of growth, inflation, capital reinvestment, resource self-sufficiency, financial </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">system stability, and sensitivity to changes in global trade. Certain Asian countries are highly dependent upon and may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected by developments in the United States, Europe and other Asian economies. Asian economies and companies could be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected if global economic conditions deteriorate as a result of political instability and uncertainty. In addition, international </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade could be affected by politically motivated actions in the U.S. and Europe, and by increased tensions with other nations.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Indian Market and India Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Government actions, bureaucratic obstacles and inconsistent economic and tax reform </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">policies within the Indian government have had a significant effect on the economy and could adversely affect market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions, deter economic growth and reduce the profitability of private enterprises. Global factors and foreign actions may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">inhibit the flow of foreign capital on which India is dependent to sustain its growth. Large portions of many Indian companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">remain in the hands of their founders (including members of their families). Family-controlled companies may have weaker and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">less transparent corporate governance, which increases the potential for loss and unequal treatment of investors. India </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">experiences many of the market risks associated with developing economies, including relatively low levels of liquidity, which </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may result in extreme volatility in the prices of Indian securities. Religious, cultural and military disputes persist in India, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">between India and Pakistan (as well as sectarian groups within each country). The threat of aggression in the region could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">hinder development of the Indian economy, and escalating tensions could impact the broader region, including China.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Indian </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to a short-term capital gains tax in India on gains realized upon the disposition of securities lots held </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">less than one year. The Fund accrues for this potential expense, which reduces its net asset values.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Because the Fund may invest a large percentage of its assets in India, the value of the Fund’s shares may be affected by </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events that adversely affect India and may fluctuate more than the value of a less concentrated fund’s shares.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Small Cap Company Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Small-cap stocks may be very sensitive to changing economic conditions and market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">downturns because the issuers often have narrow markets for their products or services, fewer product lines, and more limited </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">managerial and financial resources than larger issuers. The stocks of small-cap companies may therefore be more volatile and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the ability to sell these stocks at a desirable time or price may be more limited.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Growth Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Growth stock prices may be more sensitive to changes in companies’ current or expected earnings than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the prices of other stocks, and growth stock prices may fall or may not appreciate in step with the broader securities markets. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Growth companies may be newer or smaller companies and may retain a large part of their earnings for research, development </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or investments in capital assets.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Sector and Industry Weightings Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> To the extent the Fund emphasizes, from time to time, investments in a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Market conditions, interest rates, and economic, political, regulatory, or financial developments could significantly affect all the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in those sectors. The Fund may also from time to time make significant investments in an industry or industries within </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a particular sector. The industries that constitute a sector may all react in the same way to economic, political or regulatory </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events. Adverse conditions in such industry or industries could have a correspondingly adverse effect on the financial condition </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of issuers. These conditions may cause the value of the Fund’s shares to fluctuate more than the values of shares of funds that </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invest in a greater variety of investments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Financials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The financials sector includes companies in the banks, financial services, and insurance industry </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">groups. Companies in the financials sector are subject to extensive government regulation, can be subject to relatively rapid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Banking companies, including thrifts and mortgage finance and consumer finance companies, may be affected by extensive </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulation, which may limit both the amounts and types of loans and other financial commitments they can make, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the interest rates and fees they can charge, and the amount of capital they must maintain. Profitability is largely dependent on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Credit losses resulting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from financial difficulties of borrowers can negatively affect banking companies. Banking companies may also be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">severe price competition. Competition is high among banking companies and failure to maintain or increase market share may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in lost market value. Capital markets, a sub-industry of financial services, may be affected by extensive government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation as well as economic and other financial events that could cause fluctuations in the stock market, impacting the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">overall value of investments. The insurance industry may be affected by extensive government regulation and can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by interest rates, general economic conditions, and price and marketing competition. Different segments </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the insurance industry can be significantly affected by natural disasters, mortality and morbidity rates, and environmental </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">clean-up.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Consumer Discretionary Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The consumer discretionary sector includes companies in industries such as consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services, household durables, leisure products, textiles, apparel and luxury goods, hotels, restaurants, retailing, and automobiles. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Companies in the consumer discretionary sector may be significantly impacted by the performance of the overall domestic and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">global economy and by interest rates. The consumer discretionary sector relies heavily on disposable household income and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">spending. Companies in this sector may be subject to severe competition, which may have an adverse impact on their </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">respective profitability. The retail industry can be significantly affected by changes in demographics, and consumer tastes and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">shopping habits, which can also affect the demand for, and success of, consumer products and services in the marketplace. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">automotive industry is highly cyclical and can be significantly affected by labor relations and fluctuating component prices.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Health Care</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;"> Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">health care</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> sector includes companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">health care equipment and services</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">biotechnology and life sciences</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> industry groups. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Health care companies are strongly affected by worldwide </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">scientific or technological developments.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Their products may rapidly become obsolete. Many health care companies are also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to significant government regulation and may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">be affected by </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government policies. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">biotechnology and life sciences</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry group</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in particular are heavily dependent on patent protection</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the expiration of patents may adversely affect the profitability of such companies</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">These companies are also subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">extensive litigation based on product liability and other similar claims.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Many new products are subject</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to government approval </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and the process of obtaining government approval can be long and costly, and even approved products are susceptible to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">obsolescence.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> These companies are also subject to competitive forces that may make it difficult to increase prices</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">that may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">lead to price reductions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Industrials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The industrials sector includes companies in the capital goods, commercial and professional services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and transportation industry groups, including companies engaged in the business of human capital management, business </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">research and consulting, air freight and logistics, transportation services, airlines, maritime shipping and transportation, ground </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transportation, transportation infrastructure, and aerospace and defense. Companies in the industrials sector can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by general economic trends, including such factors as employment and economic growth, interest rate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, changes in consumer spending, legislative and government regulation and spending, import controls, commodity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">prices, and worldwide competition. Changes in the economy, fuel prices, labor agreements, and insurance costs may result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">occasional sharp price movements in transportation securities. Aerospace and defense companies rely, to a significant extent, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on government demand for their products and services. The financial condition of, and investor interest in, aerospace and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">defense companies are heavily influenced by government defense spending policies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Communication Services Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The communication services sector includes diversified telecommunication services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies, wireless telecommunication services companies, and media and entertainment companies. The communication </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services sector is subject to government regulation and can be significantly affected by intense competition and technology </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, which may make the products and services of certain companies obsolete. Wireless telecommunication services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies can be significantly affected by failure to obtain, or delays in obtaining, financing or regulatory approval, intense </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">competition, product incompatibility, changing consumer preferences, rapid obsolescence, significant capital expenditures, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">heavy debt burdens. Media and entertainment companies can be significantly affected by technological advances, government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation, and changing consumer preferences.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Initial Public Offerings (IPOs) Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> IPOs involve a higher degree of risk because companies involved in IPOs generally have </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the absence of a prior public market, the small number of shares available for trading and limited investor information.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Non-Diversification Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund can invest a larger portion of its assets in the stocks of a limited number of companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">than a diversified fund, which means it may have more exposure to the price movements of a single security or small group of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities than funds that diversify their investments among many companies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Operational and Cybersecurity Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">customer data, or proprietary information, or cause the Fund or its service providers to lose proprietary information, suffer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">data corruption, or lose operational functionality. Such events could cause the Fund to incur regulatory penalties, reputational </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">damage, additional compliance costs associated with corrective measures and/or financial loss. Similar incidents affecting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers of the Fund’s portfolio companies may negatively impact performance. Operational risk may arise from human error, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">errors by third parties, communication errors, or technology failures, among other causes. The Fund also relies on a range of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services from third-parties, including custody. Any delay or failure in the services provided to the Fund may negatively affect the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund and its ability to meet its investment objective. Although the Fund and the Fund’s investment adviser seek to reduce </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">operational risks through controls and/or procedures, it is not possible to identify and address all such risks and there is no way </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to completely protect against or mitigate such risks, especially because the Fund does not directly control the cybersecurity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">systems of issuers or third-party service providers.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Government and Regulatory Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The risk that governments or regulatory authorities may take actions that could adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affect markets in which the Fund invests and in the economy, more generally. Government and regulatory authorities may also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">act to increase the scope or burden of regulations applicable to the Fund and to the companies in which the Fund invests. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">legislation or regulation could restrict the ability of the Fund to fully implement its investment strategies, either generally or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">with respect to certain securities, industries or countries and could limit or preclude the Fund’s ability to achieve its investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">objective.</span></div> Historical Performance <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The following tables provide information on how the Fund has performed over time. Performance in this section represents</span> <span style="color: #000000; font-family: arial narrow; font-size: 10pt;">past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future.</span> <span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Performance for the Fund’s Investor Class shares would be substantially similar to that for Institutional Class shares because </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the shares are invested in the same portfolio of securities and would differ only to the extent that Institutional Class shares </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">have different expenses. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The table below is designed to help you evaluate your risk tolerance by showing the best and worst quarterly performance of the Fund’s Investor Class for the calendar years shown in the bar chart. The average annual total returns table below allows you to compare the performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based market index and an additional index composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. Performance information is updated </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regularly and is available on the Fund’s website </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">wasatchglobal.com</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> Performance in this section representspast performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund.The average annual total returns table below allows you to compare the performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based market index and an additional index composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. wasatchglobal.com Wasatch Frontier Emerging Small Countries Fund — Investor ClassYear by Year Total Returns <div style="margin-top: 12pt;"><span style="color: #336f8a; font-family: arial; font-size: 12pt; font-weight: bold;">Best and Worst Quarterly Returns</span><span style="color: #000000; font-family: arial; font-size: 1pt; font-weight: bold; line-height: 0.00pt;"> </span></div> <div style="margin-top: 0.0pt;"> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 168pt;"> <tr style="height: 12.5pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Best — 6/30/2020</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">34.30%</span></div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Worst — 3/31/2020</span></div> </div> </td> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">-31.23%</span></div> </div> </td> </tr> </table> </div> Best 2020-06-30 0.3430 Worst 2020-03-31 -0.3123 Average Annual Total Returns(as of 12/31/25) 2012-01-31 2012-01-31 2012-01-31 0.0435 -0.0109 0.0300 0.0465 -0.0101 0.0304 0.0288 -0.0068 0.0243 2016-02-01 0.0455 -0.0080 0.0384 0.4294 0.4294 0.0771 0.0771 0.0623 0.0687 0.4686 0.4686 0.0961 0.0961 0.0792 0.0862 <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through</span> <span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Fund shares throughtax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred. Investment Objective <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund’s investment objective is long-term growth of capital.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The tables below describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">in the tables and examples below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> Shareholder Fees (Fees paid directly from your investment.) 0 0 -0.0200 -0.0200 0 0 Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment.) 0.0125 0.0125 0.0023 0.0016 0.0148 0.0141 -0.0006 0.0148 0.0135 January 31, 2027 Example <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">funds. The example assumes that you invested $10,000 in the applicable class of the Fund for the time periods indicated and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5% return </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">each year and that operating expenses (as a percentage of net assets) of the Fund remained the same. This example reflects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">contractual fee waivers and reimbursements through January 31, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2027</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. Although your actual costs may be higher or lower, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> 151 468 808 1768 137 440 765 1686 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">37</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">% of the average value of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio.</span></div> 0.37 Principal Strategies <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund invests primarily in small and micro cap foreign and domestic companies.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Under normal market conditions, we will invest the Fund’s net assets primarily in the equity securities, typically common </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stock, of foreign and domestic companies. These companies will typically have minimum market capitalizations of $100 million </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and up to a maximum market capitalization at the time of purchase of $5 billion or the market capitalization of the largest </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">company in the Morgan Stanley Capital International (MSCI) ACWI Small Cap Index as of its most recent reconstitution date, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">whichever is greater. As of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2025</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> reconstitution date, the market capitalization of companies included in the MSCI ACWI </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Small Cap Index ranged from $</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">61</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> million to $</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">35.436</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> billion. The market capitalizations for the range of companies in the MSCI </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ACWI Small Cap Index are subject to change following MSCI’s fourth quarter index review, which occurs on or around </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">November of each year. The Fund may also invest a significant portion of its total assets in micro cap companies with market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capitalizations below $1 billion (up to 90% under normal market conditions).</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund will typically invest in securities issued by companies domiciled in at least three countries, including the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United States. The Fund may invest a significant portion of its total assets in companies domiciled in foreign countries (under </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">normal market conditions, we expect at least 40% of its assets to be invested outside the United States, or if conditions are not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">favorable, 30% of its assets to be invested outside the United States). Securities issued by foreign companies incorporated </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">outside the United States whose securities are principally traded in the United States are not defined as “foreign companies” </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and are not subject to this limitation.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a significant amount of its total assets (5% to 50% under normal market conditions) at the time of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">purchase in securities issued by companies domiciled in emerging and frontier markets, which are those countries currently </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">included in the MSCI EFM (Emerging + Frontier Markets) Index. These companies typically are located in the Asia-Pacific region, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Eastern Europe, the Middle East, Central and South America, and Africa.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">We use a process of quantitative screening followed by “bottom-up” fundamental analysis to identify individual companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">that we believe have outstanding long-term growth potential. We travel extensively to visit companies and expect to meet with </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">senior management.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">We may also invest in growth companies that we believe have had a temporary setback and therefore have appealing </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">valuation relative to their long-term growth potential.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">At times, we may invest in early stage companies with limited or no earnings history if we believe they have outstanding </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">long-term growth potential. We may also invest in initial public offerings (IPOs).</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">We do not use allocation models to restrict the Fund’s investments to certain regions, countries, sectors or industries. We </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may significantly shift Fund assets between asset classes, sectors, and geographic regions based on where we believe the best </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">growth opportunities and valuations currently exist.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a large percentage of its assets (greater than 5%) in a particular region or market, including India, Asia, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Japan, Europe and the United Kingdom.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">these sectors were industrials, information technology, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">financials</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">health care</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, consumer discretionary, and consumer staples. </span></div> The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, these sectors were industrials, information technology, financials, health care, consumer discretionary, and consumer staples.  All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price of its shares. As a result, you may lose money if you invest in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Market risk is the risk that a particular security, or shares of the Fund in general, may fall in value. Securities are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments due to, among other things, market movements over the short-term or over longer periods during more prolonged </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market downturns. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund’s shares and result in increased market volatility.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Current Market and Economic Conditions Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Current market and economic conditions risk is the risk that a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment, or shares of the Fund in general, may fall in value due to current market and economic conditions or events. For </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">example, actions taken by the Federal Reserve or foreign central banks may at times result in unusually high market volatility, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may negatively impact companies, including banks and financial services companies, and negatively impact Fund performance. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S. regulators have also proposed from time to time changes to market and issuer regulations which may impact the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and any regulatory changes adopted could adversely impact the Fund’s ability to achieve its investment strategies or make </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets and investor behavior, which could have a negative impact on the Fund’s investments and operations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">confidence and may adversely impact financial markets and the broader economy. For example, in February 2022, Russia </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in Russia, Europe and the United States. The hostilities and sanctions resulting from those hostilities may have a significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact on certain Fund investments as well as performance and liquidity. Similarly, in October 2023, Hamas launched an attack </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on Israel, which touched off a strong military response from Israel that closed borders and airspace, damaged infrastructure </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and resulted in significant civilian and military casualties in Israel and the Gaza Strip. The conflict has reignited regional </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">tensions that threaten to involve other countries and factions. The continuing conflict and its escalation could have a severe </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adverse effect on the regional economy, currency and companies. These events may negatively impact other regional and global </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic markets of the world (including Europe and the United States), companies in such countries and various sectors, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industries and markets for securities and commodities globally, such as oil and natural gas. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In addition, the Chinese government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the Fund’s assets may go down.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Accordingly, the hostilities and sanctions resulting from these hostilities may have a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">negative effect on certain Fund investments, including investments extending beyond any direct or indirect exposure the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have to issuers of such countries or those of adjoining geographic regions.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impacted by trade disputes and other matters. For example, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recently has been in the process of renegotiating many of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">its global trade relationships and has imposed or threatened to impose significant import tariffs, including with respect to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such actions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could lead to price volatility and overall decline in U</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">S</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and global investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">It is difficult to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">predict </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the outcome and impact of any trade</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> negotiations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> a</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> public health crisis and ensuing policies enacted by governments and central banks </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> cause significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and uncertainty in global financial markets, negatively impacting global growth prospects. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">As the COVID-19 pandemic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in disruptions in the trading markets. Further, the interconnectivity between global economies and financial markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">country, region or financial market.</span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Stock Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investments may decline in value due to movements in the overall stock market.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Stock Selection Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund is actively managed, and its performance therefore will reflect, in part, the ability of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio manager(s) to select investments and to make investment decisions that are suited to achieving the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment objective. The Advisor does not actively track the composition or weightings of market indexes (including the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">benchmark indexes) or of the broader markets generally. As a result, the Fund could underperform its benchmark indexes and/or</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> other funds with a similar investment objective and/or strategy or it may lose value even when the overall stock market is not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in general decline.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Equity securities represent ownership in a company. They may be traded (bought or sold) on a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities exchange or stock market. Stock markets are volatile. The price of equity securities will fluctuate and can decline and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">reduce the value of a portfolio invested in equity securities. The value of equity securities purchased by the Fund could decline if </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries such as </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">labor shortages, an increase in production costs and changes in competitive conditions within an industry. In addition, the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of equity securities may decline due to, among other things, general market conditions not specifically related to a company or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in interest or currency rates, changes in government regulations, the political situation, or generally adverse investor sentiment. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain equity securities may be less liquid, meaning that they may be difficult to sell at a time or price that is desirable, than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other types of securities, or they may be illiquid. Some securities exchanges or stock markets may also be less liquid or illiquid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">due to low trading volume. In addition, equity securities include common stock. Common stock holds the lowest priority in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capital structure of a company and therefore takes the largest share of the company’s risk and its accompanying volatility. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rights of common stockholders generally are subordinate to all other claims on a company’s assets, including preferred </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stockholders and debt holders with respect to the payment of dividends and upon the liquidation or bankruptcy of the issuing </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">company. The common stock of a company that experiences financial distress may lose significant value or become worthless, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and therefore the Fund could lose money if a company in which it invests becomes financially distressed.  </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-style: italic; font-weight: bold; margin-left: 12pt;">Liquidity Risk</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition, the trading market for a particular security or type of security in which the Fund invests may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly less liquid than developed or even emerging markets, and there may be little or no trading volume for a period of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">time for a particular security. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities quickly </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">at a desired price when necessary to meet the Fund’s liquidity needs or in response to a specific economic event. It may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult at times to sell such securities at any price, which could impact not only the daily net asset value (NAV) of the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">but also the composition of the portfolio if other securities must be sold to meet the Fund’s liquidity needs. Additionally, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market quotations for such securities may be volatile and thus affect the daily NAV of the Fund.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Foreign Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to additional risks not associated with investments in U.S. securities. Securities issued by companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">incorporated outside the United States but whose securities are principally traded in the United States are still subject to many </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the foreign securities risks such as economic and political risks. Differences in the economic and political environment, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">amount of available public information, custody practices for assets, the amount of taxation, limitations on the use or transfer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of Fund assets, the degree of market regulation, settlement practices, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transaction costs,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the potential for permanent or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">temporary termination of trading, and financial reporting, accounting and auditing standards, and, in the case of foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency-denominated securities, fluctuations in currency exchange rates, can have a significant adverse effect on the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a foreign security. More specifically, changes in currency exchange rates will affect the value of non-U.S. securities, the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">dividends and interest earned from such securities and gains and losses realized on the sale of such securities. The value of an </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment denominated in a foreign currency will decline in U.S. dollar terms if that currency weakens against the U.S. dollar. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may be invested in the local currency of a foreign country in connection with executing foreign securities transactions. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">When the Fund executes the securities transactions, there is the risk of the value of the foreign currency increasing or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">decreasing against the value of the U.S. dollar. While the Fund is permitted to hedge currency risks, the Advisor does not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">anticipate doing so at this time. Additionally, certain countries may restrict foreign investment in their securities and may utilize </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">formal or informal currency-exchange controls or “capital controls.” Capital controls may impose restrictions on the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ability to repatriate investments or income.  Such capital controls can also have a significant effect on the value of the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">holdings. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Other government actions, such as confiscations, the nationalization of companies, the imposition of sanctions, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade restrictions (including tariffs), could also negatively impact an investment in a foreign security.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Emerging Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition to the risks of investing in foreign securities in general, the enhanced risks of investing in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the securities of companies domiciled in emerging market countries include increased political or social instability, economies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on only a few industries, unstable currencies, runaway inflation, as well as highly volatile, substantially smaller and less </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">liquid securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">parties that fail to complete transactions, lack of or limited government oversight over securities exchanges and brokers, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">additional valuation risks, and the potential for government seizure of assets or nationalization of companies or other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government interference in which case the Fund could lose all or a significant portion of its investment in a country.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Frontier Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition to the risks of investing in foreign securities in developed and emerging markets, frontier </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market securities involve unique risks, such as exposure to economies less diverse and mature than those of the U.S. or more </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">established foreign markets. Given the generally smaller size and less developed capital markets than those of emerging </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets or other more developed foreign markets, the risks of investing in emerging markets are magnified for frontier </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets. Economic or political instability may cause larger price changes in frontier market securities than in securities of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers based in more developed foreign countries, including securities of issuers in larger emerging markets. Frontier markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">generally receive less investor attention than developed markets or larger emerging markets. These risks can result in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potential for extreme stock price volatility and illiquidity.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Country/Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Social, political and economic conditions and changes in regulatory, tax, or economic policy in a country </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or region could significantly affect the market in that country or region. In addition, global economies and financial markets are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may represent a large portion of the market in a particular country or region, and these companies and industries can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sensitive to adverse social, political, economic, or regulatory developments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Asia Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The value of the Fund’s assets may be adversely affected by, among other things, political, economic, social </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and religious instability, inadequate investor protection, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">inadequate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">accounting standards and practices, changes in laws or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulations of countries within the Asia region, relations with other nations, natural disasters, corruption, civil unrest, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">military activity. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In particular, China’s economy has a heavy influence on the Asia region, and therefore actions taken by China </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or developments impacting China and its economy may negatively impact the economies and companies in other countries in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the Asia region, including adversely affecting the investments held by a Fund in the Asia region regardless of the direct or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">indirect exposure the Fund may have to issuers in China.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Countries in the Asia region, particularly China, Japan and South </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Korea, may be adversely affected by disputes with many of their neighbors and historically strained relations with Japan could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adversely impact economies in the region. The economies of many Asian countries differ from the economies of more developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries in many respects, such as the rate of growth, inflation, capital reinvestment, resource self-sufficiency, financial </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">system stability, and sensitivity to changes in global trade. Certain Asian countries are highly dependent upon and may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected by developments in the United States, Europe and other Asian economies. Asian economies and companies could be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected if global economic conditions deteriorate as a result of political instability and uncertainty. In addition, international </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade could be affected by politically motivated actions in the U.S. and Europe, and by increased tensions with other nations.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Indian Market and India Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Government actions, bureaucratic obstacles and inconsistent economic and tax reform </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">policies within the Indian government have had a significant effect on the economy and could adversely affect market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions, deter economic growth and reduce the profitability of private enterprises. Global factors and foreign actions may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">inhibit the flow of foreign capital on which India is dependent to sustain its growth. Large portions of many Indian companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">remain in the hands of their founders (including members of their families). Family-controlled companies may have weaker and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">less transparent corporate governance, which increases the potential for loss and unequal treatment of investors. India </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">experiences many of the market risks associated with developing economies, including relatively low levels of liquidity, which </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may result in extreme volatility in the prices of Indian securities. Religious, cultural and military disputes persist in India, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">between India and Pakistan (as well as sectarian groups within each country). The threat of aggression in the region could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">hinder development of the Indian economy, and escalating tensions could impact the broader region, including China.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Indian </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to a short-term capital gains tax in India on gains realized upon the disposition of securities lots held </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">less than one year. The Fund accrues for this potential expense, which reduces its net asset values.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Because the Fund may invest a large percentage of its assets in India, the value of the Fund’s shares may be affected by </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events that adversely affect India and may fluctuate more than the value of a less concentrated fund’s shares.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Japan Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Japanese economy has only recently emerged from a prolonged economic downturn. The Japanese </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economy may be subject to considerable economic, political and social instability, which could have a negative impact on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Japanese securities. Since the year 2000, Japan’s economic growth rate has remained relatively low compared to other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">advanced economies, and it may remain low in the future. The economy is characterized by an aging and declining population, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">large government debt and a highly regulated labor market. Economic growth is dependent on domestic consumption, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deregulation and consistent government policy. International trade, particularly with the U.S., also impacts growth. Adverse </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions affecting the economies of the U.S. and Japan’s other trading partners may also affect Japan. Japan also has a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">growing economic relationship with China and other Southeast Asian countries, and thus Japan’s economy may also be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected by economic, political or social instability in those countries (whether resulting from local or global events as well as </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from any deterioration in its relationship with neighboring countries). In addition, Japan is subject to the risk of natural </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">disasters such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the Fund.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Developed Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investment in a developed country issuer may subject the Fund to regulatory, political, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency, security, economic and other risks associated with developed countries. Developed countries tend to represent a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significant portion of the global economy and have generally experienced slower economic growth than some less developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries. In addition, developed countries may be impacted by changes to the economic conditions of certain key trading </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">partners, regulatory burdens, debt burdens and the price or availability of certain commodities.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Europe and United Kingdom Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The value of the Fund’s assets may be adversely affected by, among other things, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">social, political, regulatory, economic and other events or conditions affecting Europe and the United Kingdom (“U.K.”). The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economies and markets of European countries are often closely connected and interdependent, and events in one country in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Europe can have an impact on other European countries. Many countries in Europe are member states of the European Union </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(“EU”) and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a number of countries within the EU are also members of the Economic and Monetary Union (the “eurozone”) </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">having adopted the euro as their currency. These European countries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">will be significantly affected by the fiscal and monetary </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">controls of the EU. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Eurozone membership requires member states to comply with restrictions in inflation rates, deficits, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every other country in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Europe.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recessions or defaults or threats of defaults among European countries may have a significant adverse effect on the economies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of other European countries, including those outside the EU. The European financial markets have experienced significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility, and several European countries have been adversely affected by unemployment, budget deficits and economic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">downturns. Responses to financial problems by European governments, central banks and others, including austerity measures </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and reforms, may not produce the desired results, may result in social unrest, may limit future growth and economic recovery or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have other unintended consequences. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain countries also could, without prior warning, impose capital controls to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">restrict volatile movements of capital entering and exiting their country. Such controls may negatively affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Defaults or restructurings by governments and other entities of their debt could have additional adverse effects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on economies, financial markets and asset valuations around the world. Successionist movements, as well as governmental or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other response to such movements, may also create instability and uncertainty in the region.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Recent security concerns related </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to immigration, war and geopolitical risk, and terrorism could have a negative impact on the EU and investments in European </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Efforts by the member countries of the EU to continue to unify their economic and monetary policies also may increase the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potential for similarities in movements of European markets and reduce the potential investment benefits of diversification </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">within the region. Further, while many countries in western Europe are considered to have developed markets, many eastern </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">European countries are less developed, and investments in eastern European countries, even if denominated in euros, may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">involve special risks associated with investments in emerging markets. As the economies of countries in Europe are in different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stages of development, the policies adopted by the EU may not address the needs of all European member countries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition, investments in issuers located in the U.K. may subject the Fund to regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic risk specific to the U.K. The U.K. has one of the largest economies in Europe and is heavily dependent on trade with </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the EU and to a lesser extent, the United States and China. As a result, the economy of the U.K. may be impacted by changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to the economic health of EU member countries, the U.S. and China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain European countries have also developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increasingly strained relationships with the U.S., and if these relations were to worsen, they could adversely affect European </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers that rely on U.S. trade.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In 2020, the U.K. left the EU (referred to as “Brexit”). The U.K. and the EU reached a trade </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">agreement that was ratified by all applicable U.K. and EU government bodies although certain aspects of the relationship </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">remain unresolved and subject to further negotiations and agreement. The effects of Brexit are also shaped by the trade </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">agreements that the U.K. negotiates with other countries. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The U.K.’</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">s departure sparked volatility in the value of the British </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pound,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">short term declines in the stock markets and heightened risk of continued economic volatility worldwide. Although the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">long-term </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">effects of Brexit are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult to gauge and cannot be fully known</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">they could have</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">wide</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ranging implications for</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.K.’s economy</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The potential negative effects of</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Brexit</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on the U.K.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> and the EU economies and the broader global economy </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could include</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">among others</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">business and trade disruptions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increased volatility and illiquidity,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">fluctuations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potentially lower growth of markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the U.K.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> EU and globally and sparking additional member states to contemplate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">departing</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the EU</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">thereby perpetuating political instability in the region and additional market disruption globally) which could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adversely affect </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">’s investments</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Micro Cap and Small Company Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Micro cap and small company stocks may be very sensitive to changing economic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions and market downturns because the issuers have more narrow markets for their products and services, fewer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">product lines, and more limited managerial and financial resources than larger issuers. The stocks of micro cap and small </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies may therefore be more volatile and the ability to sell these stocks at a desirable time or price may be more limited.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">As noted above, the Fund under normal market conditions invests its</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">assets primarily</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in small- and micro-capitalization </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies as defined above measured at the time of purchase. In pursuing its investment strategy, the Fund may hold such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities for long periods of time during which market appreciation may cause the market capitalization of such companies to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increase beyond the $5</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> billion or the</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market capitalization of the largest company in the MSCI ACWI Small Cap Index </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(“Appreciated Companies”). As of the date of this Prospectus,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the Fund is not required to sell portfolio holdings that market </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">appreciation has caused to increase in value beyond the definition of a small- or micro-capitalization company and as a result, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the Fund may at times have significant investments in Appreciated Companies. In addition, to the extent the weighted average </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market capitalization of the Fund is higher than that of its benchmark or peers, the Fund’s performance compared to the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">benchmark or to peers with similar strategies may differ.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Early Stage Companies Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Early stage companies may never obtain necessary financing, may rely on untested business </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry, and as such may never be profitable. Stocks of early stage companies may be illiquid, privately traded, and more </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatile and speculative than the securities of larger companies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Initial Public Offerings (IPOs) Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> IPOs involve a higher degree of risk because companies involved in IPOs generally have </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the absence of a prior public market, the small number of shares available for trading and limited investor information.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Growth Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Growth stock prices may be more sensitive to changes in companies’ current or expected earnings than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the prices of other stocks, and growth stock prices may fall or may not appreciate in step with the broader securities markets. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Growth companies may be newer or smaller companies and may retain a large part of their earnings for research, development </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or investments in capital assets.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Value Investing Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> A value investing strategy attempts to identify strong companies with stocks selling at a discount from </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">their perceived true worth. Value stocks include securities of companies that may have experienced, for example, adverse </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and potentially undervalued. Value investing is subject to the risk that the stocks’ intrinsic values may never be fully recognized </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">priced.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Sector and Industry Weightings Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> To the extent the Fund emphasizes, from time to time, investments in a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Market conditions, interest rates, and economic, political, regulatory, or financial developments could significantly affect all the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in those sectors. The Fund may also from time to time make significant investments in an industry or industries within </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a particular sector. The industries that constitute a sector may all react in the same way to economic, political or regulatory </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events. Adverse conditions in such industry or industries could have a correspondingly adverse effect on the financial condition </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of issuers. These conditions may cause the value of the Fund’s shares to fluctuate more than the values of shares of funds that </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invest in a greater variety of investments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Industrials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The industrials sector includes companies in the capital goods, commercial and professional services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and transportation industry groups, including companies engaged in the business of human capital management, business </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">research and consulting, air freight and logistics, transportation services, airlines, maritime shipping and transportation, ground </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transportation, transportation infrastructure, and aerospace and defense. Companies in the industrials sector can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by general economic trends, including such factors as employment and economic growth, interest rate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, changes in consumer spending, legislative and government regulation and spending, import controls, commodity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">prices, and worldwide competition. Changes in the economy, fuel prices, labor agreements, and insurance costs may result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">occasional sharp price movements in transportation securities. Aerospace and defense companies rely, to a significant extent, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on government demand for their products and services. The financial condition of, and investor interest in, aerospace and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">defense companies are heavily influenced by government defense spending policies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Information Technology Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The information technology sector includes companies in the software and services, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology hardware and equipment, and semiconductors and semiconductor equipment industry groups. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology sector are subject to rapid obsolescence of existing technology, short product cycles, falling prices and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">profits, competition from new market entrants, and general economic conditions. Stocks of companies in the information </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology sector, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Technological developments, fixed rate pricing, and the ability to retain skilled employees can significantly affect the industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in the information technology sector.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Financials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The financials sector includes companies in the banks, financial services, and insurance industry </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">groups. Companies in the financials sector are subject to extensive government regulation, can be subject to relatively rapid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Banking companies, including thrifts and mortgage finance and consumer finance companies, may be affected by extensive </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulation, which may limit both the amounts and types of loans and other financial commitments they can make, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the interest rates and fees they can charge, and the amount of capital they must maintain. Profitability is largely dependent on </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Credit losses resulting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from financial difficulties of borrowers can negatively affect banking companies. Banking companies may also be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">severe price competition. Competition is high among banking companies and failure to maintain or increase market share may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in lost market value. Capital markets, a sub-industry of financial services, may be affected by extensive government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation as well as economic and other financial events that could cause fluctuations in the stock market, impacting the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">overall value of investments. The insurance industry may be affected by extensive government regulation and can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by interest rates, general economic conditions, and price and marketing competition. Different segments </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the insurance industry can be significantly affected by natural disasters, mortality and morbidity rates, and environmental </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">clean-up.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Health Care Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The health care sector includes companies in the health care equipment and services, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry groups. Health care companies are strongly affected by worldwide </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">scientific or technological developments. Their products may rapidly become obsolete. Many health care companies are also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to significant government regulation and may be affected by changes in government policies. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry group in particular are heavily dependent on patent protection, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the expiration of patents may adversely affect the profitability of such companies. These companies are also subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">extensive litigation based on product liability and other similar claims. Many new products are subject to government approval </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and the process of obtaining government approval can be long and costly, and even approved products are susceptible to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">obsolescence. These companies are also subject to competitive forces that may make it difficult to increase prices, or that may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">lead to price reductions.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Consumer Discretionary Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The consumer discretionary sector includes companies in industries such as consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services, household durables, leisure products, textiles, apparel and luxury goods, hotels, restaurants, retailing, and automobiles. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Companies in the consumer discretionary sector may be significantly impacted by the performance of the overall domestic and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">global economy and by interest rates. The consumer discretionary sector relies heavily on disposable household income and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">spending. Companies in this sector may be subject to severe competition, which may have an adverse impact on their </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">respective profitability. The retail industry can be significantly affected by changes in demographics, and consumer tastes and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">shopping habits, which can also affect the demand for, and success of, consumer products and services in the marketplace. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">automotive industry is highly cyclical and can be significantly affected by labor relations and fluctuating component prices.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Consumer Staples Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The consumer staples sector includes companies in the consumer staples distribution and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">retail, food, beverage and tobacco, and household and personal products industry groups. Companies in the consumer staples </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector may be affected by demographics and product trends, competitive pricing, food fads, marketing campaigns, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">environmental factors, changes in consumer demands, the performance of the overall domestic and global economy, interest </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rates, consumer confidence and spending, and changes in commodity prices. Consumer staples companies may be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulations that may affect the permissibility of using various food additives and production methods. Tobacco </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies may be adversely affected by regulation, legislation and/or litigation.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Operational and Cybersecurity Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">customer data, or proprietary information, or cause the Fund or its service providers to lose proprietary information, suffer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">data corruption, or lose operational functionality. Such events could cause the Fund to incur regulatory penalties, reputational </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">damage, additional compliance costs associated with corrective measures and/or financial loss. Similar incidents affecting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers of the Fund’s portfolio companies may negatively impact performance. Operational risk may arise from human error, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">errors by third parties, communication errors, or technology failures, among other causes. The Fund also relies on a range of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services from third-parties, including custody. Any delay or failure in the services provided to the Fund may negatively affect the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund and its ability to meet its investment objective. Although the Fund and the Fund’s investment adviser seek to reduce </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">operational risks through controls and/or procedures, it is not possible to identify and address all such risks and there is no way </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to completely protect against or mitigate such risks, especially because the Fund does not directly control the cybersecurity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">systems of issuers or third-party service providers.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Government and Regulatory Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The risk that governments or regulatory authorities may take actions that could adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affect markets in which the Fund invests and in the economy, more generally. Government and regulatory authorities may also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">act to increase the scope or burden of regulations applicable to the Fund and to the companies in which the Fund invests. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">legislation or regulation could restrict the ability of the Fund to fully implement its investment strategies, either generally or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">with respect to certain securities, industries or countries and could limit or preclude the Fund’s ability to achieve its investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">objective.</span></div> Historical Performance <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The following tables provide information on how the Fund has performed over time. Performance in this section represents </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Performance for the Fund’s Investor Class shares would be substantially similar to that for Institutional Class shares because </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the shares are invested in the same portfolio of securities and would differ only to the extent that Institutional Class shares </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">have different expenses. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The table below is designed to help you evaluate your risk tolerance by showing the best and worst quarterly performance of the Fund’s Investor Class for the calendar years shown in the bar chart. The average annual total returns table below allows you to compare the performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based market index and an additional index composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. Performance information is updated </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regularly and is available on the Fund’s website </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">wasatchglobal.com</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> Performance in this section represents past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future.  The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund.The average annual total returns table below allows you to compare the performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based market index and an additional index composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. wasatchglobal.com Wasatch Global Opportunities Fund — Investor ClassYear by Year Total Returns <div style="margin-top: 12pt;"><span style="color: #336f8a; font-family: arial; font-size: 12pt; font-weight: bold;">Best and Worst Quarterly Returns</span><span style="color: #000000; font-family: arial; font-size: 1pt; font-weight: bold; line-height: 0.00pt;"> </span></div> <div style="margin-top: 0.0pt;"> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 168pt;"> <tr style="height: 12.5pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Best — 6/30/2020</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">35.25%</span></div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Worst — 3/31/2020</span></div> </div> </td> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">-25.43%</span></div> </div> </td> </tr> </table> </div> Best 2020-06-30 0.3525 Worst 2020-03-31 -0.2543 Average Annual Total Returns(as of 12/31/25) 2008-11-17 2008-11-17 2008-11-17 -0.0469 0.0018 0.0884 -0.0662 -0.0100 0.0705 -0.0139 0.0026 0.0690 2016-02-01 -0.0463 0.0028 0.1008 0.2234 0.2234 0.1119 0.1119 0.1172 0.1251 0.1972 0.1972 0.0729 0.0729 0.0932 0.1026 <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred. Wasatch Global Select Fund® — Summary Investment Objective <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund’s investment objective is long-term growth of capital.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The tables below describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">in the tables and examples below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> Shareholder Fees (Fees paid directly from your investment.) 0 0 -0.0200 -0.0200 0 0 Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment.) 0.0085 0.0085 0.0195 0.0085 0.0001 0.0001 0.0281 0.0171 -0.0145 -0.0075 0.0136 0.0096 January 31, 2027 Example <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">funds. The example assumes that you invested $10,000 in the applicable class of the Fund for the time periods indicated and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5% return </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">each year and that operating expenses (as a percentage of net assets) of the Fund remained the same. This example reflects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">contractual fee waivers and reimbursements through January 31, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2027</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. Although your actual costs may be higher or lower, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> 138 733 1355 3032 98 465 858 1957 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">43</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">% of the average value of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio.</span></div> 0.43 Principal Strategies <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund invests primarily in foreign and domestic companies of all market capitalizations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Under normal market conditions, we will invest the Fund’s assets primarily in equity securities, typically common stock, issued </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">by foreign and domestic companies. The Fund may invest a significant portion of its net assets in companies tied economically </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to foreign countries. Under normal market conditions, we expect at least 40% of the Fund’s net assets (or 30% if market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions are deemed not favorable by the Fund’s management) to be invested in non-U.S. securities. Under normal market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions, the Fund will allocate its assets among multiple countries (one of which may be the United States). We generally </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consider a non-U.S. security to be a security issued by a company tied economically to one or more foreign countries. We </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">generally consider a company to be tied economically to one or more foreign countries when it is listed on a foreign exchange, or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regardless of where it is listed, is legally domiciled in a foreign country, has at least 50% of its assets in a foreign country, or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">derives at least 50% of its revenues or profits from goods produced or sold, investments made or services provided in one or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">more foreign countries. The Fund’s investments may be diversified across multiple countries or geographic regions or may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">focused on a select geographic region or market.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a significant amount of its total assets at the time of purchase in securities issued by companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">domiciled in emerging markets and frontier markets, which are those countries currently included in the Morgan Stanley Capital </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">International (MSCI) EFM (Emerging + Frontier Markets) Index. These companies typically are located in the Asia-Pacific region, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Eastern Europe, the Middle East, Central and South America, and Africa.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">We travel extensively outside the U.S. to visit companies and expect to meet with senior management. We use a process of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">quantitative screening followed by “bottom-up” fundamental analysis to identify individual companies that we believe have </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">above average revenue and earnings growth potential.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">We do not use allocation models to restrict the Fund’s investments to certain regions, countries or industries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">these sectors were </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industrials,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> information technology, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">financials</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consumer discretionary</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, health care, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">communication </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a large percentage of its assets (greater than 5%) in a particular region or market, including India, Asia </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(particularly Japan), Europe, and the United Kingdom.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">At times, we may invest in early stage companies, which are companies that may be unproven and that may have limited or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">no earnings history, if we believe they have outstanding long-term growth potential.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund typically seeks to sell a security when the issuing company becomes overvalued relative to our analysis of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">intrinsic long-term value.</span></div> The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, these sectors were industrials, information technology, financials, consumer discretionary, health care, and communication services. All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price of its shares. As a result, you may lose money if you invest in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Market risk is the risk that a particular security, or shares of the Fund in general, may fall in value. Securities are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments due to, among other things, market movements over the short-term or over longer periods during more prolonged </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market downturns. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund’s shares and result in increased market volatility.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Current Market and Economic Conditions Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Current market and economic conditions risk is the risk that a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment, or shares of the Fund in general, may fall in value due to current market and economic conditions or events. For </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">example, actions taken by the Federal Reserve or foreign central banks may at times result in unusually high market volatility, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may negatively impact companies, including banks and financial services companies, and negatively impact Fund performance. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S. regulators have also proposed from time to time changes to market and issuer regulations which may impact the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and any regulatory changes adopted could adversely impact the Fund’s ability to achieve its investment strategies or make </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets and investor behavior, which could have a negative impact on the Fund’s investments and operations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">confidence and may adversely impact financial markets and the broader economy. For example, in February 2022, Russia </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in Russia, Europe and the United States. The hostilities and sanctions resulting from those hostilities may have a significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact on certain Fund investments as well as performance and liquidity. Similarly, in October 2023, Hamas launched an attack </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on Israel, which touched off a strong military response from Israel that closed borders and airspace, damaged infrastructure </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and resulted in significant civilian and military casualties in Israel and the Gaza Strip. The conflict has reignited regional </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">tensions that threaten to involve other countries and factions. The continuing conflict and its escalation could have a severe </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adverse effect on the regional economy, currency and companies. These events may negatively impact other regional and global </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic markets of the world (including Europe and the United States), companies in such countries and various sectors, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industries and markets for securities and commodities globally, such as oil and natural gas. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In addition, the Chinese government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the Fund’s assets may go down.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Accordingly, the hostilities and sanctions resulting from these hostilities may have a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">negative effect on certain Fund investments, including investments extending beyond any direct or indirect exposure the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have to issuers of such countries or those of adjoining geographic regions.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impacted by trade disputes and other matters. For example, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recently has been in the process of renegotiating many of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">its global trade relationships and has imposed or threatened to impose significant import tariffs, including with respect to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such actions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could lead to price volatility and overall decline in U</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">S</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and global investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">It is difficult to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">predict </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the outcome and impact of any trade</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> negotiations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> a</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> public health crisis and ensuing policies enacted by governments and central banks </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> cause significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and uncertainty in global financial markets, negatively impacting global growth prospects. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">As the COVID-19 pandemic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in disruptions in the trading markets. Further, the interconnectivity between global economies and financial markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">country, region or financial market.</span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Stock Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investments may decline in value due to movements in the overall stock market.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Stock Selection Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund is actively managed, and its performance therefore will reflect, in part, the ability of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio manager(s) to select investments and to make investment decisions that are suited to achieving the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment objective. The Advisor does not actively track the composition or weightings of market indexes (including the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">benchmark indexes) or of the broader markets generally. As a result, the Fund could underperform its benchmark indexes and/or</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> other funds with a similar investment objective and/or strategy or it may lose value even when the overall stock market is not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in general decline.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Equity securities represent ownership in a company. They may be traded (bought or sold) on a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities exchange or stock market. Stock markets are volatile. The price of equity securities will fluctuate and can decline and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">reduce the value of a portfolio invested in equity securities. The value of equity securities purchased by the Fund could decline if </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries such as </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">labor shortages, an increase in production costs and changes in competitive conditions within an industry. In addition, the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of equity securities may decline due to, among other things, general market conditions not specifically related to a company or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in interest or currency rates, changes in government regulations, the political situation, or generally adverse investor sentiment. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain equity securities may be less liquid, meaning that they may be difficult to sell at a time or price that is desirable, than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other types of securities, or they may be illiquid. Some securities exchanges or stock markets may also be less liquid or illiquid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">due to low trading volume. In addition, equity securities include common stock. Common stock holds the lowest priority in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capital structure of a company and therefore takes the largest share of the company’s risk and its accompanying volatility. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rights of common stockholders generally are subordinate to all other claims on a company’s assets, including preferred </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stockholders and debt holders with respect to the payment of dividends and upon the liquidation or bankruptcy of the issuing </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">company. The common stock of a company that experiences financial distress may lose significant value or become worthless, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and therefore the Fund could lose money if a company in which it invests becomes financially distressed.  </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-style: italic; font-weight: bold; margin-left: 12pt;">Liquidity Risk</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition, the trading market for a particular security or type of security in which the Fund invests may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly less liquid than developed or even emerging markets, and there may be little or no trading volume for a period of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">time for a particular security. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities quickly </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">at a desired price when necessary to meet the Fund’s liquidity needs or in response to a specific economic event. It may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult at times to sell such securities at any price, which could impact not only the daily net asset value (NAV) of the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">but also the composition of the portfolio if other securities must be sold to meet the Fund’s liquidity needs. Additionally, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market quotations for such securities may be volatile and thus affect the daily NAV of the Fund.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Foreign Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to additional risks not associated with investments in U.S. securities. Securities issued by companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">incorporated outside the United States but whose securities are principally traded in the United States are still subject to many </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the foreign securities risks such as economic and political risks. Differences in the economic and political environment, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">amount of available public information, custody practices for assets, the amount of taxation, limitations on the use or transfer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of Fund assets, the degree of market regulation, settlement practices, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transaction costs,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the potential for permanent or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">temporary termination of trading, and financial reporting, accounting and auditing standards, and, in the case of foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency-denominated securities, fluctuations in currency exchange rates, can have a significant adverse effect on the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a foreign security. More specifically, changes in currency exchange rates will affect the value of non-U.S. securities, the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">dividends and interest earned from such securities and gains and losses realized on the sale of such securities. The value of an </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment denominated in a foreign currency will decline in U.S. dollar terms if that currency weakens against the U.S. dollar. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may be invested in the local currency of a foreign country in connection with executing foreign securities transactions. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">When the Fund executes the securities transactions, there is the risk of the value of the foreign currency increasing or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">decreasing against the value of the U.S. dollar. While the Fund is permitted to hedge currency risks, the Advisor does not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">anticipate doing so at this time. Additionally, certain countries may restrict foreign investment in their securities and may utilize </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">formal or informal currency-exchange controls or “capital controls.” Capital controls may impose restrictions on the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ability to repatriate investments or income.  Such capital controls can also have a significant effect on the value of the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">holdings. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Other government actions, such as confiscations, the nationalization of companies, the imposition of sanctions, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade restrictions (including tariffs), could also negatively impact an investment in a foreign security.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Emerging Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition to the risks of investing in foreign securities in general, the enhanced risks of investing in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the securities of companies domiciled in emerging market countries include increased political or social instability, economies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on only a few industries, unstable currencies, runaway inflation, as well as highly volatile, substantially smaller and less </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">liquid securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">parties that fail to complete transactions, lack of or limited government oversight over securities exchanges and brokers, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">additional valuation risks, and the potential for government seizure of assets or nationalization of companies or other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government interference in which case the Fund could lose all or a significant portion of its investment in a country.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Frontier Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition to the risks of investing in foreign securities in developed and emerging markets, frontier </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market securities involve unique risks, such as exposure to economies less diverse and mature than those of the U.S. or more </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">established foreign markets. Given the generally smaller size and less developed capital markets than those of emerging </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets or other more developed foreign markets, the risks of investing in emerging markets are magnified for frontier </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets. Economic or political instability may cause larger price changes in frontier market securities than in securities of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers based in more developed foreign countries, including securities of issuers in larger emerging markets. Frontier markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">generally receive less investor attention than developed markets or larger emerging markets. These risks can result in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potential for extreme stock price volatility and illiquidity.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Country/Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Social, political and economic conditions and changes in regulatory, tax, or economic policy in a country </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or region could significantly affect the market in that country or region. In addition, global economies and financial markets are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may represent a large portion of the market in a particular country or region and industries can be sensitive to adverse social, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">political, economic, or regulatory developments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Asia Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The value of the Fund’s assets may be adversely affected by, among other things, political, economic, social </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and religious instability, inadequate investor protection, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">inadequate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">accounting standards and practices, changes in laws or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulations of countries within the Asia region, relations with other nations, natural disasters, corruption, civil unrest, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">military activity. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In particular, China’s economy has a heavy influence on the Asia region, and therefore actions taken by China </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or developments impacting China and its economy may negatively impact the economies and companies in other countries in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the Asia region, including adversely affecting the investments held by a Fund in the Asia region regardless of the direct or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">indirect exposure the Fund may have to issuers in China.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Countries in the Asia region, particularly China, Japan and South </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Korea, may be adversely affected by disputes with many of their neighbors and historically strained relations with Japan could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adversely impact economies in the region. The economies of many Asian countries differ from the economies of more developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries in many respects, such as the rate of growth, inflation, capital reinvestment, resource self-sufficiency, financial </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">system stability, and sensitivity to changes in global trade. Certain Asian countries are highly dependent upon and may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected by developments in the United States, Europe and other Asian economies. Asian economies and companies could be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected if global economic conditions deteriorate as a result of political instability and uncertainty. In addition, international </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade could be affected by politically motivated actions in the U.S. and Europe, and by increased tensions with other nations.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Japan Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Japanese economy has only recently emerged from a prolonged economic downturn. The Japanese </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economy may be subject to considerable economic, political and social instability, which could have a negative impact on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Japanese securities. Since the year 2000, Japan’s economic growth rate has remained relatively low compared to other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">advanced economies, and it may remain low in the future. The economy is characterized by an aging and declining population, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">large government debt and a highly regulated labor market. Economic growth is dependent on domestic consumption, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deregulation and consistent government policy. International trade, particularly with the U.S., also impacts growth. Adverse </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions affecting the economies of the U.S. and Japan’s other trading partners may also affect Japan. Japan also has a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">growing economic relationship with China and other Southeast Asian countries, and thus Japan’s economy may also be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected by economic, political or social instability in those countries (whether resulting from local or global events as well as </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from any deterioration in its relationship with neighboring countries). In addition, Japan is subject to the risk of natural </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">disasters such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the Fund.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Indian Market and India Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Government actions, bureaucratic obstacles and inconsistent economic and tax reform </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">policies within the Indian government have had a significant effect on the economy and could adversely affect market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions, deter economic growth and reduce the profitability of private enterprises. Global factors and foreign actions may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">inhibit the flow of foreign capital on which India is dependent to sustain its growth. Large portions of many Indian companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">remain in the hands of their founders (including members of their families). Family-controlled companies may have weaker and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">less transparent corporate governance, which increases the potential for loss and unequal treatment of investors. India </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">experiences many of the market risks associated with developing economies, including relatively low levels of liquidity, which </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may result in extreme volatility in the prices of Indian securities. Religious, cultural and military disputes persist in India, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">between India and Pakistan (as well as sectarian groups within each country). The threat of aggression in the region could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">hinder development of the Indian economy, and escalating tensions could impact the broader region, including China.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Indian </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to a short-term capital gains tax in India on gains realized upon the disposition of securities lots held </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">less than one year. The Fund accrues for this potential expense, which reduces its net asset values.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Developed Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investment in a developed country issuer may subject the Fund to regulatory, political, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency, security, economic and other risks associated with developed countries. Developed countries tend to represent a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significant portion of the global economy and have generally experienced slower economic growth than some less developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries. In addition, developed countries may be impacted by changes to the economic conditions of certain key trading </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">partners, regulatory burdens, debt burdens and the price or availability of certain commodities.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Europe and United Kingdom Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The value of the Fund’s assets may be adversely affected by, among other things, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">social, political, regulatory, economic and other events or conditions affecting Europe and the United Kingdom (“U.K.”). The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economies and markets of European countries are often closely connected and interdependent, and events in one country in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Europe can have an impact on other European countries. Many countries in Europe are member states of the European Union </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(“EU”) and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a number of countries within the EU are also members of the Economic and Monetary Union (the “eurozone”) </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">having adopted the euro as their currency. These European countries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">will be significantly affected by the fiscal and monetary </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">controls of the EU. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Eurozone membership requires member states to comply with restrictions in inflation rates, deficits, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every other country in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Europe.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recessions or defaults or threats of defaults among European countries may have a significant adverse effect on the economies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of other European countries, including those outside the EU. The European financial markets have experienced significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility, and several European countries have been adversely affected by unemployment, budget deficits and economic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">downturns. Responses to financial problems by European governments, central banks and others, including austerity measures </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and reforms, may not produce the desired results, may result in social unrest, may limit future growth and economic recovery or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have other unintended consequences. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain countries also could, without prior warning, impose capital controls to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">restrict volatile movements of capital entering and exiting their country. Such controls may negatively affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Defaults or restructurings by governments and other entities of their debt could have additional adverse effects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on economies, financial markets and asset valuations around the world. Successionist movements, as well as governmental or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other response to such movements, may also create instability and uncertainty in the region.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Recent security concerns related </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to immigration, war and geopolitical risk, and terrorism could have a negative impact on the EU and investments in European </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Efforts by the member countries of the EU to continue to unify their economic and monetary policies also may increase the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potential for similarities in movements of European markets and reduce the potential investment benefits of diversification </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">within the region. Further, while many countries in western Europe are considered to have developed markets, many eastern </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">European countries are less developed, and investments in eastern European countries, even if denominated in euros, may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">involve special risks associated with investments in emerging markets. As the economies of countries in Europe are in different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stages of development, the policies adopted by the EU may not address the needs of all European member countries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition, investments in issuers located in the U.K. may subject the Fund to regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic risk specific to the U.K. The U.K. has one of the largest economies in Europe and is heavily dependent on trade with </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the EU and to a lesser extent, the United States and China. As a result, the economy of the U.K. may be impacted by changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to the economic health of EU member countries, the U.S. and China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain European countries have also developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increasingly strained relationships with the U.S., and if these relations were to worsen, they could adversely affect European </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers that rely on U.S. trade.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In 2020, the U.K. left the EU (referred to as “Brexit”). The U.K. and the EU reached a trade </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">agreement that was ratified by all applicable U.K. and EU government bodies although certain aspects of the relationship </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">remain unresolved and subject to further negotiations and agreement. The effects of Brexit are also shaped by the trade </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">agreements that the U.K. negotiates with other countries. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The U.K.’</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">s departure sparked volatility in the value of the British </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pound,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">short term declines in the stock markets and heightened risk of continued economic volatility worldwide. Although the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">long-term </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">effects of Brexit are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult to gauge and cannot be fully known</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">they could have</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">wide</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ranging implications for</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.K.’s economy</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The potential negative effects of</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Brexit</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on the U.K.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> and the EU economies and the broader global economy </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could include</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">among others</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">business and trade disruptions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increased volatility and illiquidity,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">fluctuations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potentially lower growth of markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the U.K.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> EU and globally and sparking additional member states to contemplate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">departing</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the EU</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">thereby perpetuating political instability in the region and additional market disruption globally) which could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adversely affect </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">’s investments</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Small Cap Company Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Small-cap stocks may be very sensitive to changing economic conditions and market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">downturns because the issuers often have narrow markets for their products or services, fewer product lines, and more limited </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">managerial and financial resources than larger issuers. The stocks of small-cap companies may therefore be more volatile and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the ability to sell these stocks at a desirable time or price may be more limited.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Growth Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Growth stock prices may be more sensitive to changes in companies’ current or expected earnings than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the prices of other stocks, and growth stock prices may fall or may not appreciate in step with the broader securities markets. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Growth companies may be newer or smaller companies and may retain a large part of their earnings for research, development </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or investments in capital assets.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Sector and Industry Weightings Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> To the extent the Fund emphasizes, from time to time, investments in a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Market conditions, interest rates, and economic, political, regulatory, or financial developments could significantly affect all the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in those sectors. The Fund may also from time to time make significant investments in an industry or industries within </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a particular sector. The industries that constitute a sector may all react in the same way to economic, political or regulatory </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events. Adverse conditions in such industry or industries could have a correspondingly adverse effect on the financial condition </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of issuers. These conditions may cause the value of the Fund’s shares to fluctuate more than the values of shares of funds that </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invest in a greater variety of investments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Industrials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The industrials sector includes companies in the capital goods, commercial and professional services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and transportation industry groups, including companies engaged in the business of human capital management, business </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">research and consulting, air freight and logistics, transportation services, airlines, maritime shipping and transportation, ground </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transportation, transportation infrastructure, and aerospace and defense. Companies in the industrials sector can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by general economic trends, including such factors as employment and economic growth, interest rate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, changes in consumer spending, legislative and government regulation and spending, import controls, commodity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">prices, and worldwide competition. Changes in the economy, fuel prices, labor agreements, and insurance costs may result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">occasional sharp price movements in transportation securities. Aerospace and defense companies rely, to a significant extent, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on government demand for their products and services. The financial condition of, and investor interest in, aerospace and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">defense companies are heavily influenced by government defense spending policies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Information Technology Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The information technology sector includes companies in the software and services, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology hardware and equipment, and semiconductors and semiconductor equipment industry groups. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology sector are subject to rapid obsolescence of existing technology, short product cycles, falling prices and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">profits, competition from new market entrants, and general economic conditions. Stocks of companies in the information </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology sector, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Technological developments, fixed rate pricing, and the ability to retain skilled employees can significantly affect the industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in the information technology sector.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Financials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The financials sector includes companies in the banks, financial services, and insurance industry </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">groups. Companies in the financials sector are subject to extensive government regulation, can be subject to relatively rapid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Banking companies, including thrifts and mortgage finance and consumer finance companies, may be affected by extensive </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulation, which may limit both the amounts and types of loans and other financial commitments they can make, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the interest rates and fees they can charge, and the amount of capital they must maintain. Profitability is largely dependent on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Credit losses resulting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from financial difficulties of borrowers can negatively affect banking companies. Banking companies may also be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">severe price competition. Competition is high among banking companies and failure to maintain or increase market share may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in lost market value. Capital markets, a sub-industry of financial services, may be affected by extensive government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation as well as economic and other financial events that could cause fluctuations in the stock market, impacting the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">overall value of investments. The insurance industry may be affected by extensive government regulation and can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by interest rates, general economic conditions, and price and marketing competition. Different segments </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the insurance industry can be significantly affected by natural disasters, mortality and morbidity rates, and environmental </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">clean-up.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Consumer Discretionary Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The consumer discretionary sector includes companies in industries such as consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services, household durables, leisure products, textiles, apparel and luxury goods, hotels, restaurants, retailing, and automobiles. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Companies in the consumer discretionary sector may be significantly impacted by the performance of the overall domestic and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">global economy and by interest rates. The consumer discretionary sector relies heavily on disposable household income and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">spending. Companies in this sector may be subject to severe competition, which may have an adverse impact on their </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">respective profitability. The retail industry can be significantly affected by changes in demographics, and consumer tastes and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">shopping habits, which can also affect the demand for, and success of, consumer products and services in the marketplace. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">automotive industry is highly cyclical and can be significantly affected by labor relations and fluctuating component prices.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Health Care Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The health care sector includes companies in the health care equipment and services, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry groups. Health care companies are strongly affected by worldwide </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">scientific or technological developments. Their products may rapidly become obsolete. Many health care companies are also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to significant government regulation and may be affected by changes in government policies. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry group in particular are heavily dependent on patent protection, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the expiration of patents may adversely affect the profitability of such companies. These companies are also subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">extensive litigation based on product liability and other similar claims. Many new products are subject to government approval </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and the process of obtaining government approval can be long and costly, and even approved products are susceptible to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">obsolescence. These companies are also subject to competitive forces that may make it difficult to increase prices, or that may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">lead to price reductions.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Communication Services</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;"> Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">communication services sector includes diversified telecommunication services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">wireless telecommunication</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services companies</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and media </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">entertainment companies</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The communication </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services sector is subject to government regulation and can be significantly affected by intense competition and technology </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, which may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">make the products and services of certain companies obsolete</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Wireless telecommunication services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> can be significantly affected by </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">failure to obtain,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> or delays in obtaining</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">financing or regulatory approval</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">intense </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">competition</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">product incompatibility</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changing </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">preferences, rapid obsolescence, significant capital expenditures,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">heavy debt burdens</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Media and entertainment companies</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> can be significantly affected by </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technological advances,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changing consumer preferences</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Early Stage Companies Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Early stage companies may never obtain necessary financing, may rely on untested business </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry, and as such may never be profitable. Stocks of early stage companies may be illiquid, privately traded, and more </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatile and speculative than the securities of larger companies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Operational and Cybersecurity Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">customer data, or proprietary information, or cause the Fund or its service providers to lose proprietary information, suffer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">data corruption, or lose operational functionality. Such events could cause the Fund to incur regulatory penalties, reputational </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">damage, additional compliance costs associated with corrective measures and/or financial loss. Similar incidents affecting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers of the Fund’s portfolio companies may negatively impact performance. Operational risk may arise from human error, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">errors by third parties, communication errors, or technology failures, among other causes. The Fund also relies on a range of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services from third-parties, including custody. Any delay or failure in the services provided to the Fund may negatively affect the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund and its ability to meet its investment objective. Although the Fund and the Fund’s investment adviser seek to reduce </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">operational risks through controls and/or procedures, it is not possible to identify and address all such risks and there is no way </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to completely protect against or mitigate such risks, especially because the Fund does not directly control the cybersecurity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">systems of issuers or third-party service providers.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Government and Regulatory Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The risk that governments or regulatory authorities may take actions that could adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affect markets in which the Fund invests and in the economy, more generally. Government and regulatory authorities may also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">act to increase the scope or burden of regulations applicable to the Fund and to the companies in which the Fund invests. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">legislation or regulation could restrict the ability of the Fund to fully implement its investment strategies, either generally or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">with respect to certain securities, industries or countries and could limit or preclude the Fund’s ability to achieve its investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">objective.</span></div> Historical Performance <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The following tables provide information on how the Fund has performed over time. Performance in this section represents </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Performance for the Fund’s Investor Class shares would be substantially similar to that for Institutional Class shares because </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the shares are invested in the same portfolio of securities and would differ only to the extent that Institutional Class shares </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">have different expenses. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The table below is designed to help you evaluate your risk tolerance by showing the best and worst quarterly performance of the Fund’s Investor Class for the calendar years shown in the bar chart. The average annual total returns table below allows you to compare the performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based market index and an additional index composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. Performance information is updated </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regularly and is available on the Fund’s website </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">wasatchglobal.com</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> Performance in this section represents past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future.  The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund.The average annual total returns table below allows you to compare the performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based market index and an additional index composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. wasatchglobal.com Wasatch Global Select Fund — Investor ClassYear by Year Total Returns <div style="margin-top: 12pt;"><span style="color: #336f8a; font-family: arial; font-size: 12pt; font-weight: bold;">Best and Worst Quarterly Returns</span><span style="color: #000000; font-family: arial; font-size: 1pt; font-weight: bold; line-height: 0.00pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 168pt;"> <tr style="height: 12.5pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Best — 6/30/2020</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">27.70%</span></div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Worst — 6/30/2022</span></div> </div> </td> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">-21.58%</span></div> </div> </td> </tr> </table> Best 2020-06-30 0.2770 Worst 2022-06-30 -0.2158 Average Annual Total Returns(as of 12/31/25) 2019-10-01 2019-10-01 2019-10-01 0.0174 -0.0114 0.0542 0.0174 -0.0174 0.0491 0.0103 -0.0087 0.0426 2019-10-01 0.0219 -0.0074 0.0583 0.2234 0.2234 0.1119 0.1119 0.1305 0.1305 0.2132 0.2132 0.0568 0.0568 0.1024 0.1024 <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred. Investment Objective <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund’s investment objective is long-term growth of capital.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The tables below describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">in the tables and examples below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> Shareholder Fees (Fees paid directly from your investment.) 0 0 -0.0200 -0.0200 0 0 Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment.) 0.0100 0.0100 0.0411 0.0258 0.0511 0.0358 -0.0361 -0.0248 0.0150 0.0110 Other Expenses are based on estimates for the current fiscal year. January 31, 2027 Example <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">funds. The example assumes that you invested $10,000 in the applicable class of the Fund for the time periods indicated and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5% return </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">each year and that operating expenses (as a percentage of net assets) of the Fund remained the same. This example reflects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">contractual fee waivers and reimbursements through January 31, 2027. Although your actual costs may be higher or lower, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> 153 1208 112 866 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">performance. Because the Fund is newly organized, portfolio turnover is not available.</span></div> Principal Strategies <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund invests primarily in the equity securities of small foreign and domestic companies.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Under normal market conditions, we will invest at least 80% of the Fund’s net assets in the equity securities, typically </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">common stock, of small foreign and domestic companies. These companies will have, at the time of purchase, market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capitalizations within the range of companies included in the Morgan Stanley Capital International (MSCI) ACWI Small Cap </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Index as of its most recent reconstitution date. As of the 2025 reconstitution date, the market capitalization of companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">included in the MSCI ACWI Small Cap Index ranged from $61 million to $35.436 billion. The market capitalizations for the range </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of companies in the MSCI ACWI Small Cap Index are subject to change following MSCI’s fourth quarter index review, which </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">occurs on or around November of each year. The Fund may also invest a significant portion of its total assets in micro cap </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies with market capitalizations below $1 billion (up to 90% under normal market conditions).</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund will typically invest in securities issued by companies tied economically to at least three countries, including the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United States. The Fund may invest a significant portion of its total assets in companies tied economically to foreign countries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(at least 30% under normal market conditions). The Fund may invest a significant portion of its total assets (up to 50% under </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">normal market conditions) at the time of purchase in securities issued by companies tied economically to emerging and frontier </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets, which are those countries currently included in the MSCI EFM (Emerging + Frontier Markets) Index. These companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">typically are located in the Asia-Pacific region, Eastern Europe, the Middle East, Central and South America, and Africa. A </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">company will be tied economically to a foreign country when at least 50% of its assets are in that country, or when it derives at </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in that country, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regardless of where it listed.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">To achieve the Fund’s investment objective, the Fund invests in securities that we believe are priced below their intrinsic long-term</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> value based on our valuation analysis.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">We use a “bottom-up” process of fundamental analysis to look for individual companies that we believe are temporarily </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">undervalued but have significant potential for stock price appreciation. Our analysis may include studying a company’s financial </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">statements, visiting company facilities, and meeting with executive management, suppliers and customers.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">We typically look for companies that we believe fall into one of the following three categories at the time of purchase:</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div> <div style="clear: both; margin-top: 0.0pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; text-align: left; width: 4.37pt; -sec-ix-redline:true"><span style="color: #000000; font-family: arial; font-size: 10pt;">•</span></div> <div style="float: left; line-height: 12.0pt; margin-left: 7.63pt; text-align: left; width: 505.00pt; -sec-ix-redline:true"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Undiscovered Gems</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> — Companies with good growth potential that have yet to be broadly discovered by Wall Street </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">analysts, thus actively undervalued relative to their expected growth rate.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 0.0pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; text-align: left; width: 4.37pt; -sec-ix-redline:true"><span style="color: #000000; font-family: arial; font-size: 10pt;">•</span></div> <div style="float: left; line-height: 12.0pt; margin-left: 7.63pt; text-align: left; width: 505.00pt; -sec-ix-redline:true"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Fallen Angels</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> — High quality growth companies that have experienced a temporary setback and therefore have appealing </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">valuations relative to their long-term growth potential.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 0.0pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; text-align: left; width: 4.37pt; -sec-ix-redline:true"><span style="color: #000000; font-family: arial; font-size: 10pt;">•</span></div> <div style="float: left; line-height: 12pt; margin-left: 7.63pt; text-align: left; width: 505.00pt; -sec-ix-redline:true"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Quality Value</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> — Quality companies with earnings potential that is not fully reflected in their stock prices.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a significant portion of its assets (greater than 5%) in a particular region or market, including Asia, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Europe, and India.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a significant portion of its assets (greater than 5%) in a few sectors, including communication services, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consumer discretionary, consumer staples, energy, health care, financials, industrials, information technology, materials, real </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">estate, and utilities.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund is classified as non-diversified, which means it may invest a larger percentage of its assets in the securities of a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">small number of issuers than a diversified fund.</span></div> The Fund may invest a significant portion of its assets (greater than 5%) in a few sectors, including communication services, consumer discretionary, consumer staples, energy, health care, financials, industrials, information technology, materials, real estate, and utilities. All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price of its shares. As a result, you may lose money if you invest in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Market risk is the risk that a particular security, or shares of the Fund in general, may fall in value. Securities are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments due to, among other things, market movements over the short-term or over longer periods during more prolonged </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market downturns. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund’s shares and result in increased market volatility.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Current Market and Economic Conditions Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Current market and economic conditions risk is the risk that a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment, or shares of the Fund in general, may fall in value due to current market and economic conditions or events. For </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">example, actions taken by the Federal Reserve or foreign central banks may at times result in unusually high market volatility, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may negatively impact companies, including banks and financial services companies, and negatively impact Fund performance. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S. regulators have also proposed from time to time changes to market and issuer regulations which may impact the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and any regulatory changes adopted could adversely impact the Fund’s ability to achieve its investment strategies or make </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets and investor behavior, which could have a negative impact on the Fund’s investments and operations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">confidence and may adversely impact financial markets and the broader economy. For example, in February 2022, Russia </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in Russia, Europe and the United States. The hostilities and sanctions resulting from those hostilities may have a significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact on certain Fund investments as well as performance and liquidity. Similarly, in October 2023, Hamas launched an attack </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on Israel, which touched off a strong military response from Israel that closed borders and airspace, damaged infrastructure </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and resulted in significant civilian and military casualties in Israel and the Gaza Strip. The conflict has reignited regional </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">tensions that threaten to involve other countries and factions. The continuing conflict and its escalation could have a severe </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adverse effect on the regional economy, currency and companies. These events may negatively impact other regional and global </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic markets of the world (including Europe and the United States), companies in such countries and various sectors, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industries and markets for securities and commodities globally, such as oil and natural gas. In addition, the Chinese government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the Fund’s assets may go down. Accordingly, the hostilities and sanctions resulting from these hostilities may have a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">negative effect on certain Fund investments, including investments extending beyond any direct or indirect exposure the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have to issuers of such countries or those of adjoining geographic regions.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impacted by trade disputes and other matters. For example, the U.S. recently has been in the process of renegotiating many of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">its global trade relationships and has imposed or threatened to impose significant import tariffs, including with respect to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">China. Such actions could lead to price volatility and overall decline in U.S. and global investment markets. It is difficult to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">predict the outcome and impact of any trade negotiations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition, a public health crisis and ensuing policies enacted by governments and central banks may cause significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 pandemic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in disruptions in the trading markets. Further, the interconnectivity between global economies and financial markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">country, region or financial market.</span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Stock Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investments may decline in value due to movements in the overall stock market.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Stock Selection Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund is actively managed, and its performance therefore will reflect, in part, the ability of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio manager(s) to select investments and to make investment decisions that are suited to achieving the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment objective. The Advisor does not actively track the composition or weightings of market indexes (including the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">benchmark indexes) or of the broader markets generally. As a result, the Fund could underperform its benchmark indexes and/or</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> other funds with a similar investment objective and/or strategy or it may lose value even when the overall stock market is not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in general decline.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Equity securities represent ownership in a company. They may be traded (bought or sold) on a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities exchange or stock market. Stock markets are volatile. The price of equity securities will fluctuate and can decline and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">reduce the value of a portfolio invested in equity securities. The value of equity securities purchased by the Fund could decline if </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries such as </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">labor shortages, an increase in production costs and changes in competitive conditions within an industry. In addition, the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of equity securities may decline due to, among other things, general market conditions not specifically related to a company or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in interest or currency rates, changes in government regulations, the political situation, or generally adverse investor sentiment. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain equity securities may be less liquid, meaning that they may be difficult to sell at a time or price that is desirable, than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other types of securities, or they may be illiquid. Some securities exchanges or stock markets may also be less liquid or illiquid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">due to low trading volume. In addition, equity securities include common stock. Common stock holds the lowest priority in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capital structure of a company and therefore takes the largest share of the company’s risk and its accompanying volatility. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rights of common stockholders generally are subordinate to all other claims on a company’s assets, including preferred </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stockholders and debt holders with respect to the payment of dividends and upon the liquidation or bankruptcy of the issuing </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">company. The common stock of a company that experiences financial distress may lose significant value or become worthless, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and therefore the Fund could lose money if a company in which it invests becomes financially distressed.  </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-style: italic; font-weight: bold; margin-left: 12pt;">Liquidity Risk</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition, the trading market for a particular security or type of security in which the Fund invests may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly less liquid than developed or even emerging markets, and there may be little or no trading volume for a period of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">time for a particular security. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities quickly </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">at a desired price when necessary to meet the Fund’s liquidity needs or in response to a specific economic event. It may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult at times to sell such securities at any price, which could impact not only the daily net asset value (NAV) of the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">but also the composition of the portfolio if other securities must be sold to meet the Fund’s liquidity needs. Additionally, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market quotations for such securities may be volatile and thus affect the daily NAV of the Fund.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Foreign Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to additional risks not associated with investments in U.S. securities. Securities issued by companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">incorporated outside the United States but whose securities are principally traded in the United States are still subject to many </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the foreign securities risks such as economic and political risks. Differences in the economic and political environment, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">amount of available public information, custody practices for assets, the amount of taxation, limitations on the use or transfer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of Fund assets, the degree of market regulation, settlement practices, transaction costs, the potential for permanent or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">temporary termination of trading, and financial reporting, accounting and auditing standards, and, in the case of foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency-denominated securities, fluctuations in currency exchange rates, can have a significant adverse effect on the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a foreign security. More specifically, changes in currency exchange rates will affect the value of non-U.S. securities, the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">dividends and interest earned from such securities and gains and losses realized on the sale of such securities. The value of an </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment denominated in a foreign currency will decline in U.S. dollar terms if that currency weakens against the U.S. dollar. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may be invested in the local currency of a foreign country in connection with executing foreign securities transactions. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">When the Fund executes the securities transactions, there is the risk of the value of the foreign currency increasing or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">decreasing against the value of the U.S. dollar. While the Fund is permitted to hedge currency risks, the Advisor does not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">anticipate doing so at this time. Additionally, certain countries may restrict foreign investment in their securities and may utilize </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">formal or informal currency-exchange controls or “capital controls.” Capital controls may impose restrictions on the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ability to repatriate investments or income. Such capital controls can also have a significant effect on the value of the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">holdings.  Other government actions, such as confiscations, the nationalization of companies, the imposition of sanctions, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade restrictions (including tariffs), could also negatively impact an investment in a foreign security.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Emerging Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition to the risks of investing in foreign securities in general, the enhanced risks of investing in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the securities of companies domiciled in emerging market countries include increased political or social instability, economies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on only a few industries, unstable currencies, runaway inflation, as well as highly volatile, substantially smaller and less </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">liquid securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">parties that fail to complete transactions, lack of or limited government oversight over securities exchanges and brokers, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">additional valuation risks, and the potential for government seizure of assets or nationalization of companies or other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government interference in which case the Fund could lose all or a significant portion of its investment in a country.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Frontier Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition to the risks of investing in foreign securities in developed and emerging markets, frontier </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market securities involve unique risks, such as exposure to economies less diverse and mature than those of the U.S. or more </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">established foreign markets. Given the generally smaller size and less developed capital markets than those of emerging </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets or other more developed foreign markets, the risks of investing in emerging markets are magnified for frontier </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets. Economic or political instability may cause larger price changes in frontier market securities than in securities of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers based in more developed foreign countries, including securities of issuers in larger emerging markets. Frontier markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">generally receive less investor attention than developed markets or larger emerging markets. These risks can result in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potential for extreme stock price volatility and illiquidity.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Country/Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Social, political and economic conditions and changes in regulatory, tax, or economic policy in a country </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or region could significantly affect the market in that country or region. In addition, global economies and financial markets are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may represent a large portion of the market in a particular country or region and industries can be sensitive to adverse social, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">political, economic, or regulatory developments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Asia Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The value of the Fund’s assets may be adversely affected by, among other things, political, economic, social </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and religious instability, inadequate investor protection, inadequate accounting standards and practices, changes in laws or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulations of countries within the Asia region, relations with other nations, natural disasters, corruption, civil unrest, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">military activity. In particular, China’s economy has a heavy influence on the Asia region, and therefore actions taken by China </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or developments impacting China and its economy may negatively impact the economies and companies in other countries in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the Asia region, including adversely affecting the investments held by a Fund in the Asia region regardless of the direct or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">indirect exposure the Fund may have to issuers in China. Countries in the Asia region, particularly China, Japan and South </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Korea, may be adversely affected by disputes with many of their neighbors and historically strained relations with Japan could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adversely impact economies in the region. The economies of many Asian countries differ from the economies of more developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries in many respects, such as the rate of growth, inflation, capital reinvestment, resource self-sufficiency, financial </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">system stability, and sensitivity to changes in global trade. Certain Asian countries are highly dependent upon and may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected by developments in the United States, Europe and other Asian economies. Asian economies and companies could be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected if global economic conditions deteriorate as a result of political instability and uncertainty. In addition, international </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade could be affected by politically motivated actions in the U.S. and Europe, and by increased tensions with other nations.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Indian Market and India Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Government actions, bureaucratic obstacles and inconsistent economic and tax reform </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">policies within the Indian government have had a significant effect on the economy and could adversely affect market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions, deter economic growth and reduce the profitability of private enterprises. Global factors and foreign actions may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">inhibit the flow of foreign capital on which India is dependent to sustain its growth. Large portions of many Indian companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">remain in the hands of their founders (including members of their families). Family-controlled companies may have weaker and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">less transparent corporate governance, which increases the potential for loss and unequal treatment of investors. India </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">experiences many of the market risks associated with developing economies, including relatively low levels of liquidity, which </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may result in extreme volatility in the prices of Indian securities. Religious, cultural and military disputes persist in India, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">between India and Pakistan (as well as sectarian groups within each country). The threat of aggression in the region could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">hinder development of the Indian economy, and escalating tensions could impact the broader region, including China. Indian </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to a short-term capital gains tax in India on gains realized upon the disposition of securities lots held </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">less than one year. The Fund accrues for this potential expense, which reduces its net asset values.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Because the Fund may invest a large percentage of its assets in India, the value of the Fund’s shares may be affected by </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events that adversely affect India and may fluctuate more than the value of a less concentrated fund’s shares.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Developed Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investment in a developed country issuer may subject the Fund to regulatory, political, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency, security, economic and other risks associated with developed countries. Developed countries tend to represent a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significant portion of the global economy and have generally experienced slower economic growth than some less developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries. In addition, developed countries may be impacted by changes to the economic conditions of certain key trading </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">partners, regulatory burdens, debt burdens and the price or availability of certain commodities.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Europe and United Kingdom Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The value of the Fund’s assets may be adversely affected by, among other things, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">social, political, regulatory, economic and other events or conditions affecting Europe and the United Kingdom (“U.K.”). The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economies and markets of European countries are often closely connected and interdependent, and events in one country in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Europe can have an impact on other European countries. Many countries in Europe are member states of the European Union </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(“EU”) and a number of countries within the EU are also members of the Economic and Monetary Union (the “eurozone”) </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">having adopted the euro as their currency. These European countries will be significantly affected by the fiscal and monetary </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">controls of the EU. Eurozone membership requires member states to comply with restrictions in inflation rates, deficits, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every other country in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Europe. Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recessions or defaults or threats of defaults among European countries may have a significant adverse effect on the economies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of other European countries, including those outside the EU. The European financial markets have experienced significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility, and several European countries have been adversely affected by unemployment, budget deficits and economic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">downturns. Responses to financial problems by European governments, central banks and others, including austerity measures </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and reforms, may not produce the desired results, may result in social unrest, may limit future growth and economic recovery or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have other unintended consequences. Certain countries also could, without prior warning, impose capital controls to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">restrict volatile movements of capital entering and exiting their country. Such controls may negatively affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments. Defaults or restructurings by governments and other entities of their debt could have additional adverse effects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on economies, financial markets and asset valuations around the world. Successionist movements, as well as governmental or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other response to such movements, may also create instability and uncertainty in the region. Recent security concerns related </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to immigration, war and geopolitical risk, and terrorism could have a negative impact on the EU and investments in European </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Efforts by the member countries of the EU to continue to unify their economic and monetary policies also may increase the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potential for similarities in movements of European markets and reduce the potential investment benefits of diversification </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">within the region. Further, while many countries in western Europe are considered to have developed markets, many eastern </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">European countries are less developed, and investments in eastern European countries, even if denominated in euros, may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">involve special risks associated with investments in emerging markets. As the economies of countries in Europe are in different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stages of development, the policies adopted by the EU may not address the needs of all European member countries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition, investments in issuers located in the U.K. may subject the Fund to regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic risk specific to the U.K. The U.K. has one of the largest economies in Europe and is heavily dependent on trade with </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the EU and to a lesser extent, the United States and China. As a result, the economy of the U.K. may be impacted by changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to the economic health of EU member countries, the U.S. and China. Certain European countries have also developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increasingly strained relationships with the U.S., and if these relations were to worsen, they could adversely affect European </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers that rely on U.S. trade. In 2020, the U.K. left the EU (referred to as “Brexit”). The U.K. and the EU reached a trade </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">agreement that was ratified by all applicable U.K. and EU government bodies although certain aspects of the relationship </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">remain unresolved and subject to further negotiations and agreement. The effects of Brexit are also shaped by the trade </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">agreements that the U.K. negotiates with other countries. The U.K.’s departure sparked volatility in the value of the British </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pound, short term declines in the stock markets and heightened risk of continued economic volatility worldwide. Although the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">long-term effects of Brexit are difficult to gauge and cannot be fully known, they could have wide ranging implications for the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.K.’s economy. The potential negative effects of Brexit on the U.K. and the EU economies and the broader global economy </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could include, among others, business and trade disruptions, increased volatility and illiquidity, currency fluctuations, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potentially lower growth of markets in the U.K., EU and globally and sparking additional member states to contemplate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">departing the EU (thereby perpetuating political instability in the region and additional market disruption globally) which could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adversely affect a Fund’s investments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Micro Cap and Small Company Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Micro cap and small company stocks may be very sensitive to changing economic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions and market downturns because the issuers have more narrow markets for their products and services, fewer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">product lines, and more limited managerial and financial resources than larger issuers. The stocks of micro cap and small </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies may therefore be more volatile and the ability to sell these stocks at a desirable time or price may be more limited. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">As noted above, the Fund under normal market conditions invests at least 80% of its net assets (plus borrowings for </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment purposes) in small-capitalization companies as defined above measured at the time of purchase. In pursuing its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment strategy, the Fund may hold such securities for long periods of time during which the market capitalization of such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies may increase due to market appreciation beyond the market capitalization of the largest company in the MSCI </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ACWI Small Cap Index (the “Appreciated Companies”). In accordance with current regulatory requirements, as of the date of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">this Prospectus, the Fund is not required to sell the portfolio holdings that have increased in value due to market appreciation </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">beyond the definition of a small-capitalization company and as a result, the Fund may at times have significant investments in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the Appreciated Companies. During periods when the Fund does not meet the 80% threshold due to the market appreciation </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of its holdings, the Fund’s future acquisitions will only be in companies meeting its small-capitalization definition at the time of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">purchase. In addition, to the extent the weighted average market capitalization of the Fund is higher than that of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">benchmark or peers, the Fund’s performance compared to the benchmark or peers with similar strategies may differ. On </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">September 20, 2023, the SEC adopted amendments to the investment company name rule, Rule 35d-1, which requires, among </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other things, funds to review their portfolio investments periodically and if a fund no longer meets its respective 80% test, to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">take appropriate action to bring the fund back into compliance within a specified period which may include disposing of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio securities and may result in realized capital gains. To the extent the Fund falls within the revised rule, the Fund will </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">seek to comply with the conditions of the revised rule upon the SEC’s compliance date currently scheduled as of the date of this </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Prospectus to be on January 31, 2027, however the compliance date may be subject to additional delays and the requirements </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the amended Rule 35d-1 may be subject to additional modifications.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Value Investing Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> A value investing strategy attempts to identify strong companies with stocks selling at a discount from </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">their perceived true worth. Value stocks include securities of companies that may have experienced, for example, adverse </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and potentially undervalued. Value investing is subject to the risk that the stocks’ intrinsic values may never be fully recognized </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">priced.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Growth Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Growth stock prices may be more sensitive to changes in companies’ current or expected earnings than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the prices of other stocks, and growth stock prices may fall or may not appreciate in step with the broader securities markets. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Growth companies may be newer or smaller companies and may retain a large part of their earnings for research, development </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or investments in capital assets.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Sector and Industry Weightings Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> To the extent the Fund emphasizes, from time to time, investments in a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Market conditions, interest rates, and economic, political, regulatory, or financial developments could significantly affect all the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in those sectors. The Fund may also from time to time make significant investments in an industry or industries within </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a particular sector. The industries that constitute a sector may all react in the same way to economic, political or regulatory </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events. Adverse conditions in such industry or industries could have a correspondingly adverse effect on the financial condition </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of issuers. These conditions may cause the value of the Fund’s shares to fluctuate more than the values of shares of funds that </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invest in a greater variety of investments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Communication Services Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The communication services sector includes diversified telecommunication services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies, wireless telecommunication services companies, and media and entertainment companies. The communication </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services sector is subject to government regulation and can be significantly affected by intense competition and technology </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, which may make the products and services of certain companies obsolete. Wireless telecommunication services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies can be significantly affected by failure to obtain, or delays in obtaining, financing or regulatory approval, intense </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">competition, product incompatibility, changing consumer preferences, rapid obsolescence, significant capital expenditures, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">heavy debt burdens. Media and entertainment companies can be significantly affected by technological advances, government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation, and changing consumer preferences.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Consumer Discretionary Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The consumer discretionary sector includes companies in industries such as consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services, household durables, leisure products, textiles, apparel and luxury goods, hotels, restaurants, retailing, and automobiles. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Companies in the consumer discretionary sector may be significantly impacted by the performance of the overall domestic and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">global economy and by interest rates. The consumer discretionary sector relies heavily on disposable household income and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">spending. Companies in this sector may be subject to severe competition, which may have an adverse impact on their </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">respective profitability. The retail industry can be significantly affected by changes in demographics, and consumer tastes and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">shopping habits, which can also affect the demand for, and success of, consumer products and services in the marketplace. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">automotive industry is highly cyclical and can be significantly affected by labor relations and fluctuating component prices.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Consumer Staples Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The consumer staples sector includes companies in the consumer staples distribution and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">retail, food, beverage and tobacco, and household and personal products industry groups. Companies in the consumer staples </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector may be affected by demographics and product trends, competitive pricing, food fads, marketing campaigns, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">environmental factors, changes in consumer demands, the performance of the overall domestic and global economy, interest </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rates, consumer confidence and spending, and changes in commodity prices. Consumer staples companies may be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulations that may affect the permissibility of using various food additives and production methods. Tobacco </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies may be adversely affected by regulation, legislation and/or litigation.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Energy Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The energy sector includes companies in the energy equipment and services, and oil, gas and consumable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">fuels industries. The value of companies in these industries is particularly vulnerable to developments in the energy sector, which </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may include swift fluctuations in the price and supply of energy fuels caused by events relating to international politics, energy </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conservation initiatives, the success of exploration projects, the supply of, and demand for, specific energy-related products or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services, and tax and other governmental regulatory policies. Oil and gas companies develop and produce crude oil and natural </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">gas and provide related resources such as production- and distribution-related services. Stock prices for oil and gas companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in particular are affected by supply and demand both for companies’ specific products or services and for energy products in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">general. The performance of these companies will likewise be affected by the price of oil and gas, exploration and production </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">spending, government regulation, world events and economic conditions. Weak demand for energy companies’ products or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services or for energy products and services in general, as well as negative developments in these other areas, would adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact the energy stocks in which the Fund invests and the Fund’s performance. Oil and gas exploration and production </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies can be significantly affected by natural and man-made disasters as well as changes in currency exchange rates, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates, government regulation, world events and economic conditions, and the companies may be at risk for </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">environmental damage claims.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Health Care Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The health care sector includes companies in the health care equipment and services, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry groups. Health care companies are strongly affected by worldwide </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">scientific or technological developments. Their products may rapidly become obsolete. Many health care companies are also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to significant government regulation and may be affected by changes in government policies. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry group in particular are heavily dependent on patent protection, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the expiration of patents may adversely affect the profitability of such companies. These companies are also subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">extensive litigation based on product liability and other similar claims. Many new products are subject to government approval </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and the process of obtaining government approval can be long and costly, and even approved products are susceptible to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">obsolescence. These companies are also subject to competitive forces that may make it difficult to increase prices, or that may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">lead to price reductions.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Financials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The financials sector includes companies in the banks, financial services, and insurance industry </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">groups. Companies in the financials sector are subject to extensive government regulation, can be subject to relatively rapid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Banking companies, including thrifts and mortgage finance and consumer finance companies, may be affected by extensive </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulation, which may limit both the amounts and types of loans and other financial commitments they can make, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the interest rates and fees they can charge, and the amount of capital they must maintain. Profitability is largely dependent on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Credit losses resulting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from financial difficulties of borrowers can negatively affect banking companies. Banking companies may also be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">severe price competition. Competition is high among banking companies and failure to maintain or increase market share may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in lost market value. Capital markets, a sub-industry of financial services, may be affected by extensive government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation as well as economic and other financial events that could cause fluctuations in the stock market, impacting the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">overall value of investments. The insurance industry may be affected by extensive government regulation and can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by interest rates, general economic conditions, and price and marketing competition. Different segments </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the insurance industry can be significantly affected by natural disasters, mortality and morbidity rates, and environmental </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">clean-up.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Industrials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The industrials sector includes companies in the capital goods, commercial and professional services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and transportation industry groups, including companies engaged in the business of human capital management, business </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">research and consulting, air freight and logistics, transportation services, airlines, maritime shipping and transportation, ground </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transportation, transportation infrastructure, and aerospace and defense. Companies in the industrials sector can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by general economic trends, including such factors as employment and economic growth, interest rate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, changes in consumer spending, legislative and government regulation and spending, import controls, commodity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">prices, and worldwide competition. Changes in the economy, fuel prices, labor agreements, and insurance costs may result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">occasional sharp price movements in transportation securities. Aerospace and defense companies rely, to a significant extent, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on government demand for their products and services. The financial condition of, and investor interest in, aerospace and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">defense companies are heavily influenced by government defense spending policies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Information Technology Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The information technology sector includes companies in the software and services, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology hardware and equipment, and semiconductors and semiconductor equipment industry groups. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology sector are subject to rapid obsolescence of existing technology, short product cycles, falling prices and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">profits, competition from new market entrants, and general economic conditions. Stocks of companies in the information </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology sector, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Technological developments, fixed rate pricing, and the ability to retain skilled employees can significantly affect the industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in the information technology sector.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Materials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The materials sector includes companies in the chemicals, construction materials, containers and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">packaging, metals and mining, and paper and forest products industries. Changes in world events, political, environmental and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic conditions, energy conservation, environmental policies, commodity price volatility, changes in currency exchange </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rates, imposition of import and export controls, increased competition, and labor relations may adversely affect companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">engaged in the production and distribution of materials. Other risks may include liabilities for environmental damage, depletion </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of resources, and mandated expenditures for safety and pollution control. Companies in the chemicals industry may be subject </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to risks associated with the production, handling and disposal of hazardous components. Metals and mining companies could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">be affected by supply and demand, operational costs, and liabilities for environmental damage.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Real Estate Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The real estate sector includes companies involved in real estate management and development </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and issuers of equity real estate investment trusts (REITs). Securities of companies in the real estate sector may be adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected by, among other things, rental income fluctuation, depreciation, property tax value changes, differences in real estate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market values, overbuilding and extended vacancies, increased competition, costs of materials, operating expenses or zoning </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">laws, costs of environmental clean-up or damages from natural disasters, cash flow fluctuations, and defaults by borrowers </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and tenants.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Utilities Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The utilities sector includes electric utilities, gas utilities, water utilities, multi-utilities (electric, gas and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">water), and independent power and renewable electricity producers. Companies in the utilities sector are affected by supply </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and demand, consumer incentives, operating costs, government regulation, environmental factors, liabilities for environmental </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">damage and general civil liabilities, and rate caps or rate changes. The value of regulated utility company stocks may have an </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">inverse relationship to the movement of interest rates. Also, certain utility companies have experienced full or partial </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deregulation in recent years, which may permit them to diversify outside of their original geographic regions and their </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">traditional lines of business. Conversely, companies that remain heavily regulated may be at a competitive disadvantage, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">making them less profitable. In addition, natural disasters, terrorist attacks, government intervention or other factors may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">render a utility company’s equipment unusable and may have an adverse impact on profitability. Utility companies are subject </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to the high cost of borrowing to finance capital construction during inflationary periods, restrictions on operations and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increased costs and delays associated with compliance with environmental and nuclear safety regulations, and the difficulties </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">involved in obtaining natural gas for resale or fuel for generating electricity at reasonable prices. Other risks include those </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">related to the construction and operation of nuclear power plants, the effects of energy conservation, and the effects of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulatory changes.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Operational and Cybersecurity Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">customer data, or proprietary information, or cause the Fund or its service providers to lose proprietary information, suffer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">data corruption, or lose operational functionality. Such events could cause the Fund to incur regulatory penalties, reputational </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">damage, additional compliance costs associated with corrective measures and/or financial loss. Similar incidents affecting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers of the Fund’s portfolio companies may negatively impact performance. Operational risk may arise from human error, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">errors by third parties, communication errors, or technology failures, among other causes. The Fund also relies on a range of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services from third-parties, including custody. Any delay or failure in the services provided to the Fund may negatively affect the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund and its ability to meet its investment objective. Although the Fund and the Fund’s investment adviser seek to reduce </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">operational risks through controls and/or procedures, it is not possible to identify and address all such risks and there is no way </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to completely protect against or mitigate such risks, especially because the Fund does not directly control the cybersecurity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">systems of issuers or third-party service providers.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Non-Diversification Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund can invest a larger portion of its assets in the stocks of a limited number of companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">than a diversified fund, which means it may have more exposure to the price movements of a single security or small group of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities than funds that diversify their investments among many companies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">New Fund Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Because a new fund begins operations with few assets, operating expenses for a new fund are relatively </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">high until the fund begins to manage sufficient assets to achieve operating efficiencies. While the Advisor has contractually </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">agreed to reimburse Fund expenses over a certain level for a period of time to keep shareholder expenses at a certain specific </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">level, there is a risk that the expense limitation agreement is not continued and the expenses of the Fund increase significantly </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">until the Fund reaches scale. There is also the risk that the Fund never reaches scale, that the investment strategies do not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">work as expected and that the Fund fails to achieve its stated investment objective.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Government and Regulatory Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The risk that governments or regulatory authorities may take actions that could adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affect markets in which the Fund invests and in the economy, more generally. Government and regulatory authorities may also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">act to increase the scope or burden of regulations applicable to the Fund and to the companies in which the Fund invests. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">legislation or regulation could restrict the ability of the Fund to fully implement its investment strategies, either generally or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">with respect to certain securities, industries or countries and could limit or preclude the Fund’s ability to achieve its investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">objective.</span></div> Historical Performance <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Ordinarily, this section of the prospectus contains information that would allow you to evaluate the Fund’s performance </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">using several different measures such as yearly changes in performance, best and worst quarterly returns and average annual </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">total returns before and after taxes compared to a relevant benchmark. However, the Fund commenced operations on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">October 1, 2025 and as such does not have a full calendar year of performance.</span></div> However, the Fund commenced operations on October 1, 2025 and as such does not have a full calendar year of performance. Wasatch Global Value Fund® — Summary Investment Objectives <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund’s investment objectives are to seek capital appreciation and income.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The tables below describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">in the tables and examples below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> Shareholder Fees (Fees paid directly from your investment.) 0 0 -0.0200 -0.0200 0 0 Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment.) 0.0090 0.0090 0.0026 0.0028 0.0116 0.0118 -0.0006 -0.0023 0.0110 0.0095 January 31, 2027 Example <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">funds. The example assumes that you invested $10,000 in the applicable class of the Fund for the time periods indicated and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5% return </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">each year and that operating expenses (as a percentage of net assets) of the Fund remained the same. This example reflects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">contractual fee waivers and reimbursements through January 31, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2027</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. Although your actual costs may be higher or lower, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> 112 363 633 1404 97 352 627 1411 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">24</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">% of the average value of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio.</span></div> 0.24 Principal Strategies <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund invests primarily in the equity securities of foreign and domestic companies.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Under normal market conditions, we will invest the Fund’s net assets primarily in the equity securities, typically common </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stock, of foreign and domestic companies of all market capitalizations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund will typically invest in securities issued by companies domiciled in at least three countries, including the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United States. The Fund will invest a significant portion of its total assets in companies domiciled in foreign countries (under </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">normal market conditions, we expect at least 40% of its assets to be invested outside the United States, or if conditions are not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">favorable, 30% of its assets to be invested outside the United States). Securities issued by foreign companies incorporated </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">outside the United States whose securities are principally traded in the United States are not defined as “foreign companies” </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and are not subject to this limitation.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a significant amount of its total assets (5% to 50% under normal market conditions) at the time of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">purchase in securities issued by companies domiciled in emerging and frontier markets, which are those countries currently </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">included in the Morgan Stanley Capital International (MSCI) EFM (Emerging + Frontier Markets) Index. These companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">typically are located in the Asia-Pacific region, Eastern Europe, the Middle East, Central and South America, and Africa.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest in the equity securities of companies of any size, although we expect a significant portion of the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">assets to be invested in companies with market capitalizations of over $5 billion at the time of purchase.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">To achieve the Fund’s investment objectives, the Fund invests in securities that we believe are priced below their intrinsic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">long-term value based on our valuation analysis.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">When evaluating a potential investment for the Fund, we employ a comprehensive valuation analysis intended to establish a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">range for fair valuation or intrinsic company value, with a particular emphasis on company fundamentals. The initial valuation </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">review may include:</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div> <div style="clear: both; margin-top: 0.5pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; text-align: left; width: 4.37pt;"><span style="color: #000000; font-family: arial; font-size: 10pt;">•</span></div> <div style="float: left; line-height: 12.0pt; margin-left: 7.63pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Calculating and reviewing standard ratios, such as price-to-sales, price-to-book, price-to-earnings, and price/earnings-to-</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">growth.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 0.5pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; text-align: left; width: 4.37pt;"><span style="color: #000000; font-family: arial; font-size: 10pt;">•</span></div> <div style="float: left; line-height: 12.0pt; margin-left: 7.63pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Discounted cash flow models with sensitivity analysis for changes to revenue growth rates, operating margins, outstanding </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">share counts, earnings multiples, and tangible book value.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund typically seeks to sell a security when the issuing company becomes overvalued relative to our analysis of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">intrinsic long-term value.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a significant amount of its assets (greater than 5%) in a particular region or market, including Asia and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Europe.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">these sectors were financials, health care, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">utilities, energy,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> consumer staples, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, communication services, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industrials</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">materials</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">real estate</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span></div> The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, these sectors were financials, health care, utilities, energy, consumer staples, information technology, communication services, industrials, materials, and real estate.  All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price of its shares. As a result, you may lose money if you invest in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Market risk is the risk that a particular security, or shares of the Fund in general, may fall in value. Securities are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments due to, among other things, market movements over the short-term or over longer periods during more prolonged </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market downturns. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund’s shares and result in increased market volatility.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Current Market and Economic Conditions Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Current market and economic conditions risk is the risk that a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment, or shares of the Fund in general, may fall in value due to current market and economic conditions or events. For </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">example, actions taken by the Federal Reserve or foreign central banks may at times result in unusually high market volatility, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may negatively impact companies, including banks and financial services companies, and negatively impact Fund performance. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S. regulators have also proposed from time to time changes to market and issuer regulations which may impact the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and any regulatory changes adopted could adversely impact the Fund’s ability to achieve its investment strategies or make </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets and investor behavior, which could have a negative impact on the Fund’s investments and operations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">confidence and may adversely impact financial markets and the broader economy. For example, in February 2022, Russia </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in Russia, Europe and the United States. The hostilities and sanctions resulting from those hostilities may have a significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact on certain Fund investments as well as performance and liquidity. Similarly, in October 2023, Hamas launched an attack </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on Israel, which touched off a strong military response from Israel that closed borders and airspace, damaged infrastructure </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and resulted in significant civilian and military casualties in Israel and the Gaza Strip. The conflict has reignited regional </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">tensions that threaten to involve other countries and factions. The continuing conflict and its escalation could have a severe </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adverse effect on the regional economy, currency and companies. These events may negatively impact other regional and global </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic markets of the world (including Europe and the United States), companies in such countries and various sectors, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industries and markets for securities and commodities globally, such as oil and natural gas. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In addition, the Chinese government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the Fund’s assets may go down.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Accordingly, the hostilities and sanctions resulting from these hostilities may have a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">negative effect on certain Fund investments, including investments extending beyond any direct or indirect exposure the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have to issuers of such countries or those of adjoining geographic regions.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impacted by trade disputes and other matters. For example, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recently has been in the process of renegotiating many of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">its global trade relationships and has imposed or threatened to impose significant import tariffs, including with respect to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such actions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could lead to price volatility and overall decline in U</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">S</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and global investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">It is difficult to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">predict </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the outcome and impact of any trade</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> negotiations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> a</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> public health crisis and ensuing policies enacted by governments and central banks </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> cause significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and uncertainty in global financial markets, negatively impacting global growth prospects. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">As the COVID-19 pandemic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in disruptions in the trading markets. Further, the interconnectivity between global economies and financial markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">country, region or financial market.</span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Stock Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investments may decline in value due to movements in the overall stock market.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Stock Selection Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund is actively managed, and its performance therefore will reflect, in part, the ability of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio manager(s) to select investments and to make investment decisions that are suited to achieving the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment objective. The Advisor does not actively track the composition or weightings of market indexes (including the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">benchmark indexes) or of the broader markets generally. As a result, the Fund could underperform its benchmark indexes and/or</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> other funds with a similar investment objective and/or strategy or it may lose value even when the overall stock market is not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in general decline.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Equity securities represent ownership in a company. They may be traded (bought or sold) on a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities exchange or stock market. Stock markets are volatile. The price of equity securities will fluctuate and can decline and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">reduce the value of a portfolio invested in equity securities. The value of equity securities purchased by the Fund could decline if </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries such as </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">labor shortages, an increase in production costs and changes in competitive conditions within an industry. In addition, the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of equity securities may decline due to, among other things, general market conditions not specifically related to a company or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in interest or currency rates, changes in government regulations, the political situation, or generally adverse investor sentiment. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain equity securities may be less liquid, meaning that they may be difficult to sell at a time or price that is desirable, than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other types of securities, or they may be illiquid. Some securities exchanges or stock markets may also be less liquid or illiquid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">due to low trading volume. In addition, equity securities include common stock. Common stock holds the lowest priority in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capital structure of a company and therefore takes the largest share of the company’s risk and its accompanying volatility. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rights of common stockholders generally are subordinate to all other claims on a company’s assets, including preferred </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stockholders and debt holders with respect to the payment of dividends and upon the liquidation or bankruptcy of the issuing </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">company. The common stock of a company that experiences financial distress may lose significant value or become worthless, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and therefore the Fund could lose money if a company in which it invests becomes financially distressed.  </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-style: italic; font-weight: bold; margin-left: 12pt;">Liquidity Risk</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition, the trading market for a particular security or type of security in which the Fund invests may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly less liquid than developed or even emerging markets, and there may be little or no trading volume for a period of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">time for a particular security. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities quickly </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">at a desired price when necessary to meet the Fund’s liquidity needs or in response to a specific economic event. It may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult at times to sell such securities at any price, which could impact not only the daily net asset value (NAV) of the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">but also the composition of the portfolio if other securities must be sold to meet the Fund’s liquidity needs. Additionally, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market quotations for such securities may be volatile and thus affect the daily NAV of the Fund.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Foreign Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to additional risks not associated with investments in U.S. securities. Securities issued by companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">incorporated outside the United States but whose securities are principally traded in the United States are still subject to many </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the foreign securities risks such as economic and political risks. Differences in the economic and political environment, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">amount of available public information, custody practices for assets, the amount of taxation, limitations on the use or transfer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of Fund assets, the degree of market regulation, settlement practices, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transaction costs,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the potential for permanent or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">temporary termination of trading, and financial reporting, accounting and auditing standards, and, in the case of foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency-denominated securities, fluctuations in currency exchange rates, can have a significant adverse effect on the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a foreign security. More specifically, changes in currency exchange rates will affect the value of non-U.S. securities, the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">dividends and interest earned from such securities and gains and losses realized on the sale of such securities. The value of an </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment denominated in a foreign currency will decline in U.S. dollar terms if that currency weakens against the U.S. dollar. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may be invested in the local currency of a foreign country in connection with executing foreign securities transactions. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">When the Fund executes the securities transactions, there is the risk of the value of the foreign currency increasing or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">decreasing against the value of the U.S. dollar. While the Fund is permitted to hedge currency risks, the Advisor does not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">anticipate doing so at this time. Additionally, certain countries may restrict foreign investment in their securities and may utilize </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">formal or informal currency-exchange controls or “capital controls.” Capital controls may impose restrictions on the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ability to repatriate investments or income.  Such capital controls can also have a significant effect on the value of the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">holdings. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Other government actions, such as confiscations, the nationalization of companies, the imposition of sanctions, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade restrictions (including tariffs), could also negatively impact an investment in a foreign security.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Emerging Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition to the risks of investing in foreign securities in general, the enhanced risks of investing in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the securities of companies domiciled in emerging market countries include increased political or social instability, economies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on only a few industries, unstable currencies, runaway inflation, as well as highly volatile, substantially smaller and less </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">liquid securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">parties that fail to complete transactions, lack of or limited government oversight over securities exchanges and brokers, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">additional valuation risks, and the potential for government seizure of assets or nationalization of companies or other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government interference in which case the Fund could lose all or a significant portion of its investment in a country.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Frontier Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition to the risks of investing in foreign securities in developed and emerging markets, frontier </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market securities involve unique risks, such as exposure to economies less diverse and mature than those of the U.S. or more </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">established foreign markets. Given the generally smaller size and less developed capital markets than those of emerging </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets or other more developed foreign markets, the risks of investing in emerging markets are magnified for frontier </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets. Economic or political instability may cause larger price changes in frontier market securities than in securities of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers based in more developed foreign countries, including securities of issuers in larger emerging markets. Frontier markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">generally receive less investor attention than developed markets or larger emerging markets. These risks can result in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potential for extreme stock price volatility and illiquidity.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Country/Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Social, political and economic conditions and changes in regulatory, tax, or economic policy in a country </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or region could significantly affect the market in that country or region. In addition, global economies and financial markets are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may represent a large portion of the market in a particular country or region and industries can be sensitive to adverse social, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">political, economic, or regulatory developments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Asia Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The value of the Fund’s assets may be adversely affected by, among other things, political, economic, social </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and religious instability, inadequate investor protection, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">inadequate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">accounting standards and practices, changes in laws or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulations of countries within the Asia region, relations with other nations, natural disasters, corruption, civil unrest, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">military activity. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In particular, China’s economy has a heavy influence on the Asia region, and therefore actions taken by China </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or developments impacting China and its economy may negatively impact the economies and companies in other countries in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the Asia region, including adversely affecting the investments held by a Fund in the Asia region regardless of the direct or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">indirect exposure the Fund may have to issuers in China.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Countries in the Asia region, particularly China, Japan and South </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Korea, may be adversely affected by disputes with many of their neighbors and historically strained relations with Japan could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adversely impact economies in the region. The economies of many Asian countries differ from the economies of more developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries in many respects, such as the rate of growth, inflation, capital reinvestment, resource self-sufficiency, financial </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">system stability, and sensitivity to changes in global trade. Certain Asian countries are highly dependent upon and may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected by developments in the United States, Europe and other Asian economies. Asian economies and companies could be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected if global economic conditions deteriorate as a result of political instability and uncertainty. In addition, international </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade could be affected by politically motivated actions in the U.S. and Europe, and by increased tensions with other nations.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Developed Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investment in a developed country issuer may subject the Fund to regulatory, political, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency, security, economic and other risks associated with developed countries. Developed countries tend to represent a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significant portion of the global economy and have generally experienced slower economic growth than some less developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries. In addition, developed countries may be impacted by changes to the economic conditions of certain key trading </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">partners, regulatory burdens, debt burdens and the price or availability of certain commodities.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Europe and United Kingdom Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The value of the Fund’s assets may be adversely affected by, among other things, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">social, political, regulatory, economic and other events or conditions affecting Europe and the United Kingdom (“U.K.”). The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economies and markets of European countries are often closely connected and interdependent, and events in one country in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Europe can have an impact on other European countries. Many countries in Europe are member states of the European Union </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(“EU”) and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a number of countries within the EU are also members of the Economic and Monetary Union (the “eurozone”) </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">having adopted the euro as their currency. These European countries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">will be significantly affected by the fiscal and monetary </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">controls of the EU. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Eurozone membership requires member states to comply with restrictions in inflation rates, deficits, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every other country in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Europe.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recessions or defaults or threats of defaults among European countries may have a significant adverse effect on the economies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of other European countries, including those outside the EU. The European financial markets have experienced significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility, and several European countries have been adversely affected by unemployment, budget deficits and economic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">downturns. Responses to financial problems by European governments, central banks and others, including austerity measures </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and reforms, may not produce the desired results, may result in social unrest, may limit future growth and economic recovery or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have other unintended consequences. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain countries also could, without prior warning, impose capital controls to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">restrict volatile movements of capital entering and exiting their country. Such controls may negatively affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Defaults or restructurings by governments and other entities of their debt could have additional adverse effects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on economies, financial markets and asset valuations around the world. Successionist movements, as well as governmental or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other response to such movements, may also create instability and uncertainty in the region.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Recent security concerns related </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to immigration, war and geopolitical risk, and terrorism could have a negative impact on the EU and investments in European </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Efforts by the member countries of the EU to continue to unify their economic and monetary policies also may increase the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potential for similarities in movements of European markets and reduce the potential investment benefits of diversification </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">within the region. Further, while many countries in western Europe are considered to have developed markets, many eastern </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">European countries are less developed, and investments in eastern European countries, even if denominated in euros, may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">involve special risks associated with investments in emerging markets. As the economies of countries in Europe are in different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stages of development, the policies adopted by the EU may not address the needs of all European member countries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition, investments in issuers located in the U.K. may subject the Fund to regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic risk specific to the U.K. The U.K. has one of the largest economies in Europe and is heavily dependent on trade with </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the EU and to a lesser extent, the United States and China. As a result, the economy of the U.K. may be impacted by changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to the economic health of EU member countries, the U.S. and China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain European countries have also developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increasingly strained relationships with the U.S., and if these relations were to worsen, they could adversely affect European </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers that rely on U.S. trade.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In 2020, the U.K. left the EU (referred to as “Brexit”). The U.K. and the EU reached a trade </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">agreement that was ratified by all applicable U.K. and EU government bodies although certain aspects of the relationship </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">remain unresolved and subject to further negotiations and agreement. The effects of Brexit are also shaped by the trade </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">agreements that the U.K. negotiates with other countries. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The U.K.’</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">s departure sparked volatility in the value of the British </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pound,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">short term declines in the stock markets and heightened risk of continued economic volatility worldwide. Although the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">long-term </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">effects of Brexit are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult to gauge and cannot be fully known</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">they could have</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">wide</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ranging implications for</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.K.’s economy</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The potential negative effects of</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Brexit</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on the U.K.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> and the EU economies and the broader global economy </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could include</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">among others</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">business and trade disruptions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increased volatility and illiquidity,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">fluctuations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potentially lower growth of markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the U.K.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> EU and globally and sparking additional member states to contemplate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">departing</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the EU</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">thereby perpetuating political instability in the region and additional market disruption globally) which could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adversely affect </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">’s investments</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Value Investing Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> A value investing strategy attempts to identify strong companies with stocks selling at a discount from </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">their perceived true worth. Value stocks include securities of companies that may have experienced, for example, adverse </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and potentially undervalued. Value investing is subject to the risk that the stocks’ intrinsic values may never be fully recognized </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">priced.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Large Company Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund may invest in the stocks of large companies. Larger, more established companies may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">periods of economic expansion.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Sector and Industry Weightings Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> To the extent the Fund emphasizes, from time to time, investments in a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Market conditions, interest rates, and economic, political, regulatory, or financial developments could significantly affect all the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in those sectors. The Fund may also from time to time make significant investments in an industry or industries within </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a particular sector. The industries that constitute a sector may all react in the same way to economic, political or regulatory </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events. Adverse conditions in such industry or industries could have a correspondingly adverse effect on the financial condition </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of issuers. These conditions may cause the value of the Fund’s shares to fluctuate more than the values of shares of funds that </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invest in a greater variety of investments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Financials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The financials sector includes companies in the banks, financial services, and insurance industry </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">groups. Companies in the financials sector are subject to extensive government regulation, can be subject to relatively rapid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Banking companies, including thrifts and mortgage finance and consumer finance companies, may be affected by extensive </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulation, which may limit both the amounts and types of loans and other financial commitments they can make, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the interest rates and fees they can charge, and the amount of capital they must maintain. Profitability is largely dependent on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Credit losses resulting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from financial difficulties of borrowers can negatively affect banking companies. Banking companies may also be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">severe price competition. Competition is high among banking companies and failure to maintain or increase market share may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in lost market value. Capital markets, a sub-industry of financial services, may be affected by extensive government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation as well as economic and other financial events that could cause fluctuations in the stock market, impacting the </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">overall value of investments. The insurance industry may be affected by extensive government regulation and can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by interest rates, general economic conditions, and price and marketing competition. Different segments </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the insurance industry can be significantly affected by natural disasters, mortality and morbidity rates, and environmental </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">clean-up.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Health Care Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The health care sector includes companies in the health care equipment and services, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry groups. Health care companies are strongly affected by worldwide </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">scientific or technological developments. Their products may rapidly become obsolete. Many health care companies are also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to significant government regulation and may be affected by changes in government policies. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry group in particular are heavily dependent on patent protection, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the expiration of patents may adversely affect the profitability of such companies. These companies are also subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">extensive litigation based on product liability and other similar claims. Many new products are subject to government approval </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and the process of obtaining government approval can be long and costly, and even approved products are susceptible to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">obsolescence. These companies are also subject to competitive forces that may make it difficult to increase prices, or that may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">lead to price reductions.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Utilities Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The utilities sector includes electric utilities, gas utilities, water utilities, multi-utilities (electric, gas and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">water), and independent power and renewable electricity producers. Companies in the utilities sector are affected by supply </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and demand, consumer incentives, operating costs, government regulation, environmental factors, liabilities for environmental </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">damage and general civil liabilities, and rate caps or rate changes. The value of regulated utility company stocks may have an </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">inverse relationship to the movement of interest rates. Also, certain utility companies have experienced full or partial </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deregulation in recent years, which may permit them to diversify outside of their original geographic regions and their </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">traditional lines of business. Conversely, companies that remain heavily regulated may be at a competitive disadvantage, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">making them less profitable. In addition, natural disasters, terrorist attacks, government intervention or other factors may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">render a utility company’s equipment unusable and may have an adverse impact on profitability. Utility companies are subject </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to the high cost of borrowing to finance capital construction during inflationary periods, restrictions on operations and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increased costs and delays associated with compliance with environmental and nuclear safety regulations, and the difficulties </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">involved in obtaining natural gas for resale or fuel for generating electricity at reasonable prices. Other risks include those </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">related to the construction and operation of nuclear power plants, the effects of energy conservation, and the effects of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulatory changes.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Energy Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The energy sector includes companies in the energy equipment and services, and oil, gas and consumable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">fuels industries. The value of companies in these industries is particularly vulnerable to developments in the energy sector, which </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may include swift fluctuations in the price and supply of energy fuels caused by events relating to international politics, energy </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conservation initiatives, the success of exploration projects, the supply of, and demand for, specific energy-related products or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services, and tax and other governmental regulatory policies. Oil and gas companies develop and produce crude oil and natural </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">gas and provide related resources such as production- and distribution-related services. Stock prices for oil and gas companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in particular are affected by supply and demand both for companies’ specific products or services and for energy products in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">general. The performance of these companies will likewise be affected by the price of oil and gas, exploration and production </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">spending, government regulation, world events and economic conditions. Weak demand for energy companies’ products or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services or for energy products and services in general, as well as negative developments in these other areas, would adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact the energy stocks in which the Fund invests and the Fund’s performance. Oil and gas exploration and production </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies can be significantly affected by natural and man-made disasters as well as changes in currency exchange rates, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates, government regulation, world events and economic conditions, and the companies may be at risk for </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">environmental damage claims.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Consumer Staples</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;"> Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consumer staples</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> sector includes companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in the consumer staples distribution and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">retail,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">food, beverage </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">tobacco,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and household and personal products industry</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">groups</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Companies in the consumer staples</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected by</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> demographics and product trends</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">competitive pricing</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">food fads</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">marketing campaigns</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">environmental factors,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes in consumer demands</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the performance of the overall domestic and global economy</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rates,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> consumer confidence and spending</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and changes</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in commodity prices.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Consumer staples companies may be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulations that may affect the permissibility of using</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">various food additives and production</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">methods.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Tobacco </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies may</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> be adversely affected by regulation</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">legislation </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">/</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or litigation</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Information Technology Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The information technology sector includes companies in the software and services, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology hardware and equipment, and semiconductors and semiconductor equipment industry groups. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology sector are subject to rapid obsolescence of existing technology, short product cycles, falling prices and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">profits, competition from new market entrants, and general economic conditions. Stocks of companies in the information </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology sector, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Technological developments, fixed rate pricing, and the ability to retain skilled employees can significantly affect the industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in the information technology sector.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Communication Services Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The communication services sector includes diversified telecommunication services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies, wireless telecommunication services companies, and media and entertainment companies. The communication </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services sector is subject to government regulation and can be significantly affected by intense competition and technology </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, which may make the products and services of certain companies obsolete. Wireless telecommunication services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies can be significantly affected by failure to obtain, or delays in obtaining, financing or regulatory approval, intense </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">competition, product incompatibility, changing consumer preferences, rapid obsolescence, significant capital expenditures, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">heavy debt burdens. Media and entertainment companies can be significantly affected by technological advances, government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation, and changing consumer preferences.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Industrials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The industrials sector includes companies in the capital goods, commercial and professional services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and transportation industry groups, including companies engaged in the business of human capital management, business </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">research and consulting, air freight and logistics, transportation services, airlines, maritime shipping and transportation, ground </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transportation, transportation infrastructure, and aerospace and defense. Companies in the industrials sector can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by general economic trends, including such factors as employment and economic growth, interest rate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, changes in consumer spending, legislative and government regulation and spending, import controls, commodity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">prices, and worldwide competition. Changes in the economy, fuel prices, labor agreements, and insurance costs may result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">occasional sharp price movements in transportation securities. Aerospace and defense companies rely, to a significant extent, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on government demand for their products and services. The financial condition of, and investor interest in, aerospace and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">defense companies are heavily influenced by government defense spending policies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Materials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The materials sector includes companies in the chemicals, construction materials, containers and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">packaging, metals and mining, and paper and forest products industries. Changes in world events, political, environmental and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic conditions, energy conservation, environmental policies, commodity price volatility, changes in currency exchange </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rates, imposition of import and export controls, increased competition, and labor relations may adversely affect companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">engaged in the production and distribution of materials. Other risks may include liabilities for environmental damage, depletion </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of resources, and mandated expenditures for safety and pollution control. Companies in the chemicals industry may be subject </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to risks associated with the production, handling and disposal of hazardous components. Metals and mining companies could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">be affected by supply and demand, operational costs, and liabilities for environmental damage.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Real Estate Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The real estate sector includes companies involved in real estate management and development </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and issuers of equity real estate investment trusts (REITs). Securities of companies in the real estate sector may be adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected by, among other things, rental income fluctuation, depreciation, property tax value changes, differences in real estate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market values, overbuilding and extended vacancies, increased competition, costs of materials, operating expenses or zoning </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">laws, costs of environmental clean-up or damages from natural disasters, cash flow fluctuations, and defaults by borrowers </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and tenants.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Operational and Cybersecurity Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">customer data, or proprietary information, or cause the Fund or its service providers to lose proprietary information, suffer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">data corruption, or lose operational functionality. Such events could cause the Fund to incur regulatory penalties, reputational </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">damage, additional compliance costs associated with corrective measures and/or financial loss. Similar incidents affecting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers of the Fund’s portfolio companies may negatively impact performance. Operational risk may arise from human error, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">errors by third parties, communication errors, or technology failures, among other causes. The Fund also relies on a range of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services from third-parties, including custody. Any delay or failure in the services provided to the Fund may negatively affect the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund and its ability to meet its investment objective. Although the Fund and the Fund’s investment adviser seek to reduce </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">operational risks through controls and/or procedures, it is not possible to identify and address all such risks and there is no way </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to completely protect against or mitigate such risks, especially because the Fund does not directly control the cybersecurity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">systems of issuers or third-party service providers.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Government and Regulatory Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The risk that governments or regulatory authorities may take actions that could adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affect markets in which the Fund invests and in the economy, more generally. Government and regulatory authorities may also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">act to increase the scope or burden of regulations applicable to the Fund and to the companies in which the Fund invests. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">legislation or regulation could restrict the ability of the Fund to fully implement its investment strategies, either generally or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">with respect to certain securities, industries or countries and could limit or preclude the Fund’s ability to achieve its investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">objective.</span></div> Historical Performance <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Effective October 31, 2017, the Wasatch Global Value Fund changed its principal investment strategy and correspondingly </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">updated its name to reflect the change in principal strategy. For periods prior to such date, the tables below reflect the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">performance of the Fund before the investment strategy change. The following tables provide information on how the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">has performed over time. Performance in this section represents past performance (before and after taxes) which is not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">necessarily indicative of how the Fund will perform in the future. Performance for the Fund’s Investor Class shares would be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">substantially similar to that for Institutional Class shares because the shares are invested in the same portfolio of securities </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and would differ only to the extent that Institutional Class shares have different expenses. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The table below is designed to help you evaluate your risk tolerance by showing the best and worst quarterly performance of the Fund’s Investor Class for the calendar years shown in the bar chart. The average annual total returns table below allows you to compare the performance of the Fund’s Investor and Institutional Class shares over the time periods indicated to that of a broad-based market index and an additional index composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. Performance information is updated regularly and is available on the Fund’s website </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">wasatchglobal.com</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> Performance in this section represents past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund.The average annual total returns table below allows you to compare the performance of the Fund’s Investor and Institutional Class shares over the time periods indicated to that of a broad-based market index and an additional index composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. wasatchglobal.com Wasatch Global Value Fund — Investor ClassYear by Year Total Returns <div style="margin-top: 12pt;"><span style="color: #336f8a; font-family: arial; font-size: 12pt; font-weight: bold;">Best and Worst Quarterly Returns</span><span style="color: #000000; font-family: arial; font-size: 1pt; font-weight: bold; line-height: 0.00pt;"> </span></div> <div style="margin-top: 0.0pt;"> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 168pt;"> <tr style="height: 12.5pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Best — 12/31/2020</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">23.81%</span></div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Worst — 3/31/2020</span></div> </div> </td> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">-27.86%</span></div> </div> </td> </tr> </table> </div> Best 2020-12-31 0.2381 Worst 2020-03-31 -0.2786 Average Annual Total Returns(as of 12/31/25) 1996-09-25 1996-09-25 1996-09-25 0.3091 0.1347 0.1068 0.2912 0.1188 0.0885 0.1948 0.1050 0.0823 2012-01-31 0.3106 0.1362 0.1084 0.2234 0.1119 0.1172 0.2198 0.1081 0.0908 <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Investment Objective <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund’s investment objective is long-term growth of capital.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The tables below describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">in the tables and examples below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> Shareholder Fees (Fees paid directly from your investment.) 0 0 -0.0200 -0.0200 0 0 Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment.) 0.0125 0.0125 0.0022 0.0017 0.0001 0.0147 0.0143 -0.0007 0.0147 0.0136 January 31, 2027 Example <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">funds. The example assumes that you invested $10,000 in the applicable class of the Fund for the time periods indicated and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5% return </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">each year and that operating expenses (as a percentage of net assets) of the Fund remained the same. This example reflects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">contractual fee waivers and reimbursements through January 31, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2027</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. Although your actual costs may be higher or lower, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> 150 465 803 1757 138 446 775 1707 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">57</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">% of the average value of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio.</span></div> 0.57 Principal Strategies <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund invests primarily in foreign growth companies.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Under normal market conditions, we will invest the Fund’s net assets primarily in the equity securities, typically common </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stock, of small foreign companies. The companies will typically have minimum market capitalizations of $100 million and up to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a maximum market capitalization at the time of purchase of $5 billion or the market capitalization of the largest company in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the Morgan Stanley Capital International (MSCI) ACWI ex USA Small Cap Index as of its most recent reconstitution date, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">whichever is greater. As of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2025</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> reconstitution date, the market capitalization of companies included in the MSCI ACWI ex </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">USA Small Cap Index ranged from $</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">61</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> million to $</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">14.098</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> billion. The market capitalizations for the range of companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">MSCI ACWI ex USA Small Cap Index are subject to change following MSCI’s fourth quarter index review, which occurs on or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">around November of each year. Under normal market conditions, the Fund will invest in at least five of the countries included in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the MSCI ACWI ex USA Small Cap Index.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a significant amount of its total assets (5% to 70% under normal market conditions) at the time of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">purchase in securities issued by companies domiciled in emerging markets and frontier markets, which are those countries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currently included in the MSCI EFM (Emerging + Frontier Markets) Index. These companies typically are located in the Asia-Pacific</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> region, Eastern Europe, the Middle East, Central and South America, and Africa.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">We travel extensively outside of the U.S. to visit companies and expect to meet with senior management. We use a process </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of quantitative screening followed by “bottom-up” fundamental analysis to identify individual companies that we believe have </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">above average revenue and earnings growth potential.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">We may invest in early stage companies if we believe they have outstanding long-term growth potential.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">We do not use allocation models to restrict the Fund’s investments to certain regions, countries or industries. The Fund may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invest a large percentage of its assets (greater than 5%) in a particular region or market, including Asia, India, Japan, Europe, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and the United Kingdom.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">these sectors were </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industrials, financials, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, and communication services. </span></div> The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, these sectors were industrials, financials, information technology, and communication services.  All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price of its shares. As a result, you may lose money if you invest in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Market risk is the risk that a particular security, or shares of the Fund in general, may fall in value. Securities are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments due to, among other things, market movements over the short-term or over longer periods during more prolonged </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market downturns. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund’s shares and result in increased market volatility.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Current Market and Economic Conditions Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Current market and economic conditions risk is the risk that a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment, or shares of the Fund in general, may fall in value due to current market and economic conditions or events. For </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">example, actions taken by the Federal Reserve or foreign central banks may at times result in unusually high market volatility, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may negatively impact companies, including banks and financial services companies, and negatively impact Fund performance. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S. regulators have also proposed from time to time changes to market and issuer regulations which may impact the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and any regulatory changes adopted could adversely impact the Fund’s ability to achieve its investment strategies or make </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets and investor behavior, which could have a negative impact on the Fund’s investments and operations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">confidence and may adversely impact financial markets and the broader economy. For example, in February 2022, Russia </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in Russia, Europe and the United States. The hostilities and sanctions resulting from those hostilities may have a significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact on certain Fund investments as well as performance and liquidity. Similarly, in October 2023, Hamas launched an attack </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on Israel, which touched off a strong military response from Israel that closed borders and airspace, damaged infrastructure </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and resulted in significant civilian and military casualties in Israel and the Gaza Strip. The conflict has reignited regional </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">tensions that threaten to involve other countries and factions. The continuing conflict and its escalation could have a severe </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adverse effect on the regional economy, currency and companies. These events may negatively impact other regional and global </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic markets of the world (including Europe and the United States), companies in such countries and various sectors, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industries and markets for securities and commodities globally, such as oil and natural gas. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In addition, the Chinese government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the Fund’s assets may go down.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Accordingly, the hostilities and sanctions resulting from these hostilities may have a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">negative effect on certain Fund investments, including investments extending beyond any direct or indirect exposure the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have to issuers of such countries or those of adjoining geographic regions.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impacted by trade disputes and other matters. For example, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recently has been in the process of renegotiating many of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">its global trade relationships and has imposed or threatened to impose significant import tariffs, including with respect to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such actions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could lead to price volatility and overall decline in U</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">S</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and global investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">It is difficult to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">predict </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the outcome and impact of any trade</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> negotiations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> a</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> public health crisis and ensuing policies enacted by governments and central banks </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> cause significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and uncertainty in global financial markets, negatively impacting global growth prospects. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">As the COVID-19 pandemic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in disruptions in the trading markets. Further, the interconnectivity between global economies and financial markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">country, region or financial market.</span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Stock Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investments may decline in value due to movements in the overall stock market.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Stock Selection Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund is actively managed, and its performance therefore will reflect, in part, the ability of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio manager(s) to select investments and to make investment decisions that are suited to achieving the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment objective. The Advisor does not actively track the composition or weightings of market indexes (including the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">benchmark indexes) or of the broader markets generally. As a result, the Fund could underperform its benchmark indexes and/or</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> other funds with a similar investment objective and/or strategy or it may lose value even when the overall stock market is not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in general decline.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Equity securities represent ownership in a company. They may be traded (bought or sold) on a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities exchange or stock market. Stock markets are volatile. The price of equity securities will fluctuate and can decline and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">reduce the value of a portfolio invested in equity securities. The value of equity securities purchased by the Fund could decline if </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries such as </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">labor shortages, an increase in production costs and changes in competitive conditions within an industry. In addition, the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of equity securities may decline due to, among other things, general market conditions not specifically related to a company or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in interest or currency rates, changes in government regulations, the political situation, or generally adverse investor sentiment. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain equity securities may be less liquid, meaning that they may be difficult to sell at a time or price that is desirable, than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other types of securities, or they may be illiquid. Some securities exchanges or stock markets may also be less liquid or illiquid </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">due to low trading volume. In addition, equity securities include common stock. Common stock holds the lowest priority in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capital structure of a company and therefore takes the largest share of the company’s risk and its accompanying volatility. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rights of common stockholders generally are subordinate to all other claims on a company’s assets, including preferred </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stockholders and debt holders with respect to the payment of dividends and upon the liquidation or bankruptcy of the issuing </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">company. The common stock of a company that experiences financial distress may lose significant value or become worthless, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and therefore the Fund could lose money if a company in which it invests becomes financially distressed.  </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-style: italic; font-weight: bold; margin-left: 12pt;">Liquidity Risk</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition, the trading market for a particular security or type of security in which the Fund invests may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly less liquid than developed or even emerging markets, and there may be little or no trading volume for a period of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">time for a particular security. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities quickly </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">at a desired price when necessary to meet the Fund’s liquidity needs or in response to a specific economic event. It may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult at times to sell such securities at any price, which could impact not only the daily net asset value (NAV) of the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">but also the composition of the portfolio if other securities must be sold to meet the Fund’s liquidity needs. Additionally, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market quotations for such securities may be volatile and thus affect the daily NAV of the Fund.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Foreign Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to additional risks not associated with investments in U.S. securities. Securities issued by companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">incorporated outside the United States but whose securities are principally traded in the United States are still subject to many </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the foreign securities risks such as economic and political risks. Differences in the economic and political environment, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">amount of available public information, custody practices for assets, the amount of taxation, limitations on the use or transfer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of Fund assets, the degree of market regulation, settlement practices, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transaction costs,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the potential for permanent or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">temporary termination of trading, and financial reporting, accounting and auditing standards, and, in the case of foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency-denominated securities, fluctuations in currency exchange rates, can have a significant adverse effect on the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a foreign security. More specifically, changes in currency exchange rates will affect the value of non-U.S. securities, the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">dividends and interest earned from such securities and gains and losses realized on the sale of such securities. The value of an </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment denominated in a foreign currency will decline in U.S. dollar terms if that currency weakens against the U.S. dollar. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may be invested in the local currency of a foreign country in connection with executing foreign securities transactions. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">When the Fund executes the securities transactions, there is the risk of the value of the foreign currency increasing or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">decreasing against the value of the U.S. dollar. While the Fund is permitted to hedge currency risks, the Advisor does not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">anticipate doing so at this time. Additionally, certain countries may restrict foreign investment in their securities and may utilize </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">formal or informal currency-exchange controls or “capital controls.” Capital controls may impose restrictions on the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ability to repatriate investments or income.  Such capital controls can also have a significant effect on the value of the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">holdings. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Other government actions, such as confiscations, the nationalization of companies, the imposition of sanctions, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade restrictions (including tariffs), could also negatively impact an investment in a foreign security.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Developed Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investment in a developed country issuer may subject the Fund to regulatory, political, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency, security, economic and other risks associated with developed countries. Developed countries tend to represent a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significant portion of the global economy and have generally experienced slower economic growth than some less developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries. In addition, developed countries may be impacted by changes to the economic conditions of certain key trading </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">partners, regulatory burdens, debt burdens and the price or availability of certain commodities.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Europe and United Kingdom Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The value of the Fund’s assets may be adversely affected by, among other things, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">social, political, regulatory, economic and other events or conditions affecting Europe and the United Kingdom (“U.K.”). The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economies and markets of European countries are often closely connected and interdependent, and events in one country in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Europe can have an impact on other European countries. Many countries in Europe are member states of the European Union </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(“EU”) and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a number of countries within the EU are also members of the Economic and Monetary Union (the “eurozone”) </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">having adopted the euro as their currency. These European countries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">will be significantly affected by the fiscal and monetary </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">controls of the EU. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Eurozone membership requires member states to comply with restrictions in inflation rates, deficits, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every other country in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Europe.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recessions or defaults or threats of defaults among European countries may have a significant adverse effect on the economies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of other European countries, including those outside the EU. The European financial markets have experienced significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility, and several European countries have been adversely affected by unemployment, budget deficits and economic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">downturns. Responses to financial problems by European governments, central banks and others, including austerity measures </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and reforms, may not produce the desired results, may result in social unrest, may limit future growth and economic recovery or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have other unintended consequences. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain countries also could, without prior warning, impose capital controls to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">restrict volatile movements of capital entering and exiting their country. Such controls may negatively affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Defaults or restructurings by governments and other entities of their debt could have additional adverse effects </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on economies, financial markets and asset valuations around the world. Successionist movements, as well as governmental or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other response to such movements, may also create instability and uncertainty in the region.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Recent security concerns related </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to immigration, war and geopolitical risk, and terrorism could have a negative impact on the EU and investments in European </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Efforts by the member countries of the EU to continue to unify their economic and monetary policies also may increase the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potential for similarities in movements of European markets and reduce the potential investment benefits of diversification </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">within the region. Further, while many countries in western Europe are considered to have developed markets, many eastern </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">European countries are less developed, and investments in eastern European countries, even if denominated in euros, may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">involve special risks associated with investments in emerging markets. As the economies of countries in Europe are in different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stages of development, the policies adopted by the EU may not address the needs of all European member countries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition, investments in issuers located in the U.K. may subject the Fund to regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic risk specific to the U.K. The U.K. has one of the largest economies in Europe and is heavily dependent on trade with </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the EU and to a lesser extent, the United States and China. As a result, the economy of the U.K. may be impacted by changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to the economic health of EU member countries, the U.S. and China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain European countries have also developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increasingly strained relationships with the U.S., and if these relations were to worsen, they could adversely affect European </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers that rely on U.S. trade.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In 2020, the U.K. left the EU (referred to as “Brexit”). The U.K. and the EU reached a trade </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">agreement that was ratified by all applicable U.K. and EU government bodies although certain aspects of the relationship </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">remain unresolved and subject to further negotiations and agreement. The effects of Brexit are also shaped by the trade </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">agreements that the U.K. negotiates with other countries. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The U.K.’</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">s departure sparked volatility in the value of the British </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pound,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">short term declines in the stock markets and heightened risk of continued economic volatility worldwide. Although the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">long-term </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">effects of Brexit are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult to gauge and cannot be fully known</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">they could have</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">wide</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ranging implications for</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.K.’s economy</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The potential negative effects of</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Brexit</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on the U.K.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> and the EU economies and the broader global economy </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could include</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">among others</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">business and trade disruptions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increased volatility and illiquidity,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">fluctuations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potentially lower growth of markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the U.K.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> EU and globally and sparking additional member states to contemplate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">departing</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the EU</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">thereby perpetuating political instability in the region and additional market disruption globally) which could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adversely affect </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">’s investments</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Emerging Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition to the risks of investing in foreign securities in general, the enhanced risks of investing in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the securities of companies domiciled in emerging market countries include increased political or social instability, economies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on only a few industries, unstable currencies, runaway inflation, as well as highly volatile, substantially smaller and less </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">liquid securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">parties that fail to complete transactions, lack of or limited government oversight over securities exchanges and brokers, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">additional valuation risks, and the potential for government seizure of assets or nationalization of companies or other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government interference in which case the Fund could lose all or a significant portion of its investment in a country.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Frontier Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition to the risks of investing in foreign securities in developed and emerging markets, frontier </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market securities involve unique risks, such as exposure to economies less diverse and mature than those of the U.S. or more </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">established foreign markets. Given the generally smaller size and less developed capital markets than those of emerging </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets or other more developed foreign markets, the risks of investing in emerging markets are magnified for frontier </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets. Economic or political instability may cause larger price changes in frontier market securities than in securities of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers based in more developed foreign countries, including securities of issuers in larger emerging markets. Frontier markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">generally receive less investor attention than developed markets or larger emerging markets. These risks can result in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potential for extreme stock price volatility and illiquidity.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Country/Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Social, political and economic conditions and changes in regulatory, tax, or economic policy in a country </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or region could significantly affect the market in that country or region. In addition, global economies and financial markets are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may represent a large portion of the market in a particular country or region and industries can be sensitive to adverse social, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">political, economic, or regulatory developments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Asia Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The value of the Fund’s assets may be adversely affected by, among other things, political, economic, social </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and religious instability, inadequate investor protection, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">inadequate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">accounting standards and practices, changes in laws or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulations of countries within the Asia region, relations with other nations, natural disasters, corruption, civil unrest, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">military activity. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In particular, China’s economy has a heavy influence on the Asia region, and therefore actions taken by China </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or developments impacting China and its economy may negatively impact the economies and companies in other countries in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the Asia region, including adversely affecting the investments held by a Fund in the Asia region regardless of the direct or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">indirect exposure the Fund may have to issuers in China.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Countries in the Asia region, particularly China, Japan and South </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Korea, may be adversely affected by disputes with many of their neighbors and historically strained relations with Japan could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adversely impact economies in the region. The economies of many Asian countries differ from the economies of more developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries in many respects, such as the rate of growth, inflation, capital reinvestment, resource self-sufficiency, financial </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">system stability, and sensitivity to changes in global trade. Certain Asian countries are highly dependent upon and may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected by developments in the United States, Europe and other Asian economies. Asian economies and companies could be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected if global economic conditions deteriorate as a result of political instability and uncertainty. In addition, international </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade could be affected by politically motivated actions in the U.S. and Europe, and by increased tensions with other nations.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Japan Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Japanese economy has only recently emerged from a prolonged economic downturn. The Japanese </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economy may be subject to considerable economic, political and social instability, which could have a negative impact on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Japanese securities. Since the year 2000, Japan’s economic growth rate has remained relatively low compared to other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">advanced economies, and it may remain low in the future. The economy is characterized by an aging and declining population, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">large government debt and a highly regulated labor market. Economic growth is dependent on domestic consumption, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deregulation and consistent government policy. International trade, particularly with the U.S., also impacts growth. Adverse </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions affecting the economies of the U.S. and Japan’s other trading partners may also affect Japan. Japan also has a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">growing economic relationship with China and other Southeast Asian countries, and thus Japan’s economy may also be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected by economic, political or social instability in those countries (whether resulting from local or global events as well as </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from any deterioration in its relationship with neighboring countries). In addition, Japan is subject to the risk of natural </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">disasters such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the Fund.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Indian Market and India Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Government actions, bureaucratic obstacles and inconsistent economic and tax reform </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">policies within the Indian government have had a significant effect on the economy and could adversely affect market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions, deter economic growth and reduce the profitability of private enterprises. Global factors and foreign actions may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">inhibit the flow of foreign capital on which India is dependent to sustain its growth. Large portions of many Indian companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">remain in the hands of their founders (including members of their families). Family-controlled companies may have weaker and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">less transparent corporate governance, which increases the potential for loss and unequal treatment of investors. India </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">experiences many of the market risks associated with developing economies, including relatively low levels of liquidity, which </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may result in extreme volatility in the prices of Indian securities. Religious, cultural and military disputes persist in India, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">between India and Pakistan (as well as sectarian groups within each country). The threat of aggression in the region could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">hinder development of the Indian economy, and escalating tensions could impact the broader region, including China.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Indian </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to a short-term capital gains tax in India on gains realized upon the disposition of securities lots held </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">less than one year. The Fund accrues for this potential expense, which reduces its net asset values.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Small Cap Company Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Small-cap stocks may be very sensitive to changing economic conditions and market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">downturns because the issuers often have narrow markets for their products or services, fewer product lines, and more limited </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">managerial and financial resources than larger issuers. The stocks of small-cap companies may therefore be more volatile and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the ability to sell these stocks at a desirable time or price may be more limited.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Growth Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Growth stock prices may be more sensitive to changes in companies’ current or expected earnings than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the prices of other stocks, and growth stock prices may fall or may not appreciate in step with the broader securities markets. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Growth companies may be newer or smaller companies and may retain a large part of their earnings for research, development </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or investments in capital assets.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Early Stage Companies Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Early stage companies may never obtain necessary financing, may rely on untested business </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry, and as such may never be profitable. Stocks of early stage companies may be illiquid, privately traded, and more </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatile and speculative than the securities of larger companies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Sector and Industry Weightings Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> To the extent the Fund emphasizes, from time to time, investments in a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Market conditions, interest rates, and economic, political, regulatory, or financial developments could significantly affect all the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in those sectors. The Fund may also from time to time make significant investments in an industry or industries within </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a particular sector. The industries that constitute a sector may all react in the same way to economic, political or regulatory </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events. Adverse conditions in such industry or industries could have a correspondingly adverse effect on the financial condition </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of issuers. These conditions may cause the value of the Fund’s shares to fluctuate more than the values of shares of funds that </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invest in a greater variety of investments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Industrials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The industrials sector includes companies in the capital goods, commercial and professional services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and transportation industry groups, including companies engaged in the business of human capital management, business </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">research and consulting, air freight and logistics, transportation services, airlines, maritime shipping and transportation, ground </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transportation, transportation infrastructure, and aerospace and defense. Companies in the industrials sector can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by general economic trends, including such factors as employment and economic growth, interest rate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, changes in consumer spending, legislative and government regulation and spending, import controls, commodity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">prices, and worldwide competition. Changes in the economy, fuel prices, labor agreements, and insurance costs may result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">occasional sharp price movements in transportation securities. Aerospace and defense companies rely, to a significant extent, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on government demand for their products and services. The financial condition of, and investor interest in, aerospace and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">defense companies are heavily influenced by government defense spending policies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Financials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The financials sector includes companies in the banks, financial services, and insurance industry </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">groups. Companies in the financials sector are subject to extensive government regulation, can be subject to relatively rapid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Banking companies, including thrifts and mortgage finance and consumer finance companies, may be affected by extensive </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulation, which may limit both the amounts and types of loans and other financial commitments they can make, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the interest rates and fees they can charge, and the amount of capital they must maintain. Profitability is largely dependent on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Credit losses resulting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from financial difficulties of borrowers can negatively affect banking companies. Banking companies may also be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">severe price competition. Competition is high among banking companies and failure to maintain or increase market share may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in lost market value. Capital markets, a sub-industry of financial services, may be affected by extensive government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation as well as economic and other financial events that could cause fluctuations in the stock market, impacting the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">overall value of investments. The insurance industry may be affected by extensive government regulation and can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by interest rates, general economic conditions, and price and marketing competition. Different segments </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the insurance industry can be significantly affected by natural disasters, mortality and morbidity rates, and environmental </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">clean-up.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Information Technology</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;"> Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> sector includes companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">software</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> and services, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology hardware and equipment</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and semiconductors and semiconductor equipment</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> industry groups. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology sector are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to rapid obsolescence of existing technology, short product cycles,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> falling prices and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">profits,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">competition from new market entrants,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and general economic conditions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Stocks of companies in the information </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology sector</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">especially those of smaller,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">less-</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">seasoned companies,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">tend to be more volatile than the overall market. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Technological developments, fixed rate pricing</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, and the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ability to retain skilled employees can significantly affect the industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the information technology sector</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Communication Services Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The communication services sector includes diversified telecommunication services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies, wireless telecommunication services companies, and media and entertainment companies. The communication </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services sector is subject to government regulation and can be significantly affected by intense competition and technology </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, which may make the products and services of certain companies obsolete. Wireless telecommunication services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies can be significantly affected by failure to obtain, or delays in obtaining, financing or regulatory approval, intense </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">competition, product incompatibility, changing consumer preferences, rapid obsolescence, significant capital expenditures, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">heavy debt burdens. Media and entertainment companies can be significantly affected by technological advances, government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation, and changing consumer preferences.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Operational and Cybersecurity Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">customer data, or proprietary information, or cause the Fund or its service providers to lose proprietary information, suffer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">data corruption, or lose operational functionality. Such events could cause the Fund to incur regulatory penalties, reputational </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">damage, additional compliance costs associated with corrective measures and/or financial loss. Similar incidents affecting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers of the Fund’s portfolio companies may negatively impact performance. Operational risk may arise from human error, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">errors by third parties, communication errors, or technology failures, among other causes. The Fund also relies on a range of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services from third-parties, including custody. Any delay or failure in the services provided to the Fund may negatively affect the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund and its ability to meet its investment objective. Although the Fund and the Fund’s investment adviser seek to reduce </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">operational risks through controls and/or procedures, it is not possible to identify and address all such risks and there is no way </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to completely protect against or mitigate such risks, especially because the Fund does not directly control the cybersecurity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">systems of issuers or third-party service providers.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Government and Regulatory Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The risk that governments or regulatory authorities may take actions that could adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affect markets in which the Fund invests and in the economy, more generally. Government and regulatory authorities may also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">act to increase the scope or burden of regulations applicable to the Fund and to the companies in which the Fund invests. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">legislation or regulation could restrict the ability of the Fund to fully implement its investment strategies, either generally or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">with respect to certain securities, industries or countries and could limit or preclude the Fund’s ability to achieve its investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">objective.</span></div> Historical Performance <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The following tables provide information on how the Fund has performed over time. Performance in this section represents </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Performance for the Fund’s Investor Class shares would be substantially similar to that for Institutional Class shares because </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the shares are invested in the same portfolio of securities and would differ only to the extent that Institutional Class shares </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">have different expenses. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The table below is designed to help you evaluate your risk tolerance by showing the best and worst quarterly performance of the Fund’s Investor Class for the calendar years shown in the bar chart. The average annual total returns table below allows you to compare the performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based market index and additional indexes composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. Performance information is updated </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regularly and is available on the Fund’s website </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">wasatchglobal.com</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> Performance in this section represents past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future.  The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund.The average annual total returns table below allows you to compare the performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based market index and additional indexes composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. wasatchglobal.com Wasatch International Growth Fund — Investor ClassYear by Year Total Returns <div style="margin-top: 12pt;"><span style="color: #336f8a; font-family: arial; font-size: 12pt; font-weight: bold;">Best and Worst Quarterly Returns</span><span style="color: #000000; font-family: arial; font-size: 1pt; font-weight: bold; line-height: 0.00pt;"> </span></div> <div style="margin-top: 0.0pt;"> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 168pt;"> <tr style="height: 12.5pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Best — 6/30/2020</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">25.77%</span></div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Worst — 6/30/2022</span></div> </div> </td> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">-22.76%</span></div> </div> </td> </tr> </table> </div> Best 2020-06-30 0.2577 Worst 2022-06-30 -0.2276 Average Annual Total Returns(as of 12/31/25) 2002-06-28 2002-06-28 2002-06-28 0.1131 -0.0277 0.0369 0.0228 -0.0551 0.0138 0.1352 -0.0193 0.0290 2016-02-01 0.1147 -0.0266 0.0447 0.3239 0.3239 0.0791 0.0791 0.0841 0.0920 0.2926 0.2926 0.0691 0.0691 0.0813 0.0896 0.3407 0.3407 0.0649 0.0649 0.0805 0.0885 <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred. Investment Objective <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund’s investment objective is long-term growth of capital.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The tables below describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">in the tables and examples below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> Shareholder Fees (Fees paid directly from your investment.) 0 0 -0.0200 -0.0200 0 0 Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment.) 0.0150 0.0150 0.0075 0.0076 0.0004 0.0225 0.0230 -0.0030 -0.0051 0.0195 0.0179 Effective January 31, 2026, the management fee was reduced from 1.75% to 1.50%. The management fee and the total annual fund operating expenses have been restated to reflect the 1.50% management fee. January 31, 2027 Example <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">funds. The example assumes that you invested $10,000 in the applicable class of the Fund for the time periods indicated and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5% return </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">each year and that operating expenses (as a percentage of net assets) of the Fund remained the same. This example reflects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">contractual fee waivers and reimbursements through January 31, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2027</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. Although your actual costs may be higher or lower, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> 198 674 1178 2562 182 669 1184 2596 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">29</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">% of the average value of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio.</span></div> 0.29 Principal Strategies <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund invests primarily in foreign micro cap companies.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Under normal market conditions, we will invest the Fund’s assets primarily in the equity securities, typically common stock, of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">foreign micro-capitalization companies that typically have minimum market capitalizations of $100 million and up to a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">maximum market capitalization at the time of purchase of $1.5 billion or the market capitalization of the largest company in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the Russell Microcap Index</span><span style="color: #000000; font-family: arial; font-size: 6.5pt; position: relative; top: -4.25pt;">®</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> as of its most recent reconstitution date, whichever is greater. The Russell Microcap Index </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">reconstitution date is typically each year on or around July 1st. As of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2025</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> reconstitution date, the market capitalization of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies included in the Russell Microcap Index ranged from $</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">23</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> million to $</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">3.464</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> billion. The market capitalizations for the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">range of companies in the Russell Microcap Index are subject to change at its next reconstitution date. Under normal market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions, the Fund will invest in at least five of the countries included in the Morgan Stanley Capital International (MSCI) </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ACWI ex USA Small Cap Index.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a significant amount of its total assets (20% to 70% under normal market conditions) at the time of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">purchase in securities issued by companies domiciled in emerging markets and frontier markets, which are those countries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currently included in the MSCI EFM (Emerging + Frontier Markets) Index. These companies typically are located in the Asia-Pacific</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> region, Eastern Europe, the Middle East, Central and South America, and Africa.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">We travel extensively outside of the U.S. to visit companies and expect to meet with senior management. We use a process </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of quantitative screening followed by “bottom-up” fundamental analysis to identify individual companies that we believe have </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">above average revenue and earnings growth potential. We may invest in early stage companies if we believe they have </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">outstanding long-term growth potential.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">We do not use allocation models to restrict the Fund’s investments to certain regions, countries or industries. The Fund may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invest a large percentage of its assets (greater than 5%) in a particular region or market, including Asia, India, Japan, Europe, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and the United Kingdom.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">these sectors were </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industrials</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, financials, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consumer staples</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">communication services</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, and health care</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may also invest in initial public offerings (IPOs).</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund typically seeks to sell a security when the issuing company becomes overvalued relative to our analysis of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">intrinsic long-term value.</span></div> The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, these sectors were information technology, industrials, financials, consumer staples, communication services, and health care.  All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price of its shares. As a result, you may lose money if you invest in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Market risk is the risk that a particular security, or shares of the Fund in general, may fall in value. Securities are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments due to, among other things, market movements over the short-term or over longer periods during more prolonged </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market downturns. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund’s shares and result in increased market volatility.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Current Market and Economic Conditions Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Current market and economic conditions risk is the risk that a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment, or shares of the Fund in general, may fall in value due to current market and economic conditions or events. For </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">example, actions taken by the Federal Reserve or foreign central banks may at times result in unusually high market volatility, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may negatively impact companies, including banks and financial services companies, and negatively impact Fund performance. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S. regulators have also proposed from time to time changes to market and issuer regulations which may impact the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and any regulatory changes adopted could adversely impact the Fund’s ability to achieve its investment strategies or make </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets and investor behavior, which could have a negative impact on the Fund’s investments and operations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">confidence and may adversely impact financial markets and the broader economy. For example, in February 2022, Russia </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in Russia, Europe and the United States. The hostilities and sanctions resulting from those hostilities may have a significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact on certain Fund investments as well as performance and liquidity. Similarly, in October 2023, Hamas launched an attack </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on Israel, which touched off a strong military response from Israel that closed borders and airspace, damaged infrastructure </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and resulted in significant civilian and military casualties in Israel and the Gaza Strip. The conflict has reignited regional </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">tensions that threaten to involve other countries and factions. The continuing conflict and its escalation could have a severe </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adverse effect on the regional economy, currency and companies. These events may negatively impact other regional and global </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic markets of the world (including Europe and the United States), companies in such countries and various sectors, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industries and markets for securities and commodities globally, such as oil and natural gas. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In addition, the Chinese government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the Fund’s assets may go down.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Accordingly, the hostilities and sanctions resulting from these hostilities may have a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">negative effect on certain Fund investments, including investments extending beyond any direct or indirect exposure the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have to issuers of such countries or those of adjoining geographic regions.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impacted by trade disputes and other matters. For example, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recently has been in the process of renegotiating many of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">its global trade relationships and has imposed or threatened to impose significant import tariffs, including with respect to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such actions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could lead to price volatility and overall decline in U</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">S</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and global investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">It is difficult to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">predict </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the outcome and impact of any trade</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> negotiations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> a</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> public health crisis and ensuing policies enacted by governments and central banks </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> cause significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and uncertainty in global financial markets, negatively impacting global growth prospects. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">As the COVID-19 pandemic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in disruptions in the trading markets. Further, the interconnectivity between global economies and financial markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">country, region or financial market.</span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Stock Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investments may decline in value due to movements in the overall stock market.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Stock Selection Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund is actively managed, and its performance therefore will reflect, in part, the ability of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio manager(s) to select investments and to make investment decisions that are suited to achieving the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment objective. The Advisor does not actively track the composition or weightings of market indexes (including the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">benchmark indexes) or of the broader markets generally. As a result, the Fund could underperform its benchmark indexes and/or</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> other funds with a similar investment objective and/or strategy or it may lose value even when the overall stock market is not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in general decline.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Equity securities represent ownership in a company. They may be traded (bought or sold) on a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities exchange or stock market. Stock markets are volatile. The price of equity securities will fluctuate and can decline and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">reduce the value of a portfolio invested in equity securities. The value of equity securities purchased by the Fund could decline if </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries such as </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">labor shortages, an increase in production costs and changes in competitive conditions within an industry. In addition, the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of equity securities may decline due to, among other things, general market conditions not specifically related to a company or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in interest or currency rates, changes in government regulations, the political situation, or generally adverse investor sentiment. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain equity securities may be less liquid, meaning that they may be difficult to sell at a time or price that is desirable, than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other types of securities, or they may be illiquid. Some securities exchanges or stock markets may also be less liquid or illiquid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">due to low trading volume. In addition, equity securities include common stock.  Common stock holds the lowest priority in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capital structure of a company and therefore takes the largest share of the company’s risk and its accompanying volatility.  The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rights of common stockholders generally are subordinate to all other claims on a company’s assets, including preferred </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stockholders and debt holders with respect to the payment of dividends and upon the liquidation or bankruptcy of the issuing </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">company.  The common stock of a company that experiences financial distress may lose significant value or become worthless, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and therefore the Fund could lose money if a company in which it invests becomes financially distressed.  </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-style: italic; font-weight: bold; margin-left: 12pt;">Liquidity Risk</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition, the trading market for a particular security or type of security in which the Fund invests may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly less liquid than developed or even emerging markets, and there may be little or no trading volume for a period of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">time for a particular security. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities quickly </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">at a desired price when necessary to meet the Fund’s liquidity needs or in response to a specific economic event. It may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult at times to sell such securities at any price, which could impact not only the daily net asset value (NAV) of the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">but also the composition of the portfolio if other securities must be sold to meet the Fund’s liquidity needs. Additionally, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market quotations for such securities may be volatile and thus affect the daily NAV of the Fund.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Foreign Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to additional risks not associated with investments in U.S. securities. Securities issued by companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">incorporated outside the United States but whose securities are principally traded in the United States are still subject to many </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the foreign securities risks such as economic and political risks. Differences in the economic and political environment, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">amount of available public information, custody practices for assets, the amount of taxation, limitations on the use or transfer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of Fund assets, the degree of market regulation, settlement practices, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transaction costs,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the potential for permanent or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">temporary termination of trading, and financial reporting, accounting and auditing standards, and, in the case of foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency-denominated securities, fluctuations in currency exchange rates, can have a significant adverse effect on the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a foreign security. More specifically, changes in currency exchange rates will affect the value of non-U.S. securities, the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">dividends and interest earned from such securities and gains and losses realized on the sale of such securities. The value of an </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment denominated in a foreign currency will decline in U.S. dollar terms if that currency weakens against the U.S. dollar. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may be invested in the local currency of a foreign country in connection with executing foreign securities transactions. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">When the Fund executes the securities transactions, there is the risk of the value of the foreign currency increasing or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">decreasing against the value of the U.S. dollar. While the Fund is permitted to hedge currency risks, the Advisor does not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">anticipate doing so at this time. Additionally, certain countries may restrict foreign investment in their securities and may utilize </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">formal or informal currency-exchange controls or “capital controls.” Capital controls may impose restrictions on the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ability to repatriate investments or income.  Such capital controls can also have a significant effect on the value of the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">holdings. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Other government actions, such as confiscations, the nationalization of companies, the imposition of sanctions, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade restrictions (including tariffs), could also negatively impact an investment in a foreign security.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Emerging Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition to the risks of investing in foreign securities in general, the enhanced risks of investing in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the securities of companies domiciled in emerging market countries include increased political or social instability, economies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on only a few industries, unstable currencies, runaway inflation, as well as highly volatile, substantially smaller and less </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">liquid securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">parties that fail to complete transactions, lack of or limited government oversight over securities exchanges and brokers, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">additional valuation risks, and the potential for government seizure of assets or nationalization of companies or other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government interference in which case the Fund could lose all or a significant portion of its investment in a country.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Frontier Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition to the risks of investing in foreign securities in developed and emerging markets, frontier </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market securities involve unique risks, such as exposure to economies less diverse and mature than those of the U.S. or more </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">established foreign markets. Given the generally smaller size and less developed capital markets than those of emerging </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets or other more developed foreign markets, the risks of investing in emerging markets are magnified for frontier </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets. Economic or political instability may cause larger price changes in frontier market securities than in securities of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers based in more developed foreign countries, including securities of issuers in larger emerging markets. Frontier markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">generally receive less investor attention than developed markets or larger emerging markets. These risks can result in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potential for extreme stock price volatility and illiquidity.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Country/Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Social, political and economic conditions and changes in regulatory, tax, or economic policy in a country </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or region could significantly affect the market in that country or region. In addition, global economies and financial markets are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may represent a large portion of the market in a particular country or region and industries can be sensitive to adverse social, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">political, economic, or regulatory developments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Asia Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The value of the Fund’s assets may be adversely affected by, among other things, political, economic, social </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and religious instability, inadequate investor protection, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">inadequate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">accounting standards and practices, changes in laws or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulations of countries within the Asia region, relations with other nations, natural disasters, corruption, civil unrest, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">military activity. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In particular, China’s economy has a heavy influence on the Asia region, and therefore actions taken by China </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or developments impacting China and its economy may negatively impact the economies and companies in other countries in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the Asia region, including adversely affecting the investments held by a Fund in the Asia region regardless of the direct or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">indirect exposure the Fund may have to issuers in China.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Countries in the Asia region, particularly China, Japan and South </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Korea, may be adversely affected by disputes with many of their neighbors and historically strained relations with Japan could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adversely impact economies in the region. The economies of many Asian countries differ from the economies of more developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries in many respects, such as the rate of growth, inflation, capital reinvestment, resource self-sufficiency, financial </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">system stability, and sensitivity to changes in global trade. Certain Asian countries are highly dependent upon and may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected by developments in the United States, Europe and other Asian economies. Asian economies and companies could be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected if global economic conditions deteriorate as a result of political instability and uncertainty. In addition, international </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade could be affected by politically motivated actions in the U.S. and Europe, and by increased tensions with other nations.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Japan Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Japanese economy has only recently emerged from a prolonged economic downturn. The Japanese </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economy may be subject to considerable economic, political and social instability, which could have a negative impact on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Japanese securities. Since the year 2000, Japan’s economic growth rate has remained relatively low compared to other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">advanced economies, and it may remain low in the future. The economy is characterized by an aging and declining population, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">large government debt and a highly regulated labor market. Economic growth is dependent on domestic consumption, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deregulation and consistent government policy. International trade, particularly with the U.S., also impacts growth. Adverse </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions affecting the economies of the U.S. and Japan’s other trading partners may also affect Japan. Japan also has a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">growing economic relationship with China and other Southeast Asian countries, and thus Japan’s economy may also be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected by economic, political or social instability in those countries (whether resulting from local or global events as well as </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from any deterioration in its relationship with neighboring countries). In addition, Japan is subject to the risk of natural </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">disasters such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the Fund.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Indian Market and India Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Government actions, bureaucratic obstacles and inconsistent economic and tax reform </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">policies within the Indian government have had a significant effect on the economy and could adversely affect market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions, deter economic growth and reduce the profitability of private enterprises. Global factors and foreign actions may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">inhibit the flow of foreign capital on which India is dependent to sustain its growth. Large portions of many Indian companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">remain in the hands of their founders (including members of their families). Family-controlled companies may have weaker and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">less transparent corporate governance, which increases the potential for loss and unequal treatment of investors. India </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">experiences many of the market risks associated with developing economies, including relatively low levels of liquidity, which </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may result in extreme volatility in the prices of Indian securities. Religious, cultural and military disputes persist in India, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">between India and Pakistan (as well as sectarian groups within each country). The threat of aggression in the region could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">hinder development of the Indian economy, and escalating tensions could impact the broader region, including China.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Indian </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to a short-term capital gains tax in India on gains realized upon the disposition of securities lots held </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">less than one year. The Fund accrues for this potential expense, which reduces its net asset values.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Developed Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investment in a developed country issuer may subject the Fund to regulatory, political, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency, security, economic and other risks associated with developed countries. Developed countries tend to represent a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significant portion of the global economy and have generally experienced slower economic growth than some less developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries. In addition, developed countries may be impacted by changes to the economic conditions of certain key trading </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">partners, regulatory burdens, debt burdens and the price or availability of certain commodities.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Europe and United Kingdom Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The value of the Fund’s assets may be adversely affected by, among other things, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">social, political, regulatory, economic and other events or conditions affecting Europe and the United Kingdom (“U.K.”). The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economies and markets of European countries are often closely connected and interdependent, and events in one country in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Europe can have an impact on other European countries. Many countries in Europe are member states of the European Union </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(“EU”) and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a number of countries within the EU are also members of the Economic and Monetary Union (the “eurozone”) </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">having adopted the euro as their currency. These European countries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">will be significantly affected by the fiscal and monetary </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">controls of the EU. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Eurozone membership requires member states to comply with restrictions in inflation rates, deficits, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every other country in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Europe.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recessions or defaults or threats of defaults among European countries may have a significant adverse effect on the economies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of other European countries, including those outside the EU. The European financial markets have experienced significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility, and several European countries have been adversely affected by unemployment, budget deficits and economic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">downturns. Responses to financial problems by European governments, central banks and others, including austerity measures </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and reforms, may not produce the desired results, may result in social unrest, may limit future growth and economic recovery or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have other unintended consequences. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain countries also could, without prior warning, impose capital controls to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">restrict volatile movements of capital entering and exiting their country. Such controls may negatively affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Defaults or restructurings by governments and other entities of their debt could have additional adverse effects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on economies, financial markets and asset valuations around the world. Successionist movements, as well as governmental or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other response to such movements, may also create instability and uncertainty in the region.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Recent security concerns related </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to immigration, war and geopolitical risk, and terrorism could have a negative impact on the EU and investments in European </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Efforts by the member countries of the EU to continue to unify their economic and monetary policies also may increase the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potential for similarities in movements of European markets and reduce the potential investment benefits of diversification </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">within the region. Further, while many countries in western Europe are considered to have developed markets, many eastern </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">European countries are less developed, and investments in eastern European countries, even if denominated in euros, may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">involve special risks associated with investments in emerging markets. As the economies of countries in Europe are in different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stages of development, the policies adopted by the EU may not address the needs of all European member countries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition, investments in issuers located in the U.K. may subject the Fund to regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic risk specific to the U.K. The U.K. has one of the largest economies in Europe and is heavily dependent on trade with </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the EU and to a lesser extent, the United States and China. As a result, the economy of the U.K. may be impacted by changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to the economic health of EU member countries, the U.S. and China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain European countries have also developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increasingly strained relationships with the U.S., and if these relations were to worsen, they could adversely affect European </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers that rely on U.S. trade.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In 2020, the U.K. left the EU (referred to as “Brexit”). The U.K. and the EU reached a trade </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">agreement that was ratified by all applicable U.K. and EU government bodies although certain aspects of the relationship </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">remain unresolved and subject to further negotiations and agreement. The effects of Brexit are also shaped by the trade </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">agreements that the U.K. negotiates with other countries. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The U.K.’</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">s departure sparked volatility in the value of the British </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pound,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">short term declines in the stock markets and heightened risk of continued economic volatility worldwide. Although the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">long-term </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">effects of Brexit are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult to gauge and cannot be fully known</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">they could have</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">wide</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ranging implications for</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.K.’s economy</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The potential negative effects of</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Brexit</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on the U.K.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> and the EU economies and the broader global economy </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could include</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">among others</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">business and trade disruptions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increased volatility and illiquidity,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">fluctuations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potentially lower growth of markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the U.K.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> EU and globally and sparking additional member states to contemplate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">departing</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the EU</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">thereby perpetuating political instability in the region and additional market disruption globally) which could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adversely affect </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">’s investments</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Micro Cap Company Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Micro cap stocks may be very sensitive to changing economic conditions and market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">downturns because the issuers often have narrow markets for their products and services, fewer product lines, and more </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">limited managerial and financial resources than larger issuers. The stocks of micro cap companies may therefore be more </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatile and the ability to sell these stocks at a desirable time or price may be more limited. As noted above, the Fund under </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">normal market conditions invests its assets primarily in micro-capitalization companies as defined above measured at the time </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of purchase. In pursuing its investment strategy, the Fund may hold such securities for long periods of time during which market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">appreciation may cause the market capitalization of such companies to increase beyond the $1.5 billion or the market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capitalization of the largest company in the Russell Microcap</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">®</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Index (“Appreciated Companies”). </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">As of the date of this </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Prospectus</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, the Fund is not required to sell portfolio holdings that market appreciation has caused to increase in value beyond </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the definition of a micro-capitalization company and as a result, the Fund may at times have significant investments in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Appreciated Companies. In addition, to the extent the weighted average market capitalization of the Fund is higher than that </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of its benchmark or peers, the Fund’s performance compared to the benchmark or to peers with similar strategies may differ.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Early Stage Companies Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Early stage companies may never obtain necessary financing, may rely on untested business </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry, and as such may never be profitable. Stocks of early stage companies may be illiquid, privately traded, and more </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatile and speculative than the securities of larger companies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Growth Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Growth stock prices may be more sensitive to changes in companies’ current or expected earnings than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the prices of other stocks, and growth stock prices may fall or may not appreciate in step with the broader securities markets. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Growth companies may be newer or smaller companies and may retain a large part of their earnings for research, development </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or investments in capital assets.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Sector and Industry Weightings Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> To the extent the Fund emphasizes, from time to time, investments in a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Market conditions, interest rates, and economic, political, regulatory, or financial developments could significantly affect all the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in those sectors. The Fund may also from time to time make significant investments in an industry or industries within </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a particular sector. The industries that constitute a sector may all react in the same way to economic, political or regulatory </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events. Adverse conditions in such industry or industries could have a correspondingly adverse effect on the financial condition </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of issuers. These conditions may cause the value of the Fund’s shares to fluctuate more than the values of shares of funds that </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invest in a greater variety of investments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Information Technology Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The information technology sector includes companies in the software and services, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology hardware and equipment, and semiconductors and semiconductor equipment industry groups. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology sector are subject to rapid obsolescence of existing technology, short product cycles, falling prices and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">profits, competition from new market entrants, and general economic conditions. Stocks of companies in the information </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology sector, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Technological developments, fixed rate pricing, and the ability to retain skilled employees can significantly affect the industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in the information technology sector.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Industrials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The industrials sector includes companies in the capital goods, commercial and professional services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and transportation industry groups, including companies engaged in the business of human capital management, business </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">research and consulting, air freight and logistics, transportation services, airlines, maritime shipping and transportation, ground </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transportation, transportation infrastructure, and aerospace and defense. Companies in the industrials sector can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by general economic trends, including such factors as employment and economic growth, interest rate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, changes in consumer spending, legislative and government regulation and spending, import controls, commodity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">prices, and worldwide competition. Changes in the economy, fuel prices, labor agreements, and insurance costs may result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">occasional sharp price movements in transportation securities. Aerospace and defense companies rely, to a significant extent, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on government demand for their products and services. The financial condition of, and investor interest in, aerospace and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">defense companies are heavily influenced by government defense spending policies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Financials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The financials sector includes companies in the banks, financial services, and insurance industry </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">groups. Companies in the financials sector are subject to extensive government regulation, can be subject to relatively rapid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Banking companies, including thrifts and mortgage finance and consumer finance companies, may be affected by extensive </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulation, which may limit both the amounts and types of loans and other financial commitments they can make, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the interest rates and fees they can charge, and the amount of capital they must maintain. Profitability is largely dependent on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Credit losses resulting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from financial difficulties of borrowers can negatively affect banking companies. Banking companies may also be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">severe price competition. Competition is high among banking companies and failure to maintain or increase market share may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in lost market value. Capital markets, a sub-industry of financial services, may be affected by extensive government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation as well as economic and other financial events that could cause fluctuations in the stock market, impacting the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">overall value of investments. The insurance industry may be affected by extensive government regulation and can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by interest rates, general economic conditions, and price and marketing competition. Different segments </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the insurance industry can be significantly affected by natural disasters, mortality and morbidity rates, and environmental </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">clean-up.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Consumer Staples Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The consumer staples sector includes companies in the consumer staples distribution and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">retail, food, beverage and tobacco, and household and personal products industry groups. Companies in the consumer staples </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector may be affected by demographics and product trends, competitive pricing, food fads, marketing campaigns, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">environmental factors, changes in consumer demands, the performance of the overall domestic and global economy, interest </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rates, consumer confidence and spending, and changes in commodity prices. Consumer staples companies may be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulations that may affect the permissibility of using various food additives and production methods. Tobacco </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies may be adversely affected by regulation, legislation and/or litigation.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Communication Services Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The communication services sector includes diversified telecommunication services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies, wireless telecommunication services companies, and media and entertainment companies. The communication </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services sector is subject to government regulation and can be significantly affected by intense competition and technology </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, which may make the products and services of certain companies obsolete. Wireless telecommunication services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies can be significantly affected by failure to obtain, or delays in obtaining, financing or regulatory approval, intense </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">competition, product incompatibility, changing consumer preferences, rapid obsolescence, significant capital expenditures, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">heavy debt burdens. Media and entertainment companies can be significantly affected by technological advances, government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation, and changing consumer preferences.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Health Care Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The health care sector includes companies in the health care equipment and services, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry groups. Health care companies are strongly affected by worldwide </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">scientific or technological developments. Their products may rapidly become obsolete. Many health care companies are also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to significant government regulation and may be affected by changes in government policies. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry group in particular are heavily dependent on patent protection, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the expiration of patents may adversely affect the profitability of such companies. These companies are also subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">extensive litigation based on product liability and other similar claims. Many new products are subject to government approval </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and the process of obtaining government approval can be long and costly, and even approved products are susceptible to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">obsolescence. These companies are also subject to competitive forces that may make it difficult to increase prices, or that may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">lead to price reductions.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Initial Public Offerings (IPOs) Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> IPOs involve a higher degree of risk because companies involved in IPOs generally have </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the absence of a prior public market, the small number of shares available for trading and limited investor information.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Operational and Cybersecurity Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">customer data, or proprietary information, or cause the Fund or its service providers to lose proprietary information, suffer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">data corruption, or lose operational functionality. Such events could cause the Fund to incur regulatory penalties, reputational </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">damage, additional compliance costs associated with corrective measures and/or financial loss. Similar incidents affecting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers of the Fund’s portfolio companies may negatively impact performance. Operational risk may arise from human error, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">errors by third parties, communication errors, or technology failures, among other causes. The Fund also relies on a range of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services from third-parties, including custody. Any delay or failure in the services provided to the Fund may negatively affect the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund and its ability to meet its investment objective. Although the Fund and the Fund’s investment adviser seek to reduce </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">operational risks through controls and/or procedures, it is not possible to identify and address all such risks and there is no way </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to completely protect against or mitigate such risks, especially because the Fund does not directly control the cybersecurity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">systems of issuers or third-party service providers.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Government and Regulatory Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The risk that governments or regulatory authorities may take actions that could adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affect markets in which the Fund invests and in the economy, more generally. Government and regulatory authorities may also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">act to increase the scope or burden of regulations applicable to the Fund and to the companies in which the Fund invests. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">legislation or regulation could restrict the ability of the Fund to fully implement its investment strategies, either generally or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">with respect to certain securities, industries or countries and could limit or preclude the Fund’s ability to achieve its investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">objective.</span></div> Historical Performance <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The following tables provide information on how the Fund has performed over time. Performance in this section represents </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Performance for the Fund’s Investor Class shares would be substantially similar to that for Institutional Class shares because </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the shares are invested in the same portfolio of securities and would differ only to the extent that Institutional Class shares </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">have different expenses. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The table below is designed to help you evaluate your risk tolerance by showing the best and worst quarterly performance of the Fund’s Investor Class for the calendar years shown in the bar chart. The average annual total returns table below allows you to compare the performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based market index and additional indexes composed of securities similar to those held by the Fund. After-tax returns are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">shown for the Investor Class only. After-tax returns for the Institutional Class will vary. Performance information is updated </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regularly and is available on the Fund’s website </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">wasatchglobal.com</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> Performance in this section represents past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund.The average annual total returns table below allows you to compare the performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based market index and additional indexes composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. wasatchglobal.com Wasatch International Opportunities Fund — Investor Class Year by Year Total Returns <div style="margin-top: 12pt;"><span style="color: #336f8a; font-family: arial; font-size: 12pt; font-weight: bold;">Best and Worst Quarterly Returns</span><span style="color: #000000; font-family: arial; font-size: 1pt; font-weight: bold; line-height: 0.00pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 168pt;"> <tr style="height: 12.5pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Best — 6/30/2020</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">32.67%</span></div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Worst — 6/30/2022</span></div> </div> </td> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">-22.25%</span></div> </div> </td> </tr> </table> Best 2020-06-30 0.3267 Worst 2022-06-30 -0.2225 Average Annual Total Returns(as of 12/31/25) 2005-01-27 2005-01-27 2005-01-27 0.0179 -0.0764 0.0364 -0.0694 -0.0958 0.0221 0.0913 -0.0501 0.0323 2016-02-01 0.0207 -0.0761 0.0676 0.3239 0.3239 0.0791 0.0791 0.0841 0.0418 0.2926 0.2926 0.0691 0.0691 0.0813 0.0896 0.3407 0.3407 0.0649 0.0649 0.0805 0.0885 <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred. Wasatch International Select Fund® — Summary Investment Objective <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund’s investment objective is long-term growth of capital.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The tables below describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">in the tables and examples below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> Shareholder Fees (Fees paid directly from your investment.) 0 0 -0.0200 -0.0200 0 0 Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment.) 0.0080 0.0080 0.0316 0.0367 0.0396 0.0447 -0.0266 -0.0357 0.0130 0.0090 January 31, 2027 Example <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">funds. The example assumes that you invested $10,000 in the applicable class of the Fund for the time periods indicated and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5% return </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">each year and that operating expenses (as a percentage of net assets) of the Fund remained the same. This example reflects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">contractual fee waivers and reimbursements through January 31, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2027</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. Although your actual costs may be higher or lower, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> 132 962 1809 4005 92 1026 1972 4380 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">57</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">% of the average value of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio.</span></div> 0.57 Principal Strategies <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund invests primarily in foreign companies of all market capitalizations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Under normal market conditions, we will invest the Fund’s assets primarily in the equity securities, typically common stock, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issued by companies tied economically to foreign developed markets, which are those countries included in the Morgan Stanley </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Capital International (MSCI) EAFE Index at the time of purchase, excluding the United States. Under normal market conditions, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the Fund will allocate its assets among at least five countries included in the MSCI EAFE Index, excluding the United States. We </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">will generally consider a company to be tied economically to one or more foreign countries when it is listed on a foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">exchange or, regardless of where it is listed, is legally domiciled in a foreign country, has at least 50% of its assets in a foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">country, or derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services provided </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in one or more foreign countries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">We travel extensively outside the U.S. to visit companies and expect to meet with senior management. We use a process of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">quantitative screening followed by “bottom-up” fundamental analysis to identify individual companies that we believe have </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">above average revenue and earnings growth potential.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">We do not use allocation models to restrict the Fund’s investments to certain regions, countries or industries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">these sectors were </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consumer discretionary</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">communication services, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industrials</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">financials</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">real </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">estate</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a large percentage of its assets (greater than 5%) in a particular region or market, including Asia, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Japan, Europe, and the United Kingdom.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">At times, we may invest in early stage companies, which are companies that may be unproven and that may have limited or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">no earnings history, if we believe they have outstanding long term growth potential.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund is classified as a non-diversified mutual fund, which means that the Fund may invest a larger percentage of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">assets in the securities of a small number of issuers than a diversified fund.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund typically seeks to sell a security when the issuing company becomes overvalued relative to our analysis of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">intrinsic long-term value.</span></div> The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, these sectors were consumer discretionary, communication services, industrials, information technology, financials, and real estate. All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price of its shares. As a result, you may lose money if you invest in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Market risk is the risk that a particular security, or shares of the Fund in general, may fall in value. Securities are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments due to, among other things, market movements over the short-term or over longer periods during more prolonged </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market downturns. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund’s shares and result in increased market volatility.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Current Market and Economic Conditions Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Current market and economic conditions risk is the risk that a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment, or shares of the Fund in general, may fall in value due to current market and economic conditions or events. For </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">example, actions taken by the Federal Reserve or foreign central banks may at times result in unusually high market volatility, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may negatively impact companies, including banks and financial services companies, and negatively impact Fund performance. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S. regulators have also proposed from time to time changes to market and issuer regulations which may impact the Fund, </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and any regulatory changes adopted could adversely impact the Fund’s ability to achieve its investment strategies or make </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets and investor behavior, which could have a negative impact on the Fund’s investments and operations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">confidence and may adversely impact financial markets and the broader economy. For example, in February 2022, Russia </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in Russia, Europe and the United States. The hostilities and sanctions resulting from those hostilities may have a significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact on certain Fund investments as well as performance and liquidity. Similarly, in October 2023, Hamas launched an attack </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on Israel, which touched off a strong military response from Israel that closed borders and airspace, damaged infrastructure </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and resulted in significant civilian and military casualties in Israel and the Gaza Strip. The conflict has reignited regional </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">tensions that threaten to involve other countries and factions. The continuing conflict and its escalation could have a severe </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adverse effect on the regional economy, currency and companies. These events may negatively impact other regional and global </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic markets of the world (including Europe and the United States), companies in such countries and various sectors, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industries and markets for securities and commodities globally, such as oil and natural gas. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In addition, the Chinese government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the Fund’s assets may go down.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Accordingly, the hostilities and sanctions resulting from these hostilities may have a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">negative effect on certain Fund investments, including investments extending beyond any direct or indirect exposure the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have to issuers of such countries or those of adjoining geographic regions.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impacted by trade disputes and other matters. For example, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recently has been in the process of renegotiating many of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">its global trade relationships and has imposed or threatened to impose significant import tariffs, including with respect to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such actions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could lead to price volatility and overall decline in U</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">S</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and global investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">It is difficult to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">predict </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the outcome and impact of any trade</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> negotiations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> a</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> public health crisis and ensuing policies enacted by governments and central banks </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> cause significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and uncertainty in global financial markets, negatively impacting global growth prospects. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">As the COVID-19 pandemic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in disruptions in the trading markets. Further, the interconnectivity between global economies and financial markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">country, region or financial market.</span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Stock Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investments may decline in value due to movements in the overall stock market.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Stock Selection Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund is actively managed, and its performance therefore will reflect, in part, the ability of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio manager(s) to select investments and to make investment decisions that are suited to achieving the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment objective. The Advisor does not actively track the composition or weightings of market indexes (including the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">benchmark indexes) or of the broader markets generally. As a result, the Fund could underperform its benchmark indexes and/or</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> other funds with a similar investment objective and/or strategy or it may lose value even when the overall stock market is not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in general decline.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Equity securities represent ownership in a company. They may be traded (bought or sold) on a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities exchange or stock market. Stock markets are volatile. The price of equity securities will fluctuate and can decline and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">reduce the value of a portfolio invested in equity securities. The value of equity securities purchased by the Fund could decline if </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries such as </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">labor shortages, an increase in production costs and changes in competitive conditions within an industry. In addition, the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of equity securities may decline due to, among other things, general market conditions not specifically related to a company or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in interest or currency rates, changes in government regulations, the political situation, or generally adverse investor sentiment. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain equity securities may be less liquid, meaning that they may be difficult to sell at a time or price that is desirable, than </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other types of securities, or they may be illiquid. Some securities exchanges or stock markets may also be less liquid or illiquid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">due to low trading volume. In addition, equity securities include common stock. Common stock holds the lowest priority in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capital structure of a company and therefore takes the largest share of the company’s risk and its accompanying volatility. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rights of common stockholders generally are subordinate to all other claims on a company’s assets, including preferred </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stockholders and debt holders with respect to the payment of dividends and upon the liquidation or bankruptcy of the issuing </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">company. The common stock of a company that experiences financial distress may lose significant value or become worthless, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and therefore the Fund could lose money if a company in which it invests becomes financially distressed.  </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-style: italic; font-weight: bold; margin-left: 12pt;">Liquidity Risk</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition, the trading market for a particular security or type of security in which the Fund invests may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly less liquid than developed or even emerging markets, and there may be little or no trading volume for a period of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">time for a particular security. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities quickly </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">at a desired price when necessary to meet the Fund’s liquidity needs or in response to a specific economic event. It may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult at times to sell such securities at any price, which could impact not only the daily net asset value (NAV) of the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">but also the composition of the portfolio if other securities must be sold to meet the Fund’s liquidity needs. Additionally, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market quotations for such securities may be volatile and thus affect the daily NAV of the Fund.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Foreign Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to additional risks not associated with investments in U.S. securities. Securities issued by companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">incorporated outside the United States but whose securities are principally traded in the United States are still subject to many </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the foreign securities risks such as economic and political risks. Differences in the economic and political environment, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">amount of available public information, custody practices for assets, the amount of taxation, limitations on the use or transfer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of Fund assets, the degree of market regulation, settlement practices, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transaction costs,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the potential for permanent or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">temporary termination of trading, and financial reporting, accounting and auditing standards, and, in the case of foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency-denominated securities, fluctuations in currency exchange rates, can have a significant adverse effect on the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a foreign security. More specifically, changes in currency exchange rates will affect the value of non-U.S. securities, the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">dividends and interest earned from such securities and gains and losses realized on the sale of such securities. The value of an </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment denominated in a foreign currency will decline in U.S. dollar terms if that currency weakens against the U.S. dollar. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may be invested in the local currency of a foreign country in connection with executing foreign securities transactions. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">When the Fund executes the securities transactions, there is the risk of the value of the foreign currency increasing or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">decreasing against the value of the U.S. dollar. While the Fund is permitted to hedge currency risks, the Advisor does not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">anticipate doing so at this time. Additionally, certain countries may restrict foreign investment in their securities and may utilize </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">formal or informal currency-exchange controls or “capital controls.” Capital controls may impose restrictions on the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ability to repatriate investments or income.  Such capital controls can also have a significant effect on the value of the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">holdings. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Other government actions, such as confiscations, the nationalization of companies, the imposition of sanctions, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade restrictions (including tariffs), could also negatively impact an investment in a foreign security.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Developed Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investment in a developed country issuer may subject the Fund to regulatory, political, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency, security, economic and other risks associated with developed countries. Developed countries tend to represent a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significant portion of the global economy and have generally experienced slower economic growth than some less developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries. In addition, developed countries may be impacted by changes to the economic conditions of certain key trading </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">partners, regulatory burdens, debt burdens and the price or availability of certain commodities.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Europe and United Kingdom Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The value of the Fund’s assets may be adversely affected by, among other things, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">social, political, regulatory, economic and other events or conditions affecting Europe and the United Kingdom (“U.K.”). The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economies and markets of European countries are often closely connected and interdependent, and events in one country in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Europe can have an impact on other European countries. Many countries in Europe are member states of the European Union </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(“EU”) and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a number of countries within the EU are also members of the Economic and Monetary Union (the “eurozone”) </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">having adopted the euro as their currency. These European countries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">will be significantly affected by the fiscal and monetary </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">controls of the EU. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Eurozone membership requires member states to comply with restrictions in inflation rates, deficits, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every other country in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Europe.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recessions or defaults or threats of defaults among European countries may have a significant adverse effect on the economies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of other European countries, including those outside the EU. The European financial markets have experienced significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility, and several European countries have been adversely affected by unemployment, budget deficits and economic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">downturns. Responses to financial problems by European governments, central banks and others, including austerity measures </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and reforms, may not produce the desired results, may result in social unrest, may limit future growth and economic recovery or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have other unintended consequences. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain countries also could, without prior warning, impose capital controls to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">restrict volatile movements of capital entering and exiting their country. Such controls may negatively affect the Fund’s </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Defaults or restructurings by governments and other entities of their debt could have additional adverse effects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on economies, financial markets and asset valuations around the world. Successionist movements, as well as governmental or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other response to such movements, may also create instability and uncertainty in the region.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Recent security concerns related </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to immigration, war and geopolitical risk, and terrorism could have a negative impact on the EU and investments in European </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Efforts by the member countries of the EU to continue to unify their economic and monetary policies also may increase the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potential for similarities in movements of European markets and reduce the potential investment benefits of diversification </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">within the region. Further, while many countries in western Europe are considered to have developed markets, many eastern </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">European countries are less developed, and investments in eastern European countries, even if denominated in euros, may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">involve special risks associated with investments in emerging markets. As the economies of countries in Europe are in different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stages of development, the policies adopted by the EU may not address the needs of all European member countries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition, investments in issuers located in the U.K. may subject the Fund to regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic risk specific to the U.K. The U.K. has one of the largest economies in Europe and is heavily dependent on trade with </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the EU and to a lesser extent, the United States and China. As a result, the economy of the U.K. may be impacted by changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to the economic health of EU member countries, the U.S. and China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain European countries have also developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increasingly strained relationships with the U.S., and if these relations were to worsen, they could adversely affect European </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers that rely on U.S. trade.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In 2020, the U.K. left the EU (referred to as “Brexit”). The U.K. and the EU reached a trade </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">agreement that was ratified by all applicable U.K. and EU government bodies although certain aspects of the relationship </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">remain unresolved and subject to further negotiations and agreement. The effects of Brexit are also shaped by the trade </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">agreements that the U.K. negotiates with other countries. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The U.K.’</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">s departure sparked volatility in the value of the British </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pound,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">short term declines in the stock markets and heightened risk of continued economic volatility worldwide. Although the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">long-term </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">effects of Brexit are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult to gauge and cannot be fully known</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">they could have</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">wide</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ranging implications for</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.K.’s economy</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The potential negative effects of</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Brexit</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on the U.K.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> and the EU economies and the broader global economy </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could include</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">among others</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">business and trade disruptions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increased volatility and illiquidity,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">fluctuations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potentially lower growth of markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the U.K.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> EU and globally and sparking additional member states to contemplate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">departing</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the EU</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">thereby perpetuating political instability in the region and additional market disruption globally) which could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adversely affect </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">’s investments</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Country/Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Social, political and economic conditions and changes in regulatory, tax, or economic policy in a country </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or region could significantly affect the market in that country or region. In addition, global economies and financial markets are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may represent a large portion of the market in a particular country or region and industries can be sensitive to adverse social, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">political, economic, or regulatory developments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Asia Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The value of the Fund’s assets may be adversely affected by, among other things, political, economic, social </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and religious instability, inadequate investor protection, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">inadequate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">accounting standards and practices, changes in laws or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulations of countries within the Asia region, relations with other nations, natural disasters, corruption, civil unrest, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">military activity. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In particular, China’s economy has a heavy influence on the Asia region, and therefore actions taken by China </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or developments impacting China and its economy may negatively impact the economies and companies in other countries in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the Asia region, including adversely affecting the investments held by a Fund in the Asia region regardless of the direct or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">indirect exposure the Fund may have to issuers in China.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Countries in the Asia region, particularly China, Japan and South </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Korea, may be adversely affected by disputes with many of their neighbors and historically strained relations with Japan could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adversely impact economies in the region. The economies of many Asian countries differ from the economies of more developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries in many respects, such as the rate of growth, inflation, capital reinvestment, resource self-sufficiency, financial </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">system stability, and sensitivity to changes in global trade. Certain Asian countries are highly dependent upon and may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected by developments in the United States, Europe and other Asian economies. Asian economies and companies could be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected if global economic conditions deteriorate as a result of political instability and uncertainty. In addition, international </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade could be affected by politically motivated actions in the U.S. and Europe, and by increased tensions with other nations.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Japan Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Japanese economy has only recently emerged from a prolonged economic downturn. The Japanese </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economy may be subject to considerable economic, political and social instability, which could have a negative impact on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Japanese securities. Since the year 2000, Japan’s economic growth rate has remained relatively low compared to other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">advanced economies, and it may remain low in the future. The economy is characterized by an aging and declining population, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">large government debt and a highly regulated labor market. Economic growth is dependent on domestic consumption, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deregulation and consistent government policy. International trade, particularly with the U.S., also impacts growth. Adverse </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions affecting the economies of the U.S. and Japan’s other trading partners may also affect Japan. Japan also has a </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">growing economic relationship with China and other Southeast Asian countries, and thus Japan’s economy may also be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected by economic, political or social instability in those countries (whether resulting from local or global events as well as </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from any deterioration in its relationship with neighboring countries). In addition, Japan is subject to the risk of natural </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">disasters such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the Fund.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Small Cap Company Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Small-cap stocks may be very sensitive to changing economic conditions and market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">downturns because the issuers often have narrow markets for their products or services, fewer product lines, and more limited </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">managerial and financial resources than larger issuers. The stocks of small-cap companies may therefore be more volatile and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the ability to sell these stocks at a desirable time or price may be more limited.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Growth Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Growth stock prices may be more sensitive to changes in companies’ current or expected earnings than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the prices of other stocks, and growth stock prices may fall or may not appreciate in step with the broader securities markets. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Growth companies may be newer or smaller companies and may retain a large part of their earnings for research, development </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or investments in capital assets.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Sector and Industry Weightings Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> To the extent the Fund emphasizes, from time to time, investments in a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Market conditions, interest rates, and economic, political, regulatory, or financial developments could significantly affect all the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in those sectors. The Fund may also from time to time make significant investments in an industry or industries within </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a particular sector. The industries that constitute a sector may all react in the same way to economic, political or regulatory </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events. Adverse conditions in such industry or industries could have a correspondingly adverse effect on the financial condition </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of issuers. These conditions may cause the value of the Fund’s shares to fluctuate more than the values of shares of funds that </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invest in a greater variety of investments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Consumer Discretionary</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;"> Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consumer discretionary</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> sector includes companies in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industries such as consumer</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">household durables,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">leisure products, textiles,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> apparel and luxury goods</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">hotels,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">restaurants,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">retailing,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and automobiles</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consumer discretionary sector may be significantly impacted by the performance of the overall domestic and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">global economy and by interest rates. The consumer discretionary sector relies heavily on disposable household income and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">spending.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Companies in this sector may be subject to severe competition</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">which may have an adverse impact on their </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">respective profitability. The retail industry can be significantly affected by changes in demographics</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and consumer tastes and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">shopping habits</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">which can also affect the demand for</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">success </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consumer products and services</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the marketplace</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">automotive</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry is highly</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">cyclical and can be significantly affected by labor relations and fluctuating component prices</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Communication Services Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The communication services sector includes diversified telecommunication services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies, wireless telecommunication services companies, and media and entertainment companies. The communication </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services sector is subject to government regulation and can be significantly affected by intense competition and technology </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, which may make the products and services of certain companies obsolete. Wireless telecommunication services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies can be significantly affected by failure to obtain, or delays in obtaining, financing or regulatory approval, intense </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">competition, product incompatibility, changing consumer preferences, rapid obsolescence, significant capital expenditures, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">heavy debt burdens. Media and entertainment companies can be significantly affected by technological advances, government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation, and changing consumer preferences.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Industrials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The industrials sector includes companies in the capital goods, commercial and professional services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and transportation industry groups, including companies engaged in the business of human capital management, business </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">research and consulting, air freight and logistics, transportation services, airlines, maritime shipping and transportation, ground </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transportation, transportation infrastructure, and aerospace and defense. Companies in the industrials sector can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by general economic trends, including such factors as employment and economic growth, interest rate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, changes in consumer spending, legislative and government regulation and spending, import controls, commodity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">prices, and worldwide competition. Changes in the economy, fuel prices, labor agreements, and insurance costs may result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">occasional sharp price movements in transportation securities. Aerospace and defense companies rely, to a significant extent, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on government demand for their products and services. The financial condition of, and investor interest in, aerospace and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">defense companies are heavily influenced by government defense spending policies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Information Technology</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;"> Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology sector includes companies in the software and services</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology hardware and equipment</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">semiconductors and semiconductor equipment industry groups</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology sector are subject to rapid obsolescence of existing technology</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">short product cycles,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">falling prices and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">profits,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">competition from new market</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">entrants,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and general economic conditions.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Stocks of companies in the information </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">especially those of smaller</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">less-</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">seasoned companies</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">tend to be</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">more volatile than the overall market. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Technological developments</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">fixed rate pricing</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the ability to</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">retain skilled employees can significantly affect the industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the information</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology sector</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Financials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The financials sector includes companies in the banks, financial services, and insurance industry </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">groups. Companies in the financials sector are subject to extensive government regulation, can be subject to relatively rapid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Banking companies, including thrifts and mortgage finance and consumer finance companies, may be affected by extensive </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulation, which may limit both the amounts and types of loans and other financial commitments they can make, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the interest rates and fees they can charge, and the amount of capital they must maintain. Profitability is largely dependent on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Credit losses resulting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from financial difficulties of borrowers can negatively affect banking companies. Banking companies may also be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">severe price competition. Competition is high among banking companies and failure to maintain or increase market share may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in lost market value. Capital markets, a sub-industry of financial services, may be affected by extensive government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation as well as economic and other financial events that could cause fluctuations in the stock market, impacting the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">overall value of investments. The insurance industry may be affected by extensive government regulation and can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by interest rates, general economic conditions, and price and marketing competition. Different segments </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the insurance industry can be significantly affected by natural disasters, mortality and morbidity rates, and environmental </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">clean-up.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Real Estate Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The real estate sector includes companies involved in real estate management and development </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and issuers of equity real estate investment trusts (REITs). Securities of companies in the real estate sector may be adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected by, among other things, rental income fluctuation, depreciation, property tax value changes, differences in real estate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market values, overbuilding and extended vacancies, increased competition, costs of materials, operating expenses or zoning </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">laws, costs of environmental clean-up or damages from natural disasters, cash flow fluctuations, and defaults by borrowers </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and tenants.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Early Stage Companies Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Early stage companies may never obtain necessary financing, may rely on untested business </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry, and as such may never be profitable. Stocks of early stage companies may be illiquid, privately traded, and more </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatile and speculative than the securities of larger companies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Non-Diversification Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund can invest a larger portion of its assets in the stocks of a limited number of companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">than a diversified fund, which means it may have more exposure to the price movements of a single security or small group of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities than funds that diversify their investments among many companies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Operational and Cybersecurity Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">customer data, or proprietary information, or cause the Fund or its service providers to lose proprietary information, suffer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">data corruption, or lose operational functionality. Such events could cause the Fund to incur regulatory penalties, reputational </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">damage, additional compliance costs associated with corrective measures and/or financial loss. Similar incidents affecting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers of the Fund’s portfolio companies may negatively impact performance. Operational risk may arise from human error, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">errors by third parties, communication errors, or technology failures, among other causes. The Fund also relies on a range of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services from third-parties, including custody. Any delay or failure in the services provided to the Fund may negatively affect the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund and its ability to meet its investment objective. Although the Fund and the Fund’s investment adviser seek to reduce </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">operational risks through controls and/or procedures, it is not possible to identify and address all such risks and there is no way </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to completely protect against or mitigate such risks, especially because the Fund does not directly control the cybersecurity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">systems of issuers or third-party service providers.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Government and Regulatory Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The risk that governments or regulatory authorities may take actions that could adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affect markets in which the Fund invests and in the economy, more generally. Government and regulatory authorities may also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">act to increase the scope or burden of regulations applicable to the Fund and to the companies in which the Fund invests. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">legislation or regulation could restrict the ability of the Fund to fully implement its investment strategies, either generally or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">with respect to certain securities, industries or countries and could limit or preclude the Fund’s ability to achieve its investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">objective.</span></div> Historical Performance <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The following tables provide information on how the Fund has performed over time. Performance in this section represents </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Performance for the Fund’s Investor Class shares would be substantially similar to that for Institutional Class shares because </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the shares are invested in the same portfolio of securities and would differ only to the extent that Institutional Class shares </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">have different expenses. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The table below is </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">designed to help you evaluate your risk tolerance by showing the best and worst quarterly performance of the Fund’s Investor Class for the calendar years shown in the bar chart. The average annual total returns table below allows you to compare the performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based market index and additional indexes composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. Performance information is updated </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regularly and is available on the Fund’s website </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">wasatchglobal.com</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> Performance in this section represents past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund.The average annual total returns table below allows you to compare the performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based market index and additional indexes composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. wasatchglobal.com Wasatch International Select Fund — Investor Class Year by Year Total Returns <div style="margin-top: 12pt;"><span style="color: #336f8a; font-family: arial; font-size: 12pt; font-weight: bold;">Best and Worst Quarterly Returns</span><span style="color: #000000; font-family: arial; font-size: 1pt; font-weight: bold; line-height: 0.00pt;"> </span></div> <div style="margin-top: 0.0pt;"> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 168pt;"> <tr style="height: 12.5pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Best — 6/30/2020</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">23.97%</span></div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Worst — 3/31/2022</span></div> </div> </td> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">-19.48%</span></div> </div> </td> </tr> </table> </div> Best 2020-06-30 0.2397 Worst 2022-03-31 -0.1948 Average Annual Total Returns(as of 12/31/25) 2019-10-01 2019-10-01 2019-10-01 0.0903 -0.0173 0.0434 0.0915 -0.0167 0.0439 0.0546 -0.0125 0.0344 2019-10-01 0.0940 -0.0135 0.0477 0.3239 0.3239 0.0791 0.0791 0.0949 0.0949 0.3122 0.3122 0.0892 0.0892 0.0974 0.0974 0.2400 0.2400 0.0274 0.0274 0.0658 0.0658 <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred. Wasatch International Small Cap Value Fund™ — Summary Investment Objective <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund’s investment objective is long-term growth of capital.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The tables below describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">in the tables and examples below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> Shareholder Fees (Fees paid directly from your investment.) 0 0 -0.0200 -0.0200 0 0 Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment.) 0.0100 0.0100 0.0411 0.0258 0.0511 0.0358 -0.0361 -0.0248 0.0150 0.0110 Other Expenses are based on estimates for the current fiscal year. January 31, 2027 Example <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">funds. The example assumes that you invested $10,000 in the applicable class of the Fund for the time periods indicated and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5% return </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">each year and that operating expenses (as a percentage of net assets) of the Fund remained the same. This example reflects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">contractual fee waivers and reimbursements through January 31, 2027. Although your actual costs may be higher or lower, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> 153 1208 112 866 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">performance. Because the Fund is newly organized, portfolio turnover is not available.</span></div> Principal Strategies <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund invests primarily in the equity securities of small foreign companies.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div><div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Under normal market conditions, we will invest at least 80% of the Fund’s net assets in the equity securities, typically </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">common stock, of small foreign companies. These companies will have, at the time of purchase, market capitalizations within </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the range of companies included in the Morgan Stanley Capital International (MSCI) ACWI Small Cap Index as of its most </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recent reconstitution date. As of the 2025 reconstitution date, the market capitalization of companies included in the MSCI </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ACWI Small Cap Index ranged from $61 million to $35.436 billion. The market capitalizations for the range of companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">MSCI ACWI Small Cap Index are subject to change following MSCI’s fourth quarter index review, which occurs on or around </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">November of each year. The Fund may also invest a significant portion of its total assets in micro cap companies with market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capitalizations below $1 billion (up to 90% under normal market conditions).</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div><div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund will typically invest in securities issued by companies tied economically to at least five countries (excluding the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United States). The Fund may invest a significant portion of its total assets (up to 50% under normal market conditions) at the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">time of purchase in securities issued by companies tied economically to emerging and frontier markets, which are those </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries currently included in the MSCI EFM (Emerging + Frontier Markets) Index. These companies typically are located in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Asia-Pacific region, Eastern Europe, the Middle East, Central and South America, and Africa. A company will be tied </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economically to a foreign country when at least 50% of its assets are in that country, or when it derives at least 50% of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">revenues or profits from goods produced or sold, investments made, or services performed in that country, regardless of where </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">it listed.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div><div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">To achieve the Fund’s investment objective, the Fund invests in securities that we believe are priced below their intrinsic long-term</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> value based on our valuation analysis.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div><div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">We use a “bottom-up” process of fundamental analysis to look for individual companies that we believe are temporarily </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">undervalued but have significant potential for stock price appreciation. Our analysis may include studying a company’s financial </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">statements, visiting company facilities, and meeting with executive management, suppliers and customers.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div><div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">We typically look for companies that we believe fall into one of the following three categories at the time of purchase:</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div><div> <div style="clear: both; margin-top: 0.0pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; text-align: left; width: 4.37pt; -sec-ix-redline:true"><span style="color: #000000; font-family: arial; font-size: 10pt;">•</span></div> <div style="float: left; line-height: 12.0pt; margin-left: 7.63pt; text-align: left; width: 505.00pt; -sec-ix-redline:true"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Undiscovered Gems</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> — Companies with good growth potential that have yet to be broadly discovered by Wall Street </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">analysts, thus actively undervalued relative to their expected growth rate.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div> <div style="clear: both; margin-top: 0.0pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; text-align: left; width: 4.37pt; -sec-ix-redline:true"><span style="color: #000000; font-family: arial; font-size: 10pt;">•</span></div> <div style="float: left; line-height: 12.0pt; margin-left: 7.63pt; text-align: left; width: 505.00pt; -sec-ix-redline:true"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Fallen Angels</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> — High quality growth companies that have experienced a temporary setback and therefore have appealing </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">valuations relative to their long-term growth potential.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div> <div style="clear: both; margin-top: 0.0pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; text-align: left; width: 4.37pt; -sec-ix-redline:true"><span style="color: #000000; font-family: arial; font-size: 10pt;">•</span></div> <div style="float: left; line-height: 12pt; margin-left: 7.63pt; text-align: left; width: 505.00pt; -sec-ix-redline:true"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Quality Value</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> — Quality companies with earnings potential that is not fully reflected in their stock prices.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a significant portion of its assets (greater than 5%) in a particular region or market, including Asia, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Europe, and India.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div><div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a significant portion of its assets (greater than 5%) in a few sectors, including communication services, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consumer discretionary, consumer staples, energy, health care, financials, industrials, information technology, materials, real </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">estate, and utilities.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div><div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund is classified as non-diversified, which means it may invest a larger percentage of its assets in the securities of a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">small number of issuers than a diversified fund.</span></div> The Fund may invest a significant portion of its assets (greater than 5%) in a few sectors, including communication services, consumer discretionary, consumer staples, energy, health care, financials, industrials, information technology, materials, real estate, and utilities. All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price of its shares. As a result, you may lose money if you invest in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Market risk is the risk that a particular security, or shares of the Fund in general, may fall in value. Securities are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments due to, among other things, market movements over the short-term or over longer periods during more prolonged </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market downturns. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or </span></div><div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund’s shares and result in increased market volatility.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Current Market and Economic Conditions Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Current market and economic conditions risk is the risk that a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment, or shares of the Fund in general, may fall in value due to current market and economic conditions or events. For </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">example, actions taken by the Federal Reserve or foreign central banks may at times result in unusually high market volatility, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may negatively impact companies, including banks and financial services companies, and negatively impact Fund performance. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S. regulators have also proposed from time to time changes to market and issuer regulations which may impact the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and any regulatory changes adopted could adversely impact the Fund’s ability to achieve its investment strategies or make </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets and investor behavior, which could have a negative impact on the Fund’s investments and operations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div><div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">confidence and may adversely impact financial markets and the broader economy. For example, in February 2022, Russia </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in Russia, Europe and the United States. The hostilities and sanctions resulting from those hostilities may have a significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact on certain Fund investments as well as performance and liquidity. Similarly, in October 2023, Hamas launched an attack </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on Israel, which touched off a strong military response from Israel that closed borders and airspace, damaged infrastructure </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and resulted in significant civilian and military casualties in Israel and the Gaza Strip. The conflict has reignited regional </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">tensions that threaten to involve other countries and factions. The continuing conflict and its escalation could have a severe </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adverse effect on the regional economy, currency and companies. These events may negatively impact other regional and global </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic markets of the world (including Europe and the United States), companies in such countries and various sectors, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industries and markets for securities and commodities globally, such as oil and natural gas. In addition, the Chinese government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the Fund’s assets may go down. Accordingly, the hostilities and sanctions resulting from these hostilities may have a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">negative effect on certain Fund investments, including investments extending beyond any direct or indirect exposure the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have to issuers of such countries or those of adjoining geographic regions.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div><div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impacted by trade disputes and other matters. For example, the U.S. recently has been in the process of renegotiating many of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">its global trade relationships and has imposed or threatened to impose significant import tariffs, including with respect to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">China. Such actions could lead to price volatility and overall decline in U.S. and global investment markets. It is difficult to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">predict the outcome and impact of any trade negotiations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div><div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition, a public health crisis and ensuing policies enacted by governments and central banks may cause significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 pandemic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div><div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in disruptions in the trading markets. Further, the interconnectivity between global economies and financial markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">country, region or financial market.</span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Stock Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investments may decline in value due to movements in the overall stock market.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Stock Selection Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund is actively managed, and its performance therefore will reflect, in part, the ability of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio manager(s) to select investments and to make investment decisions that are suited to achieving the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment objective. The Advisor does not actively track the composition or weightings of market indexes (including the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">benchmark indexes) or of the broader markets generally. As a result, the Fund could underperform its benchmark indexes and/or</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> other funds with a similar investment objective and/or strategy or it may lose value even when the overall stock market is not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in general decline.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Equity securities represent ownership in a company. They may be traded (bought or sold) on a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities exchange or stock market. Stock markets are volatile. The price of equity securities will fluctuate and can decline and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">reduce the value of a portfolio invested in equity securities. The value of equity securities purchased by the Fund could decline if </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries such as </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">labor shortages, an increase in production costs and changes in competitive conditions within an industry. In addition, the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of equity securities may decline due to, among other things, general market conditions not specifically related to a company or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in interest or currency rates, changes in government regulations, the political situation, or generally adverse investor sentiment. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain equity securities may be less liquid, meaning that they may be difficult to sell at a time or price that is desirable, than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other types of securities, or they may be illiquid. Some securities exchanges or stock markets may also be less liquid or illiquid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">due to low trading volume. In addition, equity securities include common stock. Common stock holds the lowest priority in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capital structure of a company and therefore takes the largest share of the company’s risk and its accompanying volatility. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rights of common stockholders generally are subordinate to all other claims on a company’s assets, including preferred </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stockholders and debt holders with respect to the payment of dividends and upon the liquidation or bankruptcy of the issuing </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">company. The common stock of a company that experiences financial distress may lose significant value or become worthless, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and therefore the Fund could lose money if a company in which it invests becomes financially distressed.  </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-style: italic; font-weight: bold; margin-left: 12pt;">Liquidity Risk</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition, the trading market for a particular security or type of security in which the Fund invests may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly less liquid than developed or even emerging markets, and there may be little or no trading volume for a period of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">time for a particular security. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities quickly </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">at a desired price when necessary to meet the Fund’s liquidity needs or in response to a specific economic event. It may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult at times to sell such securities at any price, which could impact not only the daily net asset value (NAV) of the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">but also the composition of the portfolio if other securities must be sold to meet the Fund’s liquidity needs. Additionally, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market quotations for such securities may be volatile and thus affect the daily NAV of the Fund.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Foreign Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to additional risks not associated with investments in U.S. securities. Securities issued by companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">incorporated outside the United States but whose securities are principally traded in the United States are still subject to many </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the foreign securities risks such as economic and political risks. Differences in the economic and political environment, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">amount of available public information, custody practices for assets, the amount of taxation, limitations on the use or transfer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of Fund assets, the degree of market regulation, settlement practices, transaction costs, the potential for permanent or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">temporary termination of trading, and financial reporting, accounting and auditing standards, and, in the case of foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency-denominated securities, fluctuations in currency exchange rates, can have a significant adverse effect on the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a foreign security. More specifically, changes in currency exchange rates will affect the value of non-U.S. securities, the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">dividends and interest earned from such securities and gains and losses realized on the sale of such securities. The value of an </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment denominated in a foreign currency will decline in U.S. dollar terms if that currency weakens against the U.S. dollar. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may be invested in the local currency of a foreign country in connection with executing foreign securities transactions. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">When the Fund executes the securities transactions, there is the risk of the value of the foreign currency increasing or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">decreasing against the value of the U.S. dollar. While the Fund is permitted to hedge currency risks, the Advisor does not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">anticipate doing so at this time. Additionally, certain countries may restrict foreign investment in their securities and may utilize </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">formal or informal currency-exchange controls or “capital controls.” Capital controls may impose restrictions on the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ability to repatriate investments or income. Such capital controls can also have a significant effect on the value of the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">holdings.  Other government actions, such as confiscations, the nationalization of companies, the imposition of sanctions, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade restrictions (including tariffs), could also negatively impact an investment in a foreign security.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Emerging Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition to the risks of investing in foreign securities in general, the enhanced risks of investing in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the securities of companies domiciled in emerging market countries include increased political or social instability, economies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on only a few industries, unstable currencies, runaway inflation, as well as highly volatile, substantially smaller and less </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">liquid securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">parties that fail to complete transactions, lack of or limited government oversight over securities exchanges and brokers, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">additional valuation risks, and the potential for government seizure of assets or nationalization of companies or other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government interference in which case the Fund could lose all or a significant portion of its investment in a country.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Frontier Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition to the risks of investing in foreign securities in developed and emerging markets, frontier </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market securities involve unique risks, such as exposure to economies less diverse and mature than those of the U.S. or more </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">established foreign markets. Given the generally smaller size and less developed capital markets than those of emerging </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets or other more developed foreign markets, the risks of investing in emerging markets are magnified for frontier </span></div><div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets. Economic or political instability may cause larger price changes in frontier market securities than in securities of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers based in more developed foreign countries, including securities of issuers in larger emerging markets. Frontier markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">generally receive less investor attention than developed markets or larger emerging markets. These risks can result in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potential for extreme stock price volatility and illiquidity.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Country/Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Social, political and economic conditions and changes in regulatory, tax, or economic policy in a country </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or region could significantly affect the market in that country or region. In addition, global economies and financial markets are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may represent a large portion of the market in a particular country or region and industries can be sensitive to adverse social, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">political, economic, or regulatory developments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Asia Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The value of the Fund’s assets may be adversely affected by, among other things, political, economic, social </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and religious instability, inadequate investor protection, inadequate accounting standards and practices, changes in laws or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulations of countries within the Asia region, relations with other nations, natural disasters, corruption, civil unrest, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">military activity. In particular, China’s economy has a heavy influence on the Asia region, and therefore actions taken by China </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or developments impacting China and its economy may negatively impact the economies and companies in other countries in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the Asia region, including adversely affecting the investments held by a Fund in the Asia region regardless of the direct or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">indirect exposure the Fund may have to issuers in China. Countries in the Asia region, particularly China, Japan and South </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Korea, may be adversely affected by disputes with many of their neighbors and historically strained relations with Japan could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adversely impact economies in the region. The economies of many Asian countries differ from the economies of more developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries in many respects, such as the rate of growth, inflation, capital reinvestment, resource self-sufficiency, financial </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">system stability, and sensitivity to changes in global trade. Certain Asian countries are highly dependent upon and may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected by developments in the United States, Europe and other Asian economies. Asian economies and companies could be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected if global economic conditions deteriorate as a result of political instability and uncertainty. In addition, international </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade could be affected by politically motivated actions in the U.S. and Europe, and by increased tensions with other nations.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Indian Market and India Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Government actions, bureaucratic obstacles and inconsistent economic and tax reform </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">policies within the Indian government have had a significant effect on the economy and could adversely affect market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions, deter economic growth and reduce the profitability of private enterprises. Global factors and foreign actions may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">inhibit the flow of foreign capital on which India is dependent to sustain its growth. Large portions of many Indian companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">remain in the hands of their founders (including members of their families). Family-controlled companies may have weaker and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">less transparent corporate governance, which increases the potential for loss and unequal treatment of investors. India </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">experiences many of the market risks associated with developing economies, including relatively low levels of liquidity, which </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may result in extreme volatility in the prices of Indian securities. Religious, cultural and military disputes persist in India, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">between India and Pakistan (as well as sectarian groups within each country). The threat of aggression in the region could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">hinder development of the Indian economy, and escalating tensions could impact the broader region, including China. Indian </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to a short-term capital gains tax in India on gains realized upon the disposition of securities lots held </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">less than one year. The Fund accrues for this potential expense, which reduces its net asset values.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div><div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Because the Fund may invest a large percentage of its assets in India, the value of the Fund’s shares may be affected by </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events that adversely affect India and may fluctuate more than the value of a less concentrated fund’s shares.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Developed Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investment in a developed country issuer may subject the Fund to regulatory, political, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency, security, economic and other risks associated with developed countries. Developed countries tend to represent a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significant portion of the global economy and have generally experienced slower economic growth than some less developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries. In addition, developed countries may be impacted by changes to the economic conditions of certain key trading </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">partners, regulatory burdens, debt burdens and the price or availability of certain commodities.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Europe and United Kingdom Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The value of the Fund’s assets may be adversely affected by, among other things, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">social, political, regulatory, economic and other events or conditions affecting Europe and the United Kingdom (“U.K.”). The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economies and markets of European countries are often closely connected and interdependent, and events in one country in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Europe can have an impact on other European countries. Many countries in Europe are member states of the European Union </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(“EU”) and a number of countries within the EU are also members of the Economic and Monetary Union (the “eurozone”) </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">having adopted the euro as their currency. These European countries will be significantly affected by the fiscal and monetary </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">controls of the EU. Eurozone membership requires member states to comply with restrictions in inflation rates, deficits, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every other country in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Europe. Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recessions or defaults or threats of defaults among European countries may have a significant adverse effect on the economies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of other European countries, including those outside the EU. The European financial markets have experienced significant </span></div><div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility, and several European countries have been adversely affected by unemployment, budget deficits and economic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">downturns. Responses to financial problems by European governments, central banks and others, including austerity measures </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and reforms, may not produce the desired results, may result in social unrest, may limit future growth and economic recovery or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have other unintended consequences. Certain countries also could, without prior warning, impose capital controls to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">restrict volatile movements of capital entering and exiting their country. Such controls may negatively affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments. Defaults or restructurings by governments and other entities of their debt could have additional adverse effects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on economies, financial markets and asset valuations around the world. Successionist movements, as well as governmental or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other response to such movements, may also create instability and uncertainty in the region. Recent security concerns related </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to immigration, war and geopolitical risk, and terrorism could have a negative impact on the EU and investments in European </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div><div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Efforts by the member countries of the EU to continue to unify their economic and monetary policies also may increase the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potential for similarities in movements of European markets and reduce the potential investment benefits of diversification </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">within the region. Further, while many countries in western Europe are considered to have developed markets, many eastern </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">European countries are less developed, and investments in eastern European countries, even if denominated in euros, may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">involve special risks associated with investments in emerging markets. As the economies of countries in Europe are in different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stages of development, the policies adopted by the EU may not address the needs of all European member countries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div><div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition, investments in issuers located in the U.K. may subject the Fund to regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic risk specific to the U.K. The U.K. has one of the largest economies in Europe and is heavily dependent on trade with </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the EU and to a lesser extent, the United States and China. As a result, the economy of the U.K. may be impacted by changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to the economic health of EU member countries, the U.S. and China. Certain European countries have also developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increasingly strained relationships with the U.S., and if these relations were to worsen, they could adversely affect European </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers that rely on U.S. trade. In 2020, the U.K. left the EU (referred to as “Brexit”). The U.K. and the EU reached a trade </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">agreement that was ratified by all applicable U.K. and EU government bodies although certain aspects of the relationship </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">remain unresolved and subject to further negotiations and agreement. The effects of Brexit are also shaped by the trade </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">agreements that the U.K. negotiates with other countries. The U.K.’s departure sparked volatility in the value of the British </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pound, short term declines in the stock markets and heightened risk of continued economic volatility worldwide. Although the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">long-term effects of Brexit are difficult to gauge and cannot be fully known, they could have wide ranging implications for the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.K.’s economy. The potential negative effects of Brexit on the U.K. and the EU economies and the broader global economy </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could include, among others, business and trade disruptions, increased volatility and illiquidity, currency fluctuations, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potentially lower growth of markets in the U.K., EU and globally and sparking additional member states to contemplate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">departing the EU (thereby perpetuating political instability in the region and additional market disruption globally) which could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adversely affect a Fund’s investments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Value Investing Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> A value investing strategy attempts to identify strong companies with stocks selling at a discount from </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">their perceived true worth. Value stocks include securities of companies that may have experienced, for example, adverse </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and potentially undervalued. Value investing is subject to the risk that the stocks’ intrinsic values may never be fully recognized </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">priced.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Growth Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Growth stock prices may be more sensitive to changes in companies’ current or expected earnings than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the prices of other stocks, and growth stock prices may fall or may not appreciate in step with the broader securities markets. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Growth companies may be newer or smaller companies and may retain a large part of their earnings for research, development </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or investments in capital assets.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Micro Cap and Small Company Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Micro cap and small company stocks may be very sensitive to changing economic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions and market downturns because the issuers have more narrow markets for their products and services, fewer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">product lines, and more limited managerial and financial resources than larger issuers. The stocks of micro cap and small </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies may therefore be more volatile and the ability to sell these stocks at a desirable time or price may be more limited. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">As noted above, the Fund under normal market conditions invests at least 80% of its net assets (plus borrowings for </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment purposes) in small-capitalization companies as defined above measured at the time of purchase. In pursuing its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment strategy, the Fund may hold such securities for long periods of time during which the market capitalization of such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies may increase due to market appreciation beyond the market capitalization of the largest company in the MSCI </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ACWI Small Cap Index (the “Appreciated Companies”). In accordance with current regulatory requirements, as of the date of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">this Prospectus, the Fund is not required to sell the portfolio holdings that have increased in value due to market appreciation </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">beyond the definition of a small-capitalization company and as a result, the Fund may at times have significant investments in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the Appreciated Companies. During periods when the Fund does not meet the 80% threshold due to the market appreciation </span></div><div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of its holdings, the Fund’s future acquisitions will only be in companies meeting its small-capitalization definition at the time of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">purchase. In addition, to the extent the weighted average market capitalization of the Fund is higher than that of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">benchmark or peers, the Fund’s performance compared to the benchmark or peers with similar strategies may differ. On </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">September 20, 2023, the SEC adopted amendments to the investment company name rule, Rule 35d-1, which requires, among </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other things, funds to review their portfolio investments periodically and if a fund no longer meets its respective 80% test, to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">take appropriate action to bring the fund back into compliance within a specified period which may include disposing of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio securities and may result in realized capital gains. To the extent the Fund falls within the revised rule, the Fund will </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">seek to comply with the conditions of the revised rule upon the SEC’s compliance date currently scheduled as of the date of this </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Prospectus to be on January 31, 2027, however the compliance date may be subject to additional delays and the requirements </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the amended Rule 35d-1 may be subject to additional modifications.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Sector and Industry Weightings Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> To the extent the Fund emphasizes, from time to time, investments in a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Market conditions, interest rates, and economic, political, regulatory, or financial developments could significantly affect all the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in those sectors. The Fund may also from time to time make significant investments in an industry or industries within </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a particular sector. The industries that constitute a sector may all react in the same way to economic, political or regulatory </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events. Adverse conditions in such industry or industries could have a correspondingly adverse effect on the financial condition </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of issuers. These conditions may cause the value of the Fund’s shares to fluctuate more than the values of shares of funds that </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invest in a greater variety of investments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Communication Services Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The communication services sector includes diversified telecommunication services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies, wireless telecommunication services companies, and media and entertainment companies. The communication </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services sector is subject to government regulation and can be significantly affected by intense competition and technology </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, which may make the products and services of certain companies obsolete. Wireless telecommunication services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies can be significantly affected by failure to obtain, or delays in obtaining, financing or regulatory approval, intense </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">competition, product incompatibility, changing consumer preferences, rapid obsolescence, significant capital expenditures, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">heavy debt burdens. Media and entertainment companies can be significantly affected by technological advances, government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation, and changing consumer preferences.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Consumer Discretionary Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The consumer discretionary sector includes companies in industries such as consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services, household durables, leisure products, textiles, apparel and luxury goods, hotels, restaurants, retailing, and automobiles. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Companies in the consumer discretionary sector may be significantly impacted by the performance of the overall domestic and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">global economy and by interest rates. The consumer discretionary sector relies heavily on disposable household income and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">spending. Companies in this sector may be subject to severe competition, which may have an adverse impact on their </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">respective profitability. The retail industry can be significantly affected by changes in demographics, and consumer tastes and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">shopping habits, which can also affect the demand for, and success of, consumer products and services in the marketplace. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">automotive industry is highly cyclical and can be significantly affected by labor relations and fluctuating component prices.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Consumer Staples Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The consumer staples sector includes companies in the consumer staples distribution and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">retail, food, beverage and tobacco, and household and personal products industry groups. Companies in the consumer staples </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector may be affected by demographics and product trends, competitive pricing, food fads, marketing campaigns, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">environmental factors, changes in consumer demands, the performance of the overall domestic and global economy, interest </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rates, consumer confidence and spending, and changes in commodity prices. Consumer staples companies may be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulations that may affect the permissibility of using various food additives and production methods. Tobacco </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies may be adversely affected by regulation, legislation and/or litigation.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Energy Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The energy sector includes companies in the energy equipment and services, and oil, gas and consumable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">fuels industries. The value of companies in these industries is particularly vulnerable to developments in the energy sector, which </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may include swift fluctuations in the price and supply of energy fuels caused by events relating to international politics, energy </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conservation initiatives, the success of exploration projects, the supply of, and demand for, specific energy-related products or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services, and tax and other governmental regulatory policies. Oil and gas companies develop and produce crude oil and natural </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">gas and provide related resources such as production- and distribution-related services. Stock prices for oil and gas companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in particular are affected by supply and demand both for companies’ specific products or services and for energy products in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">general. The performance of these companies will likewise be affected by the price of oil and gas, exploration and production </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">spending, government regulation, world events and economic conditions. Weak demand for energy companies’ products or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services or for energy products and services in general, as well as negative developments in these other areas, would adversely </span></div><div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact the energy stocks in which the Fund invests and the Fund’s performance. Oil and gas exploration and production </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies can be significantly affected by natural and man-made disasters as well as changes in currency exchange rates, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates, government regulation, world events and economic conditions, and the companies may be at risk for </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">environmental damage claims.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Health Care Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The health care sector includes companies in the health care equipment and services, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry groups. Health care companies are strongly affected by worldwide </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">scientific or technological developments. Their products may rapidly become obsolete. Many health care companies are also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to significant government regulation and may be affected by changes in government policies. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry group in particular are heavily dependent on patent protection, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the expiration of patents may adversely affect the profitability of such companies. These companies are also subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">extensive litigation based on product liability and other similar claims. Many new products are subject to government approval </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and the process of obtaining government approval can be long and costly, and even approved products are susceptible to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">obsolescence. These companies are also subject to competitive forces that may make it difficult to increase prices, or that may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">lead to price reductions.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Financials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The financials sector includes companies in the banks, financial services, and insurance industry </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">groups. Companies in the financials sector are subject to extensive government regulation, can be subject to relatively rapid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Banking companies, including thrifts and mortgage finance and consumer finance companies, may be affected by extensive </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulation, which may limit both the amounts and types of loans and other financial commitments they can make, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the interest rates and fees they can charge, and the amount of capital they must maintain. Profitability is largely dependent on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Credit losses resulting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from financial difficulties of borrowers can negatively affect banking companies. Banking companies may also be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">severe price competition. Competition is high among banking companies and failure to maintain or increase market share may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in lost market value. Capital markets, a sub-industry of financial services, may be affected by extensive government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation as well as economic and other financial events that could cause fluctuations in the stock market, impacting the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">overall value of investments. The insurance industry may be affected by extensive government regulation and can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by interest rates, general economic conditions, and price and marketing competition. Different segments </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the insurance industry can be significantly affected by natural disasters, mortality and morbidity rates, and environmental </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">clean-up.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Industrials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The industrials sector includes companies in the capital goods, commercial and professional services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and transportation industry groups, including companies engaged in the business of human capital management, business </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">research and consulting, air freight and logistics, transportation services, airlines, maritime shipping and transportation, ground </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transportation, transportation infrastructure, and aerospace and defense. Companies in the industrials sector can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by general economic trends, including such factors as employment and economic growth, interest rate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, changes in consumer spending, legislative and government regulation and spending, import controls, commodity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">prices, and worldwide competition. Changes in the economy, fuel prices, labor agreements, and insurance costs may result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">occasional sharp price movements in transportation securities. Aerospace and defense companies rely, to a significant extent, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on government demand for their products and services. The financial condition of, and investor interest in, aerospace and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">defense companies are heavily influenced by government defense spending policies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Information Technology Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The information technology sector includes companies in the software and services, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology hardware and equipment, and semiconductors and semiconductor equipment industry groups. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology sector are subject to rapid obsolescence of existing technology, short product cycles, falling prices and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">profits, competition from new market entrants, and general economic conditions. Stocks of companies in the information </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology sector, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Technological developments, fixed rate pricing, and the ability to retain skilled employees can significantly affect the industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in the information technology sector.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Materials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The materials sector includes companies in the chemicals, construction materials, containers and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">packaging, metals and mining, and paper and forest products industries. Changes in world events, political, environmental and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic conditions, energy conservation, environmental policies, commodity price volatility, changes in currency exchange </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rates, imposition of import and export controls, increased competition, and labor relations may adversely affect companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">engaged in the production and distribution of materials. Other risks may include liabilities for environmental damage, depletion </span></div><div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of resources, and mandated expenditures for safety and pollution control. Companies in the chemicals industry may be subject </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to risks associated with the production, handling and disposal of hazardous components. Metals and mining companies could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">be affected by supply and demand, operational costs, and liabilities for environmental damage.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Real Estate Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The real estate sector includes companies involved in real estate management and development </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and issuers of equity real estate investment trusts (REITs). Securities of companies in the real estate sector may be adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected by, among other things, rental income fluctuation, depreciation, property tax value changes, differences in real estate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market values, overbuilding and extended vacancies, increased competition, costs of materials, operating expenses or zoning </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">laws, costs of environmental clean-up or damages from natural disasters, cash flow fluctuations, and defaults by borrowers </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and tenants.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Utilities Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The utilities sector includes electric utilities, gas utilities, water utilities, multi-utilities (electric, gas and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">water), and independent power and renewable electricity producers. Companies in the utilities sector are affected by supply </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and demand, consumer incentives, operating costs, government regulation, environmental factors, liabilities for environmental </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">damage and general civil liabilities, and rate caps or rate changes. The value of regulated utility company stocks may have an </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">inverse relationship to the movement of interest rates. Also, certain utility companies have experienced full or partial </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deregulation in recent years, which may permit them to diversify outside of their original geographic regions and their </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">traditional lines of business. Conversely, companies that remain heavily regulated may be at a competitive disadvantage, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">making them less profitable. In addition, natural disasters, terrorist attacks, government intervention or other factors may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">render a utility company’s equipment unusable and may have an adverse impact on profitability. Utility companies are subject </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to the high cost of borrowing to finance capital construction during inflationary periods, restrictions on operations and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increased costs and delays associated with compliance with environmental and nuclear safety regulations, and the difficulties </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">involved in obtaining natural gas for resale or fuel for generating electricity at reasonable prices. Other risks include those </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">related to the construction and operation of nuclear power plants, the effects of energy conservation, and the effects of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulatory changes.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Operational and Cybersecurity Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">customer data, or proprietary information, or cause the Fund or its service providers to lose proprietary information, suffer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">data corruption, or lose operational functionality. Such events could cause the Fund to incur regulatory penalties, reputational </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">damage, additional compliance costs associated with corrective measures and/or financial loss. Similar incidents affecting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers of the Fund’s portfolio companies may negatively impact performance. Operational risk may arise from human error, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">errors by third parties, communication errors, or technology failures, among other causes. The Fund also relies on a range of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services from third-parties, including custody. Any delay or failure in the services provided to the Fund may negatively affect the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund and its ability to meet its investment objective. Although the Fund and the Fund’s investment adviser seek to reduce </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">operational risks through controls and/or procedures, it is not possible to identify and address all such risks and there is no way </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to completely protect against or mitigate such risks, especially because the Fund does not directly control the cybersecurity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">systems of issuers or third-party service providers.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Non-Diversification Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund can invest a larger portion of its assets in the stocks of a limited number of companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">than a diversified fund, which means it may have more exposure to the price movements of a single security or small group of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities than funds that diversify their investments among many companies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">New Fund Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Because a new fund begins operations with few assets, operating expenses for a new fund are relatively </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">high until the fund begins to manage sufficient assets to achieve operating efficiencies. While the Advisor has contractually </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">agreed to reimburse Fund expenses over a certain level for a period of time to keep shareholder expenses at a certain specific </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">level, there is a risk that the expense limitation agreement is not continued and the expenses of the Fund increase significantly </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">until the Fund reaches scale. There is also the risk that the Fund never reaches scale, that the investment strategies do not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">work as expected and that the Fund fails to achieve its stated investment objective.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Government and Regulatory Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The risk that governments or regulatory authorities may take actions that could adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affect markets in which the Fund invests and in the economy, more generally. Government and regulatory authorities may also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">act to increase the scope or burden of regulations applicable to the Fund and to the companies in which the Fund invests. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">legislation or regulation could restrict the ability of the Fund to fully implement its investment strategies, either generally or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">with respect to certain securities, industries or countries and could limit or preclude the Fund’s ability to achieve its investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">objective.</span></div> Historical Performance <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Ordinarily, this section of the prospectus contains information that would allow you to evaluate the Fund’s performance </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">using several different measures such as yearly changes in performance, best and worst quarterly returns and average annual </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">total returns before and after taxes compared to a relevant benchmark. However, the Fund commenced operations on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">October 1, 2025 and as such does not have a full calendar year of performance.</span></div> However, the Fund commenced operations on October 1, 2025 and as such does not have a full calendar year of performance. Investment Objective <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund’s investment objective is long-term growth of capital.</span></div> Fees and Expenses of the Fund The tables below describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.  Shareholder Fees (Fees paid directly from your investment.) 0 0 -0.0200 -0.0200 0 0 Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment.) 0.0080 0.0080 0.0554 0.0504 0.0634 0.0584 -0.0529 -0.0494 0.0105 0.0090 January 31, 2027 Example <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">funds. The example assumes that you invested $10,000 in the applicable class of the Fund for the time periods indicated and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5% return </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">each year and that operating expenses (as a percentage of net assets) of the Fund remained the same. This example reflects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">contractual fee waivers and reimbursements through January 31, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2027</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. Although your actual costs may be higher or lower, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> 107 1406 2672 5692 92 1296 2482 5360 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">performance. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">From commencement of operations on November</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> 29</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2024 through September</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> 30, 2025, the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">turnover </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rate was 13% of the average value of its portfolio</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> 0.13 Principal Strategies <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund invests primarily in the equity securities of foreign companies.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Under normal market conditions, we will invest the Fund’s net assets primarily in the equity securities, typically common </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stock, of foreign companies of all market capitalizations, although we expect a significant portion (greater than 5%) of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund’s total assets to be invested in companies with market capitalizations of over $5 billion at the time of purchase. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Advisor considers greater than 5% to be a significant portion. Under normal market conditions, the Fund will invest in securities </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issued by companies domiciled in at least five of the countries included in the Morgan Stanley Capital International (MSCI) </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ACWI ex USA Index, which captures large and mid cap representation across developed market countries (excluding the U.S.) </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and emerging markets countries. The MSCI ACWI ex USA Index includes companies domiciled in countries around the world, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">including companies in the Asia region, Europe and the U.K.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a significant portion of its total assets (5% to 50% under normal market conditions) at the time of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">purchase in securities issued by companies domiciled in emerging and frontier markets, which are those countries currently </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">included in the MSCI EFM (Emerging + Frontier Markets) Index. These companies typically are located in the Asia-Pacific region, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Eastern Europe, the Middle East, Central and South America, and Africa.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In seeking to achieve the Fund’s investment objectives, the Fund invests in securities that we believe are priced below their </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">intrinsic long-term value based on our valuation analysis.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Our valuation analysis is intended to establish a range for fair valuation or intrinsic company value, with a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">emphasis on company fundamentals. The intrinsic valuation analysis may include:</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div> <div style="clear: both; margin-top: 0.0pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; text-align: left; width: 4.37pt;"><span style="color: #000000; font-family: arial; font-size: 10pt;">•</span></div> <div style="float: left; line-height: 12.0pt; margin-left: 7.63pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Calculating and reviewing standard ratios, such as price-to-sales, price-to-book, price-to-earnings, and price/earnings-to-</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">growth.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 0.0pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; text-align: left; width: 4.37pt;"><span style="color: #000000; font-family: arial; font-size: 10pt;">•</span></div> <div style="float: left; line-height: 12.0pt; margin-left: 7.63pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Discounted cash flow models with sensitivity analysis for changes to revenue growth rates, operating margins, outstanding </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">share counts, earnings multiples, and tangible book value.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund typically seeks to sell a security when the issuing company becomes overvalued relative to our analysis of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">intrinsic long-term value.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a significant portion of its assets (greater than 5%) in a particular region or market, including Asia and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Europe.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a significant portion of its assets (greater than 5%) in a few sectors, including </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">financials</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">health care</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consumer staples, energy, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">utilities</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industrials, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">communication services</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund is classified as non-diversified, which means it may invest a larger percentage of its assets in the securities of a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">small number of issuers than a diversified fund.</span></div> The Fund may invest a significant portion of its assets (greater than 5%) in a few sectors, including financials, health care, consumer staples, energy, utilities, industrials, communication services, and information technology.  All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price of its shares. As a result, you may lose money if you invest in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Market risk is the risk that a particular security, or shares of the Fund in general, may fall in value. Securities are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments due to, among other things, market movements over the short-term or over longer periods during more prolonged </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market downturns. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund’s shares and result in increased market volatility.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Current Market and Economic Conditions Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Current market and economic conditions risk is the risk that a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment, or shares of the Fund in general, may fall in value due to current market and economic conditions or events. For </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">example, actions taken by the Federal Reserve or foreign central banks may at times result in unusually high market volatility, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may negatively impact companies, including banks and financial services companies, and negatively impact Fund performance. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S. regulators have also proposed from time to time changes to market and issuer regulations which may impact the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and any regulatory changes adopted could adversely impact the Fund’s ability to achieve its investment strategies or make </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets and investor behavior, which could have a negative impact on the Fund’s investments and operations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">confidence and may adversely impact financial markets and the broader economy. For example, in February 2022, Russia </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in Russia, Europe and the United States. The hostilities and sanctions resulting from those hostilities may have a significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact on certain Fund investments as well as performance and liquidity. Similarly, in October 2023, Hamas launched an attack </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on Israel, which touched off a strong military response from Israel that closed borders and airspace, damaged infrastructure </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and resulted in significant civilian and military casualties in Israel and the Gaza Strip. The conflict has reignited regional </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">tensions that threaten to involve other countries and factions. The continuing conflict and its escalation could have a severe </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adverse effect on the regional economy, currency and companies. These events may negatively impact other regional and global </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic markets of the world (including Europe and the United States), companies in such countries and various sectors, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industries and markets for securities and commodities globally, such as oil and natural gas. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In addition, the Chinese government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the Fund’s assets may go down.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Accordingly, the hostilities and sanctions resulting from these hostilities may have a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">negative effect on certain Fund investments, including investments extending beyond any direct or indirect exposure the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have to issuers of such countries or those of adjoining geographic regions.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impacted by trade disputes and other matters. For example, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recently has been in the process of renegotiating many of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">its global trade relationships and has imposed or threatened to impose significant import tariffs, including with respect to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such actions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could lead to price volatility and overall decline in U</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">S</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and global investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">It is difficult to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">predict </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the outcome and impact of any trade</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> negotiations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> a</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> public health crisis and ensuing policies enacted by governments and central banks </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> cause significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and uncertainty in global financial markets, negatively impacting global growth prospects. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">As the COVID-19 pandemic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in disruptions in the trading markets. Further, the interconnectivity between global economies and financial markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">country, region or financial market.</span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Stock Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investments may decline in value due to movements in the overall stock market.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Stock Selection Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund is actively managed, and its performance therefore will reflect, in part, the ability of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio manager(s) to select investments and to make investment decisions that are suited to achieving the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment objective. The Advisor does not actively track the composition or weightings of market indexes (including the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">benchmark indexes) or of the broader markets generally. As a result, the Fund could underperform its benchmark indexes and/or</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> other funds with a similar investment objective and/or strategy or it may lose value even when the overall stock market is not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in general decline.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Equity securities represent ownership in a company. They may be traded (bought or sold) on a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities exchange or stock market. Stock markets are volatile. The price of equity securities will fluctuate and can decline and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">reduce the value of a portfolio invested in equity securities. The value of equity securities purchased by the Fund could decline if </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries such as </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">labor shortages, an increase in production costs and changes in competitive conditions within an industry. In addition, the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of equity securities may decline due to, among other things, general market conditions not specifically related to a company or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in interest or currency rates, changes in government regulations, the political situation, or generally adverse investor sentiment. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain equity securities may be less liquid, meaning that they may be difficult to sell at a time or price that is desirable, than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other types of securities, or they may be illiquid. Some securities exchanges or stock markets may also be less liquid or illiquid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">due to low trading volume. In addition, equity securities include common stock.  Common stock holds the lowest priority in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capital structure of a company and therefore takes the largest share of the company’s risk and its accompanying volatility.  The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rights of common stockholders generally are subordinate to all other claims on a company’s assets, including preferred </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stockholders and debt holders with respect to the payment of dividends and upon the liquidation or bankruptcy of the issuing </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">company.  The common stock of a company that experiences financial distress may lose significant value or become worthless, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and therefore the Fund could lose money if a company in which it invests becomes financially distressed.  </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-style: italic; font-weight: bold; margin-left: 12pt;">Liquidity Risk</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition, the trading market for a particular security or type of security in which the Fund invests may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly less liquid than developed or even emerging markets, and there may be little or no trading volume for a period of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">time for a particular security. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities quickly </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">at a desired price when necessary to meet the Fund’s liquidity needs or in response to a specific economic event. It may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult at times to sell such securities at any price, which could impact not only the daily net asset value (NAV) of the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">but also the composition of the portfolio if other securities must be sold to meet the Fund’s liquidity needs. Additionally, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market quotations for such securities may be volatile and thus affect the daily NAV of the Fund.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Foreign Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to additional risks not associated with investments in U.S. securities. Securities issued by companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">incorporated outside the United States but whose securities are principally traded in the United States are still subject to many </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the foreign securities risks such as economic and political risks. Differences in the economic and political environment, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">amount of available public information, custody practices for assets, the amount of taxation, limitations on the use or transfer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of Fund assets, the degree of market regulation, settlement practices, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transaction costs,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the potential for permanent or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">temporary termination of trading, and financial reporting, accounting and auditing standards, and, in the case of foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency-denominated securities, fluctuations in currency exchange rates, can have a significant adverse effect on the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a foreign security. More specifically, changes in currency exchange rates will affect the value of non-U.S. securities, the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">dividends and interest earned from such securities and gains and losses realized on the sale of such securities. The value of an </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment denominated in a foreign currency will decline in U.S. dollar terms if that currency weakens against the U.S. dollar. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may be invested in the local currency of a foreign country in connection with executing foreign securities transactions. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">When the Fund executes the securities transactions, there is the risk of the value of the foreign currency increasing or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">decreasing against the value of the U.S. dollar. While the Fund is permitted to hedge currency risks, the Advisor does not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">anticipate doing so at this time. Additionally, certain countries may restrict foreign investment in their securities and may utilize </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">formal or informal currency-exchange controls or “capital controls.” Capital controls may impose restrictions on the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ability to repatriate investments or income. Such capital controls can also have a significant effect on the value of the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">holdings. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Other government actions, such as confiscations, the nationalization of companies, the imposition of sanctions, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade restrictions (including tariffs), could also negatively impact an investment in a foreign security.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Emerging Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition to the risks of investing in foreign securities in general, the enhanced risks of investing in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the securities of companies domiciled in emerging market countries include increased political or social instability, economies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on only a few industries, unstable currencies, runaway inflation, as well as highly volatile, substantially smaller and less </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">liquid securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">parties that fail to complete transactions, lack of or limited government oversight over securities exchanges and brokers, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">additional valuation risks, and the potential for government seizure of assets or nationalization of companies or other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government interference in which case the Fund could lose all or a significant portion of its investment in a country.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Frontier Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition to the risks of investing in foreign securities in developed and emerging markets, frontier </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market securities involve unique risks, such as exposure to economies less diverse and mature than those of the U.S. or more </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">established foreign markets. Given the generally smaller size and less developed capital markets than those of emerging </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets or other more developed foreign markets, the risks of investing in emerging markets are magnified for frontier </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets. Economic or political instability may cause larger price changes in frontier market securities than in securities of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers based in more developed foreign countries, including securities of issuers in larger emerging markets. Frontier markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">generally receive less investor attention than developed markets or larger emerging markets. These risks can result in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potential for extreme stock price volatility and illiquidity.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Country/Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Social, political and economic conditions and changes in regulatory, tax, or economic policy in a country </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or region could significantly affect the market in that country or region. In addition, global economies and financial markets are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may represent a large portion of the market in a particular country or region and industries can be sensitive to adverse social, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">political, economic, or regulatory developments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Asia Region Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The value of the Fund’s assets may be adversely affected by, among other things, political, economic, social </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and religious instability, inadequate investor protection, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">inadequate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">accounting standards and practices, changes in laws or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulations of countries within the Asia region, relations with other nations, natural disasters, corruption, civil unrest, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">military activity. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In particular, China’s economy has a heavy influence on the Asia region, and therefore actions taken by China </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or developments impacting China and its economy may negatively impact the economies and companies in other countries in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the Asia region, including adversely affecting the investments held by a Fund in the Asia region regardless of the direct or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">indirect exposure the Fund may have to issuers in China.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Countries in the Asia region, particularly China, Japan and South </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Korea, may be adversely affected by disputes with many of their neighbors and historically strained relations with Japan could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adversely impact economies in the region. The economies of many Asian countries differ from the economies of more developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries in many respects, such as the rate of growth, inflation, capital reinvestment, resource self-sufficiency, financial </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">system stability, and sensitivity to changes in global trade. Certain Asian countries are highly dependent upon and may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected by developments in the United States, Europe and other Asian economies. Asian economies and companies could be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected if global economic conditions deteriorate as a result of political instability and uncertainty. In addition, international </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade could be affected by politically motivated actions in the U.S. and Europe, and by increased tensions with other nations.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Developed Markets Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investment in a developed country issuer may subject the Fund to regulatory, political, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency, security, economic and other risks associated with developed countries. Developed countries tend to represent a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significant portion of the global economy and have generally experienced slower economic growth than some less developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries. In addition, developed countries may be impacted by changes to the economic conditions of certain key trading </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">partners, regulatory burdens, debt burdens and the price or availability of certain commodities.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Europe and United Kingdom Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The value of the Fund’s assets may be adversely affected by, among other things, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">social, political, regulatory, economic and other events or conditions affecting Europe and the United Kingdom (“U.K.”). The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economies and markets of European countries are often closely connected and interdependent, and events in one country in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Europe can have an impact on other European countries. Many countries in Europe are member states of the European Union </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(“EU”) and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a number of countries within the EU are also members of the Economic and Monetary Union (the “eurozone”) </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">having adopted the euro as their currency. These European countries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">will be significantly affected by the fiscal and monetary </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">controls of the EU. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Eurozone membership requires member states to comply with restrictions in inflation rates, deficits, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every other country in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Europe.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recessions or defaults or threats of defaults among European countries may have a significant adverse effect on the economies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of other European countries, including those outside the EU. The European financial markets have experienced significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility, and several European countries have been adversely affected by unemployment, budget deficits and economic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">downturns. Responses to financial problems by European governments, central banks and others, including austerity measures </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and reforms, may not produce the desired results, may result in social unrest, may limit future growth and economic recovery or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have other unintended consequences. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain countries also could, without prior warning, impose capital controls to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">restrict volatile movements of capital entering and exiting their country. Such controls may negatively affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Defaults or restructurings by governments and other entities of their debt could have additional adverse effects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on economies, financial markets and asset valuations around the world. Successionist movements, as well as governmental or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other response to such movements, may also create instability and uncertainty in the region.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Recent security concerns related </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to immigration, war and geopolitical risk, and terrorism could have a negative impact on the EU and investments in European </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Efforts by the member countries of the EU to continue to unify their economic and monetary policies also may increase the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potential for similarities in movements of European markets and reduce the potential investment benefits of diversification </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">within the region. Further, while many countries in western Europe are considered to have developed markets, many eastern </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">European countries are less developed, and investments in eastern European countries, even if denominated in euros, may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">involve special risks associated with investments in emerging markets. As the economies of countries in Europe are in different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stages of development, the policies adopted by the EU may not address the needs of all European member countries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition, investments in issuers located in the U.K. may subject the Fund to regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic risk specific to the U.K. The U.K. has one of the largest economies in Europe and is heavily dependent on trade with </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the EU and to a lesser extent, the United States and China. As a result, the economy of the U.K. may be impacted by changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to the economic health of EU member countries, the U.S. and China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain European countries have also developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increasingly strained relationships with the U.S., and if these relations were to worsen, they could adversely affect European </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers that rely on U.S. trade.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In 2020, the U.K. left the EU (referred to as “Brexit”). The U.K. and the EU reached a trade </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">agreement that was ratified by all applicable U.K. and EU government bodies although certain aspects of the relationship </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">remain unresolved and subject to further negotiations and agreement. The effects of Brexit are also shaped by the trade </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">agreements that the U.K. negotiates with other countries. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The U.K.’</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">s departure sparked volatility in the value of the British </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pound,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">short term declines in the stock markets and heightened risk of continued economic volatility worldwide. Although the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">long-term </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">effects of Brexit are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult to gauge and cannot be fully known</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">they could have</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">wide</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ranging implications for</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.K.’s economy</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The potential negative effects of</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Brexit</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on the U.K.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> and the EU economies and the broader global economy </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could include</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">among others</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">business and trade disruptions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increased volatility and illiquidity,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">fluctuations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potentially lower growth of markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the U.K.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> EU and globally and sparking additional member states to contemplate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">departing</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the EU</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">thereby perpetuating political instability in the region and additional market disruption globally) which could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adversely affect </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">’s investments</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Value Investing Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> A value investing strategy attempts to identify strong companies with stocks selling at a discount from </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">their perceived true worth. Value stocks include securities of companies that may have experienced, for example, adverse </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and potentially undervalued. Value investing is subject to the risk that the stocks’ intrinsic values may never be fully recognized </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">priced.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Small- and Mid-Cap Company Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Small- and mid-cap company stocks may be very sensitive to changing economic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions and market downturns because the issuers often have narrow markets for their products or services, fewer product </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">lines, and more limited managerial and financial resources than larger issuers. The stocks of small- and mid-cap companies may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">therefore be more volatile and the ability to sell these stocks at a desirable time or price may be more limited.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Large Company Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund may invest in the stocks of large companies. Larger, more established companies may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">periods of economic expansion.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Sector and Industry Weightings Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> To the extent the Fund emphasizes, from time to time, investments in a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Market conditions, interest rates, and economic, political, regulatory, or financial developments could significantly affect all the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in those sectors. The Fund may also from time to time make significant investments in an industry or industries within </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a particular sector. The industries that constitute a sector may all react in the same way to economic, political or regulatory </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events. Adverse conditions in such industry or industries could have a correspondingly adverse effect on the financial condition </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of issuers. These conditions may cause the value of the Fund’s shares to fluctuate more than the values of shares of funds that </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invest in a greater variety of investments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Financials</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;"> Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">financials sector includes companies in the banks</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">financial services</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">insurance industry </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">groups</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Companies in the financials sector are subject to extensive</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> government regulation</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">can be subject to relatively rapid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">change due to increasingly blurred distinctions between service segments,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> and can be significantly affected by </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the availability </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and cost of capital funds,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> changes</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> in interest rates</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the rate of corporate and consumer debt defaults, and price competition. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Banking companies, including thrifts and mortgage finance and consumer finance companies, may be affected by extensive </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulation,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> which may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">limit both the amounts and types of loans and other financial commitments they can </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">make</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates and fees they can charge,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> and the amount of capital they must maintain. Profitability is largely dependent on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Credit losses resulting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from financial difficulties of borrowers can negatively affect banking companies</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Banking companies may also be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">severe price competition. Competition is high among banking companies and failure to maintain or increase market share may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in lost market value. Capital markets, a sub-industry of financial </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may be affected by extensive government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation as well as economic and other financial events that could cause fluctuations in the stock market, impacting the </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">overall value of investments. The insurance industry may be affected by extensive government regulation and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">general economic conditions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and price and marketing</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">competition</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Different segments </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the insurance industry</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> can be significantly affected by </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">natural disasters</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">mortality and morbidity rates</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">environmental </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">clean-</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">up</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Health Care</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;"> Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">health care</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> sector includes companies in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the health care equipment and</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> services, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">biotechnology and</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">life</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sciences industry groups.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Health</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">care</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">are</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">strongly affected by worldwide </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">scientific or technological developments. Their products may rapidly become obsolete.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Many health care companies are also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to significant government regulation and may be affected by changes in government policies</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">biotechnology and life sciences industry group in particular</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">are heavily dependent on patent protection,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the expiration of patents may adversely affect the profitability of such companies</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">These companies are also subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">extensive litigation</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on product liability and other similar claims</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Many new products are subject to government approval </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and the process of obtaining government approval can be long and costly</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">even approved </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">products are susceptible to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">obsolescence</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">These companies are also subject to competitive forces that may make it difficult to increase prices,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or that may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">lead to price reductions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Consumer Staples Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The consumer staples sector includes companies in the consumer staples distribution and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">retail, food, beverage and tobacco, and household and personal products industry groups. Companies in the consumer staples </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector may be affected by demographics and product trends, competitive pricing, food fads, marketing campaigns, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">environmental factors, changes in consumer demands, the performance of the overall domestic and global economy, interest </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rates, consumer confidence and spending, and changes in commodity prices. Consumer staples companies may be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulations that may affect the permissibility of using various food additives and production methods. Tobacco </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies may be adversely affected by regulation, legislation and/or litigation.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Energy Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The energy sector includes companies in the energy equipment and services, and oil, gas and consumable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">fuels industries. The value of companies in these industries is particularly vulnerable to developments in the energy sector, which </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may include swift fluctuations in the price and supply of energy fuels caused by events relating to international politics, energy </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conservation initiatives, the success of exploration projects, the supply of, and demand for, specific energy-related products or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services, and tax and other governmental regulatory policies. Oil and gas companies develop and produce crude oil and natural </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">gas and provide related resources such as production- and distribution-related services. Stock prices for oil and gas companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in particular are affected by supply and demand both for companies’ specific products or services and for energy products in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">general. The performance of these companies will likewise be affected by the price of oil and gas, exploration and production </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">spending, government regulation, world events and economic conditions. Weak demand for energy companies’ products or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services or for energy products and services in general, as well as negative developments in these other areas, would adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact the energy stocks in which the Fund invests and the Fund’s performance. Oil and gas exploration and production </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies can be significantly affected by natural and man-made disasters as well as changes in currency exchange rates, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates, government regulation, world events and economic conditions, and the companies may be at risk for </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">environmental damage claims.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Utilities</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;"> Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">utilities sector includes electric utilities</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">gas utilities</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">water utilities, multi-utilities (electric, gas </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">water),</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and independent power and renewable electricity producers</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">utilities</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> sector are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affected by </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">supply </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and demand</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consumer incentives</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">operating costs</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulation, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">environmental factors,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">liabilities for environmental </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">damage and general civil liabilities,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rate caps or rate changes.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">value of regulated utility company stocks may have an </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">inverse relationship to the movement of</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> interest rates</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Also, certain utility companies have experienced full or partial </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deregulation in recent years,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> which may permit them to diversify outside of their original geographic regions and their </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">traditional lines of</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">business.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Conversely,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies that remain heavily regulated may</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">be at a competitive disadvantage,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">making them less profitable.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In addition,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">natural</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">disasters,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">terrorist attacks,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government intervention or other factors</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">render a utility company’</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">s equipment unusable and may have an adverse impact</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on profitability.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Utility companies are subject </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to the high cost</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of borrowing to finance capital construction during inflationary periods,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">restrictions on operations and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increased costs and delays associated with compliance</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">with environmental</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and nuclear</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> safety regulations,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the difficulties </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">involved in obtaining natural gas for resale or fuel for generating electricity at reasonable prices.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Other risks include those </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">related to</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the construction </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and operation </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of nuclear power plants</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the effects of energy conservation</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the effects</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulatory changes</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Industrials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The industrials sector includes companies in the capital goods, commercial and professional services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and transportation industry groups, including companies engaged in the business of human capital management, business </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">research and consulting, air freight and logistics, transportation services, airlines, maritime shipping and transportation, ground </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transportation, transportation infrastructure, and aerospace and defense. Companies in the industrials sector can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by general economic trends, including such factors as employment and economic growth, interest rate </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, changes in consumer spending, legislative and government regulation and spending, import controls, commodity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">prices, and worldwide competition. Changes in the economy, fuel prices, labor agreements, and insurance costs may result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">occasional sharp price movements in transportation securities. Aerospace and defense companies rely, to a significant extent, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on government demand for their products and services. The financial condition of, and investor interest in, aerospace and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">defense companies are heavily influenced by government defense spending policies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Communication Services Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The communication services sector includes diversified telecommunication services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies, wireless telecommunication services companies, and media and entertainment companies. The communication </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services sector is subject to government regulation and can be significantly affected by intense competition and technology </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, which may make the products and services of certain companies obsolete. Wireless telecommunication services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies can be significantly affected by failure to obtain, or delays in obtaining, financing or regulatory approval, intense </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">competition, product incompatibility, changing consumer preferences, rapid obsolescence, significant capital expenditures, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">heavy debt burdens. Media and entertainment companies can be significantly affected by technological advances, government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation, and changing consumer preferences.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Information Technology Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The information technology sector includes companies in the software and services, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology hardware and equipment, and semiconductors and semiconductor equipment industry groups. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology sector are subject to rapid obsolescence of existing technology, short product cycles, falling prices and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">profits, competition from new market entrants, and general economic conditions. Stocks of companies in the information </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology sector, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Technological developments, fixed rate pricing, and the ability to retain skilled employees can significantly affect the industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in the information technology sector.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Operational and Cybersecurity Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">customer data, or proprietary information, or cause the Fund or its service providers to lose proprietary information, suffer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">data corruption, or lose operational functionality. Such events could cause the Fund to incur regulatory penalties, reputational </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">damage, additional compliance costs associated with corrective measures and/or financial loss. Similar incidents affecting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers of the Fund’s portfolio companies may negatively impact performance. Operational risk may arise from human error, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">errors by third parties, communication errors, or technology failures, among other causes. The Fund also relies on a range of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services from third-parties, including custody. Any delay or failure in the services provided to the Fund may negatively affect the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund and its ability to meet its investment objective. Although the Fund and the Fund’s investment adviser seek to reduce </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">operational risks through controls and/or procedures, it is not possible to identify and address all such risks and there is no way </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to completely protect against or mitigate such risks, especially because the Fund does not directly control the cybersecurity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">systems of issuers or third-party service providers.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Non-Diversification Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund can invest a larger portion of its assets in the stocks of a limited number of companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">than a diversified fund, which means it may have more exposure to the price movements of a single security or small group of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities than funds that diversify their investments among many companies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">New Fund Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Because a new fund begins operations with few assets, operating expenses for a new fund are relatively </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">high until the fund begins to manage sufficient assets to achieve operating efficiencies. While the Advisor has contractually </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">agreed to reimburse Fund expenses over a certain level for a period of time to keep shareholder expenses at a certain specific </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">level, there is a risk that the expense limitation agreement is not continued and the expenses of the Fund increase significantly </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">until the Fund reaches scale. There is also the risk that the Fund never reaches scale, that the investment strategies do not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">work as expected and that the Fund fails to achieve its stated investment objective.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Government and Regulatory Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The risk that governments or regulatory authorities may take actions that could adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affect markets in which the Fund invests and in the economy, more generally. Government and regulatory authorities may also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">act to increase the scope or burden of regulations applicable to the Fund and to the companies in which the Fund invests. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">legislation or regulation could restrict the ability of the Fund to fully implement its investment strategies, either generally or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">with respect to certain securities, industries or countries and could limit or preclude the Fund’s ability to achieve its investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">objective.</span></div> Historical Performance <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The following tables provide information on how the Fund has performed over the last calendar year and since inception. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Performance in this section represents past performance (before and after taxes) which is not necessarily indicative of how the</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Fund will perform in the future. Performance for the Fund’s Investor Class shares would be substantially similar to that for </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Institutional Class shares because the shares are invested in the same portfolio of securities and would differ only to the extent </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">that Institutional Class shares have different expenses. The bar chart below is intended to provide you with an indication of the</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> risks of investing in the Fund by showing the Fund’s performance</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> as represented by the Investor Class of the Fund.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The table</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">below is designed to help you evaluate your risk tolerance by showing the best and worst quarterly performance of the</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Investor Class for the calendar year shown in the</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">bar chart.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> average annual total returns</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> table below allows you to</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> compare the performance of the Fund’</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">s Investor and Institutional Class shares over the time periods indicated to that of a</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> broad-</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based market index</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> After</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">-</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">tax returns are shown for the Investor Class only.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">After-</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">tax returns</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">for</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the Institutional Class</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> will vary.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Performance information is updated regularly and is available on the Fund’</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">s website</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">wasatchglobal</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">com</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> Performance in this section represents past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance, as represented by the Investor Class of the Fund.The average annual total returns table below allows you to compare the performance of the Fund’s Investor and Institutional Class shares over the time periods indicated to that of a broad-based market index.  After-tax returns are shown for the Investor Class only.After-tax returnsforthe Institutional Class will vary. wasatchglobal.com Wasatch International Value Fund — Investor Class Year Total Returns <div style="margin-top: 12pt;"><span style="color: #336f8a; font-family: arial; font-size: 12pt; font-weight: bold;">Best and Worst Quarterly Returns</span><span style="color: #000000; font-family: arial; font-size: 1pt; font-weight: bold; line-height: 0.00pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 168pt;"> <tr style="height: 12.5pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 134.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Best — 3/31/2025</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 33.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">14.46%</span></div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 134.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Worst — 12/31/2025</span></div> </div> </td> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 33.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">7.97%</span></div> </div> </td> </tr> </table> Best 2025-03-31 0.1446 Worst 2025-12-31 0.0797 Average Annual Total Returns(as of 12/31/25) 2024-11-29 2024-11-29 2024-11-29 0.4661 0.3903 0.4591 0.4238 0.3623 0.3293 2024-11-29 0.4668 0.3911 0.3185 0.3185 0.2578 0.2578 0.4223 0.4223 0.3555 0.3555 <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;"> tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Wasatch Long/Short Alpha Fund® — Summary Investment Objectives <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund’s primary investment objective is long-term growth of capital.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The tables below describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">in the tables and examples below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> Shareholder Fees (Fees paid directly from your investment.) 0 0 -0.0200 -0.0200 0 0 Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment.) 0.0125 0.0125 0.0033 0.0026 0.0052 0.0051 0.0210 0.0202 -0.0001 0.0210 0.0201 January 31, 2027 Example <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">funds. The example assumes that you invested $10,000 in the applicable class of the Fund for the time periods indicated and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5% return </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">each year and that operating expenses (as a percentage of net assets) of the Fund remained the same. This example reflects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">contractual fee waivers and reimbursements through January 31, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2027</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. Although your actual costs may be higher or lower, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> 213 658 1129 2431 204 633 1087 2347 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">39</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">% of the average value of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio.</span></div> 0.39 Principal Strategies <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund invests primarily in long equity positions and short equity positions.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund seeks to provide higher risk-adjusted returns with lower volatility compared to domestic equity markets. Under </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">normal market conditions, the Fund will establish long and short positions in a portfolio of equity securities, typically common </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stock, of companies of all market capitalizations. The Fund seeks to take long positions in companies the Advisor believes have </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the potential for above average revenue and earnings growth. The Fund may also take long positions in companies the Advisor </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">believes are overly discounted. The Fund’s long positions are intended to benefit from rising valuations while the Fund’s short </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">positions are intended to benefit from declining valuations or as a hedge against its long positions. The equity securities in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">which the Fund may invest include common stock, preferred stock, and depositary receipts, which are negotiable certificates </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">typically issued by a bank representing stock owned in a foreign company.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The use of both long and short positions allows the Advisor to invest based on both its positive and negative views on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">individual stocks. When the Fund takes a long position in a security, it purchases the security outright. When the Fund takes a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">short position, it sells a security that the Fund does not own at the current market price and delivers to the buyer a security </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">that the Fund has borrowed. The Fund will sell a security short if it expects that it will be able to purchase the security back at a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">lower price than the price at which it sold the security short.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund borrows securities to sell short from its custodian through a program under which the custodian acts as the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities lender (the “Enhanced Custody Program”). When the Fund borrows a security to sell short, the Fund is obligated to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">return the security to the lender, which is accomplished by a later purchase of the security by the Fund. Until the borrowed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">security is replaced, the Fund is required to pay to the lender amounts equal to any dividends or interest that accrue during the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">period of the loan. In addition, to borrow the security, the Fund may be required to pay a premium to the lender, and will pay </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">fees in connection with the borrowing, including borrowing costs, financing fees and charges incurred in maintaining related </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">margin collateral.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may use all or a portion of the proceeds of its short sales to purchase additional long positions which may create </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">leverage.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund intends to generally maintain a net long exposure to the equity market (measured as the market value of the long </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">positions minus the market value of the short positions) that is greater than the 0% exposure, but less than the 100% exposure </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">provided by a fund that invests only in long positions. Short positions are expected to not exceed 60% of the value of the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">net assets under normal market conditions. The goal is to allow the Fund to benefit from a rising market, although to a lesser </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">extent than a “long-only” fund, while still affording some protection from a falling market because of the Fund’s short positions, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">which are designed to perform inversely to the market. Accordingly, the Fund is not intended to be a “market neutral” fund (i.e., </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a fund designed to produce a return that is neutral with respect to general stock market movements).</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Advisor will select securities using an investment process that combines quantitative and “bottom-up“ fundamental </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">analysis, with the Advisor taking long positions in companies that it believes have above average revenue and earnings growth </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potential, and short positions in companies that it expects to underperform. Securities are generally added to the portfolio as </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">long or short positions based upon security rankings provided by multi-factor quantitative models and on fundamental analysis </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of securities. The research analysis may include, among other things, prescreening potential investments using databases and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry contacts, analyzing companies’ annual reports and financial statements, making onsite visits, meeting with top </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">management, evaluating the competitive environment, looking at distribution channels and identifying areas of potential </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">growth. The Advisor may also utilize risk management techniques to establish constraints on the amount of exposure to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">individual securities, industries, countries and a variety of quantitative factors, such as quality, growth, value, momentum and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">leverage. The Advisor will generally sell a security if, among other things, the rankings provided by the quantitative models </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">decline and/or research analysis reveals a deterioration of the company’s fundamentals.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund is expected to invest across all market capitalization levels, ranging from micro capitalization stocks to larger </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capitalization stocks. However, the Advisor expects under normal market conditions to invest a significant portion (greater than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">35%) of the Fund‘s assets in small to mid-size companies with market capitalizations of greater than $2 billion at the time of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">purchase.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Under normal market conditions, the Advisor expects to invest the Fund’s assets primarily (greater than 65%) in companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">domiciled in the U.S. or listed on a U.S. exchange. The Fund may invest a large percentage of its assets (greater than 5%) in a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">few sectors. As of the date of this Prospectus, these sectors were </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">health care, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industrials</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology, financials</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and consumer discretionary.</span></div> The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, these sectors were health care, industrials, information technology, financials, and consumer discretionary. All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price of its shares. As a result, you may lose money if you invest in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Short Sales Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. In </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">addition, a security sold short may have to be returned to the lender on short notice, which may result in the Fund having to buy </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the security sold short at an unfavorable price to close out the short position. If this occurs, any anticipated gain to the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may be reduced or eliminated or the short sale may result in a loss. In a rising stock market, the Fund’s short positions may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly impact the Fund’s overall performance and cause the Fund to underperform traditional long-only equity funds or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to sustain losses, particularly in a sharply rising market. Because losses on short sales arise from increases in the value of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">security sold short, such losses are theoretically unlimited. By contrast, a loss on a long position arises from decreases in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">value of the security and is limited by the fact that a security’s value cannot go below zero. The use of short sales may also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">cause the Fund to have higher expenses than other funds. To the extent the Fund invests the proceeds received from selling </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities short in additional long positions, the Fund is engaging in a form of leverage that may magnify gains or losses for the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund. Leverage can result in losses to the Fund that exceed the amount originally invested and may accelerate the rate of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to an </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">asset or class of assets and may cause the value of the Fund’s shares to be volatile and sensitive to market swings. There can </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">be no assurance that the Fund’s use of short sales and any leverage will be successful.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">To facilitate the Fund’s short sale strategy, the Fund borrows securities through the Enhanced Custody Program offered by </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the custodian. Under an agreement between the custodian and the Fund, the custodian will act as the lender of the securities </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the Fund intends to sell short. Participation in the program entails various risks including: (a) there is no guarantee that the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">lender has access to all securities the Fund may want to sell short, and borrowed securities may have to be returned earlier </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">than anticipated which may impact the Fund’s ability to execute its stated investment strategy; (b) borrowing costs and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">associated fees and loan rates may not be favorable or may change resulting in greater costs to the Fund than originally </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">anticipated which may impact the ability of the Fund to achieve its stated investment objective; (c) credit risk of the custodian </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to the extent the value of the collateral provided to the custodian exceeds the value of the borrowed securities provided to the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund; (d) operational risk of the custodian in administering its program, such as administrative errors with trade settlements or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">calculating the value of collateral or borrowed securities; and (e) the custodian may discontinue the Enhanced Custody </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Program, eliminating the Fund’s ability to borrow securities to sell short.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Quantitative Model Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Advisor uses quantitative models to help construct the Fund’s portfolio. The utilization of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">quantitative models entails the risk that a model may be limited or incorrect, that the data on which a model relies may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">incorrect or incomplete and that the Advisor may not be successful in selecting companies for investment or determining the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">weighting of particular stocks in the Fund’s portfolio. To the extent that a model is based upon incorrect or incomplete data, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the Fund could be induced to buy certain investments at prices that are too high, to sell certain investments at prices that are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">too low, to sell short certain investments that do not experience the expected price declines, to miss favorable opportunities </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">altogether, or to expose the Fund to more risk than intended. Any of these factors could cause the Fund to underperform funds </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">with similar strategies that do not rely on quantitative analysis for portfolio construction. Furthermore, if at any time the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market is not favoring the Fund’s quantitative investment style, the Fund’s gains may not be as big as, or its losses may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">bigger than, those of other equity funds using different investment styles. There can be no assurance that the quantitative </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">models used in managing the Fund will perform as anticipated or enable the Fund to achieve its objective.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Since the Fund has both a “long” and a “short” portfolio, an investment in the Fund will involve market risks </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">associated with different investment decisions than those made for a typical “long only” stock fund. The Fund’s results will </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">suffer both when there is a general stock market advance and the Fund holds significant “short” equity positions or when there </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">is a general stock market decline and the Fund holds significant “long” equity positions. The market value of the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments may go up or down, sometimes rapidly or unpredictably and for short or extended periods of time. Securities are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments due to short-term market movements or for any longer periods during more prolonged market cycles. In addition, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recessions, or other events could have a significant negative impact on the long positions held by the Fund, and therefore the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events also could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund’s shares and result in increased market volatility.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Current Market and Economic Conditions Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Current market and economic conditions risk is the risk that a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment, or shares of the Fund in general, may fall in value due to current market and economic conditions or events. For </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">example, actions taken by the Federal Reserve or foreign central banks may at times result in unusually high market volatility, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may negatively impact companies, including banks and financial services companies, and negatively impact Fund performance. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S. regulators have also proposed from time to time changes to market and issuer regulations which may impact the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and any regulatory changes adopted could adversely impact the Fund’s ability to achieve its investment strategies or make </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets and investor behavior, which could have a negative impact on the Fund’s investments and operations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">confidence and may adversely impact financial markets and the broader economy. For example, in February 2022, Russia </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in Russia, Europe and the United States. The hostilities and sanctions resulting from those hostilities may have a significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact on certain Fund investments as well as performance and liquidity. Similarly, in October 2023, Hamas launched an attack </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on Israel, which touched off a strong military response from Israel that closed borders and airspace, damaged infrastructure </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and resulted in significant civilian and military casualties in Israel and the Gaza Strip. The conflict has reignited regional </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">tensions that threaten to involve other countries and factions. The continuing conflict and its escalation could have a severe </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adverse effect on the regional economy, currency and companies. These events may negatively impact other regional and global </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic markets of the world (including Europe and the United States), companies in such countries and various sectors, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industries and markets for securities and commodities globally, such as oil and natural gas. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In addition, the Chinese government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the Fund’s assets may go down.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Accordingly, the hostilities and sanctions resulting from these hostilities may have a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">negative effect on certain Fund investments, including investments extending beyond any direct or indirect exposure the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have to issuers of such countries or those of adjoining geographic regions.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impacted by trade disputes and other matters. For example, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recently has been in the process of renegotiating many of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">its global trade relationships and has imposed or threatened to impose significant import tariffs, including with respect to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such actions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could lead to price volatility and overall decline in U</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">S</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and global investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">It is difficult to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">predict </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the outcome and impact of any trade</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> negotiations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> a</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> public health crisis and ensuing policies enacted by governments and central banks </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> cause significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and uncertainty in global financial markets, negatively impacting global growth prospects. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">As the COVID-19 pandemic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in disruptions in the trading markets. Further, the interconnectivity between global economies and financial markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">country, region or financial market.</span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Stock Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investments may decline in value due to movements in the overall stock market.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Stock Selection Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund is actively managed, and its performance therefore will reflect, in part, the ability of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio manager(s) to select investments and to make investment decisions that are suited to achieving the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment objective. The Advisor does not actively track the composition or weightings of market indexes (including the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">benchmark indexes) or of the broader markets generally. As a result, the Fund could underperform its benchmark indexes and/or</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> other funds with a similar investment objective and/or strategy or it may lose value even when the overall stock market is not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in general decline.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Equity securities represent ownership in a company. They may be traded (bought or sold) on a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities exchange or stock market. Stock markets are volatile. The price of equity securities will fluctuate and can decline and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">reduce the value of the Fund’s long positions in equity securities. The value of equity securities held in the Fund’s long portfolio </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could decline if the financial condition of the companies in which the Fund invests declines or if overall market and economic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions deteriorate. The value of the Fund’s long positions in equity securities may also decline due to factors that affect a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">particular industry or industries such as labor shortages, an increase in production costs and changes in competitive conditions </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">within an industry. In addition, the value of equity securities may decline due to general market conditions not specifically </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">related to a company or industry such as real or perceived adverse economic conditions, changes in the general outlook for </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">corporate earnings, changes in interest or currency rates, changes in government regulations, or generally adverse investor </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sentiment. Conversely, the value of the Fund’s short positions may decline because of an increase in the equity market as a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">whole or because of increases in the prices of securities of a particular company, industry, or sector of the market. Certain </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">equity securities may be less liquid, meaning that they may be difficult to sell or buy at a time or price that is desirable, than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other types of securities, or they may be illiquid. Some securities exchanges or stock markets may also be less liquid or illiquid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">due to low trading volume.</span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-style: italic; font-weight: bold; margin-left: 12pt;">Liquidity Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition, the trading market for a particular security or type of security in which the Fund invests may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly less liquid than developed or even emerging markets, and there may be little or no trading volume for a period of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">time for a particular security. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities quickly </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">at a desired price when necessary to meet the Fund’s liquidity needs or in response to a specific economic event, or to buy </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities to cover short positions. It may be difficult at times to buy or sell such securities at any price, which could impact </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">not only the daily net asset value (NAV) of the Fund, but also the composition of the portfolio if other securities must be sold </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to meet the Fund’s liquidity needs or cover short positions. Additionally, market quotations for such securities may be volatile </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affecting the daily NAV of the Fund.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Common Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The equity securities in which the Fund may invest include common stock. The value of an investment in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">common stock may fluctuate due to the many risks generally affecting equity securities described above. Accordingly, the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of common stock may fall due to, among other things, changes in the activities, performance and financial condition of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">particular companies whose securities the Fund owns; general market and economic trends; changes in the industries in which </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the issuers of securities held by the Fund operate; regulatory changes; interest rate and currency changes; and investor </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">perceptions. In addition, common stock holds the lowest priority in the capital structure of a company and therefore takes the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">largest share of the company’s risk and its accompanying volatility. The rights of common stockholders generally are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subordinate to all other claims on a company’s assets, including preferred stockholders and debt holders with respect to the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">payment of dividends and upon the liquidation or bankruptcy of the issuing company. The common stock of a company </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">long portfolio </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">that experiences financial distress may lose significant value or become worthless, and therefore the Fund could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">lose money if a company in which it invests becomes financially distressed.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Depositary Receipts Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund may invest in securities of foreign issuers in the form of depositary receipts. A depositary </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">receipt is issued by a bank or trust company to evidence its ownership of securities of a non-local corporation. The Fund may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invest in both sponsored and unsponsored depositary receipts, including American Depositary Receipts (“ADRs”), European </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Depositary Receipts (“EDRs”), and Global Depositary Receipts (“GDRs”). ADRs are receipts or shares typically issued by an </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">American bank or trust company that evidence ownership of underlying securities issued by a foreign corporation and are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">alternatives to purchasing the underlying securities directly in their national markets and currencies. EDRs are receipts in bearer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">form traded in the European securities markets that evidence a similar ownership arrangement, and GDRs are receipts issued </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">throughout the world that also evidence a similar ownership arrangement. Investments in depositary receipts may be subject </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to many of the same risks associated with direct investments in the securities of foreign companies, such as currency, political, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">liquidity, regulatory, economic and market risks because their values depend on the performance of non-dollar denominated </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">underlying foreign securities. The depositary receipts may also involve higher expenses and may trade at a discount (or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">premium) to the underlying security and their values may change materially at times when the U.S. markets are not open for </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trading. In addition, the currency of a depositary receipt may be different than the currency of the underlying securities into </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">which they may be converted. Movements in the exchange rate between the local currency of the foreign security and the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency in which the depositary receipt is denominated may adversely affect the value of the depositary receipt even if the </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">price of the foreign security does not change on its market. Even if the depositary receipt is denominated in U.S. currency, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">depositary receipts are subject to currency risk if the underlying security is denominated in a foreign currency. The Fund also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may invest in sponsored or unsponsored depositary receipts. A sponsored depositary receipt is issued by a depositary that has a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">relationship with the issuer of the underlying security. Unsponsored depositary receipts are organized independently and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">without the cooperation of the issuer of the underlying securities. As a result, the holder of an unsponsored depositary receipt </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have limited voting rights and may not receive as much information or as current of information as would a holder of a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sponsored depositary receipt since the issuer is under no obligation to distribute shareholder communications received from the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">underlying issuer or to pass through voting rights to the holders of unsponsored depositary receipts. Unsponsored receipts may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">also involve higher expenses, be less liquid and have more volatile prices.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Foreign Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Securities of foreign companies, when purchased directly or indirectly through depositary receipts, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">associated with investments in U.S. securities. Securities issued by companies incorporated outside the United States but </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">whose securities are principally traded in the United States are still subject to many of the foreign securities risks such as </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic and political risks. Differences in the economic and political environment, the amount of available public information, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">custody practices for assets, the amount of taxation, limitations on the use or transfer of Fund assets, the degree of market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation, settlement practices, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transaction costs,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the potential for permanent or temporary termination of trading, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">fluctuations in currency exchange rates, can have a significant adverse effect on the value of a foreign security. More </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">specifically, changes in currency exchange rates will affect the value of non-U.S. securities, the value of dividends and interest </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">earned from such securities and gains and losses realized on the sale of such securities. The value of an investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">denominated in a foreign currency will decline in U.S. dollar terms if that currency weakens against the U.S. dollar.  Additionally, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">certain countries may restrict foreign investment in their securities and may utilize formal or informal currency-exchange </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">controls or “capital controls.” Capital controls may impose restrictions on the Fund’s ability to repatriate investments or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">income.  Such capital controls can also have a significant effect on the value of the Fund’s holdings. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Other government actions, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">such as confiscations, the nationalization of companies, the imposition of sanctions, and trade restrictions (including tariffs), </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could also negatively impact an investment in a foreign security.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Preferred Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The equity securities in which the Fund may invest include preferred stock. Preferred stock, unlike </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">common stock, may offer a stated dividend rate payable from the issuer’s earnings. Preferred stock dividends may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">cumulative, non-cumulative, participating or auction rate. If interest rates rise, the fixed dividend on a preferred stock may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">less attractive, causing the price of the preferred stock to decline. Preferred stock may have mandatory sinking fund provisions, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">as well as call/redemption provisions prior to maturity, a negative feature when interest rates decline affecting the stock’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">price. Preferred stocks generally are subordinate to bonds and other debt instruments in a company’s capital structure and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">therefore are subject to greater credit risk. Further, holders of preferred stocks generally have no voting rights subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">exceptions when preferred dividends have been in arrears for a specified number of periods.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Large Company Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund may invest in the stocks of large companies. Larger, more established companies may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">periods of economic expansion.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Small- and Mid-Cap Company Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Small- and mid-cap company stocks may be very sensitive to changing economic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions and market downturns because the issuers often have narrow markets for their products or services, fewer product </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">lines, and more limited managerial and financial resources than larger issuers. The stocks of small- and mid-cap companies may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">therefore be more volatile and the ability to sell these stocks at a desirable time or price may be more limited.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Micro Cap Company Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Micro cap stocks may be very sensitive to changing economic conditions and market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">downturns because the issuers often have narrow markets for their products and services, fewer product lines, and more </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">limited managerial and financial resources than larger issuers. The stocks of micro cap companies may therefore be more </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatile and the ability to sell these stocks at a desirable time or price may be more limited.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Growth Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Growth stock prices may be more sensitive to changes in companies’ current or expected earnings than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the prices of other stocks, and growth stock prices may fall or may not appreciate in step with the broader securities markets. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Growth companies may be newer or smaller companies and may retain a large part of their earnings for research, development </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or investments in capital assets.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Sector and Industry Weightings Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> To the extent the Fund emphasizes, from time to time, investments in a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Market conditions, interest rates, and economic, political, regulatory, or financial developments could significantly affect all the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in those sectors. The Fund may also from time to time make significant investments in an industry or industries within </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a particular sector. The industries that constitute a sector may all react in the same way to economic, political or regulatory </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events. Adverse conditions in such industry or industries could have a correspondingly adverse effect on the financial condition </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of issuers. These conditions may cause the value of the Fund’s shares to fluctuate more than the values of shares of funds that </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invest in a greater variety of investments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Health Care Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The health care sector includes companies in the health care equipment and services, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry groups. Health care companies are strongly affected by worldwide </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">scientific or technological developments. Their products may rapidly become obsolete. Many health care companies are also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to significant government regulation and may be affected by changes in government policies. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry group in particular are heavily dependent on patent protection, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the expiration of patents may adversely affect the profitability of such companies. These companies are also subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">extensive litigation based on product liability and other similar claims. Many new products are subject to government approval </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and the process of obtaining government approval can be long and costly, and even approved products are susceptible to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">obsolescence. These companies are also subject to competitive forces that may make it difficult to increase prices, or that may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">lead to price reductions.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Industrials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The industrials sector includes companies in the capital goods, commercial and professional services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and transportation industry groups, including companies engaged in the business of human capital management, business </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">research and consulting, air freight and logistics, transportation services, airlines, maritime shipping and transportation, ground </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transportation, transportation infrastructure, and aerospace and defense. Companies in the industrials sector can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by general economic trends, including such factors as employment and economic growth, interest rate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, changes in consumer spending, legislative and government regulation and spending, import controls, commodity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">prices, and worldwide competition. Changes in the economy, fuel prices, labor agreements, and insurance costs may result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">occasional sharp price movements in transportation securities. Aerospace and defense companies rely, to a significant extent, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on government demand for their products and services. The financial condition of, and investor interest in, aerospace and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">defense companies are heavily influenced by government defense spending policies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Information Technology Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The information technology sector includes companies in the software and services, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology hardware and equipment, and semiconductors and semiconductor equipment industry groups. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology sector are subject to rapid obsolescence of existing technology, short product cycles, falling prices and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">profits, competition from new market entrants, and general economic conditions. Stocks of companies in the information </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology sector, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Technological developments, fixed rate pricing, and the ability to retain skilled employees can significantly affect the industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in the information technology sector.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Financials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The financials sector includes companies in the banks, financial services, and insurance industry </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">groups. Companies in the financials sector are subject to extensive government regulation, can be subject to relatively rapid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Banking companies, including thrifts and mortgage finance and consumer finance companies, may be affected by extensive </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulation, which may limit both the amounts and types of loans and other financial commitments they can make, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the interest rates and fees they can charge, and the amount of capital they must maintain. Profitability is largely dependent on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Credit losses resulting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from financial difficulties of borrowers can negatively affect banking companies. Banking companies may also be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">severe price competition. Competition is high among banking companies and failure to maintain or increase market share may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in lost market value. Capital markets, a sub-industry of financial services, may be affected by extensive government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation as well as economic and other financial events that could cause fluctuations in the stock market, impacting the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">overall value of investments. The insurance industry may be affected by extensive government regulation and can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by interest rates, general economic conditions, and price and marketing competition. Different segments </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the insurance industry can be significantly affected by natural disasters, mortality and morbidity rates, and environmental </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">clean-up.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Consumer Discretionary Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The consumer discretionary sector includes companies in industries such as consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services, household durables, leisure products, textiles, apparel and luxury goods, hotels, restaurants, retailing, and automobiles. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Companies in the consumer discretionary sector may be significantly impacted by the performance of the overall domestic and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">global economy and by interest rates. The consumer discretionary sector relies heavily on disposable household income and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">spending. Companies in this sector may be subject to severe competition, which may have an adverse impact on their </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">respective profitability. The retail industry can be significantly affected by changes in demographics, and consumer tastes and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">shopping habits, which can also affect the demand for, and success of, consumer products and services in the marketplace. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">automotive industry is highly cyclical and can be significantly affected by labor relations and fluctuating component prices.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Operational and Cybersecurity Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">customer data, or proprietary information, or cause the Fund or its service providers to lose proprietary information, suffer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">data corruption, or lose operational functionality. Such events could cause the Fund to incur regulatory penalties, reputational </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">damage, additional compliance costs associated with corrective measures and/or financial loss. Similar incidents affecting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers of the Fund’s portfolio companies may negatively impact performance. Operational risk may arise from human error, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">errors by third parties, communication errors, or technology failures, among other causes. The Fund also relies on a range of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services from third-parties, including custody. Any delay or failure in the services provided to the Fund may negatively affect the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund and its ability to meet its investment objective. Although the Fund and the Fund’s investment adviser seek to reduce </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">operational risks through controls and/or procedures, it is not possible to identify and address all such risks and there is no way </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to completely protect against or mitigate such risks, especially because the Fund does not directly control the cybersecurity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">systems of issuers or third-party service providers.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Government and Regulatory Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The risk that governments or regulatory authorities may take actions that could adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affect markets in which the Fund invests and in the economy, more generally. Government and regulatory authorities may also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">act to increase the scope or burden of regulations applicable to the Fund and to the companies in which the Fund invests. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">legislation or regulation could restrict the ability of the Fund to fully implement its investment strategies, either generally or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">with respect to certain securities, industries or countries and could limit or preclude the Fund’s ability to achieve its investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">objective.</span></div> Historical Performance <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The following tables provide information on how the Fund has performed over time. Performance in this section represents </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Performance for the Fund’s Investor Class shares would be substantially similar to that for Institutional Class shares because </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the shares are invested in the same portfolio of securities and would differ only to the extent that Institutional Class shares </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">have different expenses. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The table below is designed to help you evaluate your risk tolerance by showing the best and worst quarterly performance of the Fund’s Investor Class for the calendar years shown in the bar chart. The average annual total returns table below allows you to compare the performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based market index which reflects the effects of general stock market risk, an additional index composed of securities similar to those held by the Fund, and the FTSE U.S. 3-month Treasury Bill Index, which reflects short-term interest rates and is usually free from the risk of principal fluctuation. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. Performance information is updated regularly and is available on the Fund’s website </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">wasatchglobal.com</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> Performance in this section represents past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future.  The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund.The average annual total returns table below allows you to compare the performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based market index which reflects the effects of general stock market risk, an additional index composed of securities similar to those held by the Fund, and the FTSE U.S. 3-month Treasury Bill Index, which reflects short-term interest rates and is usually free from the risk of principal fluctuation. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. wasatchglobal.com Wasatch Long/Short Alpha Fund — Investor Class Year by Year Total Returns <div style="margin-top: 12pt;"><span style="color: #336f8a; font-family: arial; font-size: 12pt; font-weight: bold;">Best and Worst Quarterly Returns</span><span style="color: #000000; font-family: arial; font-size: 1pt; font-weight: bold; line-height: 0.00pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 168pt;"> <tr style="height: 12.5pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Best — 12/31/2022</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">14.09%</span></div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Worst — 3/31/2022</span></div> </div> </td> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">-10.52%</span></div> </div> </td> </tr> </table> Best 2022-12-31 0.1409 Worst 2022-03-31 -0.1052 Average Annual Total Returns(as of 12/31/25) 2021-10-01 2021-10-01 2021-10-01 -0.1279 0.0495 -0.1279 0.0495 -0.0757 0.0384 2021-10-01 -0.1272 0.0511 0.1715 0.1715 0.1190 0.1190 0.1191 0.1191 0.0533 0.0533 0.0440 0.0440 0.0389 0.0389 <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred. Investment Objectives The Fund’s primary investment objective is long-term growth of capital. Income is a secondary objective, but only when consistent with long-term growth of capital. Currently, we do not expect the Fund’s investments to generate substantial income. Fees and Expenses of the Fund <div style="margin-top:4pt;"><span style="color:#000000;font-family:arial narrow;font-size:10pt">The tables below describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span><span style="color:#000000;font-family:arial;font-size:10pt;line-height:12.0pt"> </span></div><div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;font-weight:bold;margin-left:12pt">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color:#000000;font-family:arial narrow;font-size:10pt;font-weight:bold">in the tables and examples below.</span><span style="color:#000000;font-family:arial;font-size:1pt;line-height:0.00pt;margin-left:0%"> </span></div> Shareholder Fees (Fees paid directly from your investment.) 0 0 -0.0200 -0.0200 0 0 Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment.) 0.0150 0.0150 0.0014 0.0009 0.0164 0.0159 Example <div style="margin-top:4pt;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;margin-left:12pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">funds. The example assumes that you invested $10,000 in the applicable class of the Fund for the time periods indicated and </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5% return </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">each year and that operating expenses (as a percentage of net assets) of the Fund remained the same. This example reflects </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">contractual fee waivers and reimbursements through January 31, </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">2027</span><span style="color:#000000;font-family:arial narrow;font-size:10pt">. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">based on these assumptions your costs would be:</span><span style="color:#000000;font-family:arial;font-size:1pt;line-height:0.00pt;margin-left:0%"> </span></div> 167 517 892 1944 162 502 866 1889 Portfolio Turnover <div style="margin-top:4pt;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;margin-left:12pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">87</span><span style="color:#000000;font-family:arial narrow;font-size:10pt">% of the average value of its </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">portfolio.</span></div> 0.87 Principal Strategies <div style="margin-top:4pt;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;font-weight:bold">The Fund invests primarily in growing micro cap companies.</span><span style="color:#000000;font-family:arial;font-size:10pt;line-height:12.0pt"> </span></div><div style="line-height:12.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;margin-left:12pt">Under normal market conditions, we will invest at least 80% of the Fund’s net assets (plus borrowings for investment </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">purposes) in the equity securities, typically common stock, of micro-capitalization companies. The Fund considers a company to </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">be a micro-capitalization company if its market capitalization, at the time of purchase, is less than the larger of $1.5 billion or </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">the market capitalization of the largest company in the Russell Microcap® Index as of its most recent reconstitution date. The </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">Russell Microcap Index reconstitution date is typically each year on or around July 1st. As of the </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">2025</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> reconstitution date, the </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">market capitalization of companies included in the Russell Microcap Index ranged from $</span><span style="color:#000000;font-family:arial narrow;font-size:10pt">23</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> million to $</span><span style="color:#000000;font-family:arial narrow;font-size:10pt">3.464</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> billion. The market </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">capitalizations for the range of companies in the Russell Microcap Index are subject to change at its next reconstitution date.</span><span style="color:#000000;font-family:arial;font-size:10pt;line-height:12.0pt"> </span></div><div style="line-height:12.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;margin-left:12pt">The Fund may invest up to 30% of its total assets at the time of purchase in equity securities (typically common stock) </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">issued by foreign companies (companies that are incorporated in any country outside the United States and whose securities </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">principally trade outside the United States). Securities issued by companies incorporated outside the United States whose </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">securities are principally traded in the United States are not defined as foreign companies and are not subject to this limitation.</span><span style="color:#000000;font-family:arial;font-size:10pt;line-height:12.0pt"> </span></div><div style="line-height:12.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;margin-left:12pt">We focus on companies that we consider to be high quality. We use a process of “bottom-up” fundamental analysis to look </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">for companies that we believe have the potential to grow faster than the gross domestic product (GDP) growth of the </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">United States. Our analysis may include studying a company’s financial statements, building proprietary financial models, </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">visiting company facilities, and meeting with executive management, suppliers and customers.</span><span style="color:#000000;font-family:arial;font-size:10pt;line-height:12.0pt"> </span></div><div style="line-height:12.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;margin-left:12pt">The Fund seeks to purchase stocks at prices we believe are reasonable relative to our projection of a company’s long-term </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">earnings growth rate. The Fund’s secondary objective of income is achieved when fast growing portfolio companies pay </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">dividends, generated by cash flow, typically after achieving growth targets.</span><span style="color:#000000;font-family:arial;font-size:10pt;line-height:12.0pt"> </span></div><div style="line-height:12.0pt;margin-left:12pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt">The Fund may invest a large percentage of its assets (greater than 5%) in a particular region or market.</span><span style="color:#000000;font-family:arial;font-size:10pt;line-height:12.0pt"> </span></div><div style="line-height:12.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;margin-left:12pt">The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">these sectors were information technology, </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">industrials</span><span style="color:#000000;font-family:arial narrow;font-size:10pt">, </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">consumer discretionary</span><span style="color:#000000;font-family:arial narrow;font-size:10pt">, financials, </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">health care</span><span style="color:#000000;font-family:arial narrow;font-size:10pt">, and consumer staples.</span><span style="color:#000000;font-family:arial;font-size:10pt;line-height:12.0pt"> </span></div><div style="line-height:12.0pt;margin-left:12pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt">The Fund may invest in initial public offerings (IPOs).</span></div> The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, these sectors were information technology, industrials, consumer discretionary, financials, health care, and consumer staples. All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price of its shares. As a result, you may lose money if you invest in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. <div style="line-height:12.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;font-weight:bold;margin-left:12pt">Market Risk.</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> Market risk is the risk that a particular security, or shares of the Fund in general, may fall in value. Securities are </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">investments due to, among other things, market movements over the short-term or over longer periods during more prolonged </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">market downturns. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of the </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">Fund’s shares and result in increased market volatility.</span></div> <div style="line-height:12.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;font-weight:bold;margin-left:12pt">Current Market and Economic Conditions Risk.</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> Current market and economic conditions risk is the risk that a particular </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">investment, or shares of the Fund in general, may fall in value due to current market and economic conditions or events. For </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">example, actions taken by the Federal Reserve or foreign central banks may at times result in unusually high market volatility, </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">may negatively impact companies, including banks and financial services companies, and negatively impact Fund performance. </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">U.S. regulators have also proposed from time to time changes to market and issuer regulations which may impact the Fund, </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">and any regulatory changes adopted could adversely impact the Fund’s ability to achieve its investment strategies or make </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">markets and investor behavior, which could have a negative impact on the Fund’s investments and operations.</span><span style="color:#000000;font-family:arial;font-size:10pt;line-height:12.0pt"> </span></div><div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;margin-left:12pt">Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">confidence and may adversely impact financial markets and the broader economy. For example, in February 2022, Russia </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">in Russia, Europe and the United States. The hostilities and sanctions resulting from those hostilities may have a significant </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">impact on certain Fund investments as well as performance and liquidity. Similarly, in October 2023, Hamas launched an attack </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">on Israel, which touched off a strong military response from Israel that closed borders and airspace, damaged infrastructure </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">and resulted in significant civilian and military casualties in Israel and the Gaza Strip. The conflict has reignited regional </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">tensions that threaten to involve other countries and factions. The continuing conflict and its escalation could have a severe </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">adverse effect on the regional economy, currency and companies. These events may negatively impact other regional and global </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">economic markets of the world (including Europe and the United States), companies in such countries and various sectors, </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">industries and markets for securities and commodities globally, such as oil and natural gas. </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">In addition, the Chinese government </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">United</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">of the Fund’s assets may go down.</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> Accordingly, the hostilities and sanctions resulting from these hostilities may have a </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">negative effect on certain Fund investments, including investments extending beyond any direct or indirect exposure the Fund </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">may have to issuers of such countries or those of adjoining geographic regions.</span><span style="color:#000000;font-family:arial;font-size:10pt;line-height:12.0pt"> </span></div><div style="line-height:12.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;margin-left:12pt">The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">impacted by trade disputes and other matters. For example, the </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">U.S.</span><span style="color:#000000;font-family:arial narrow;font-size:10pt;line-height:12.0pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">recently has been in the process of renegotiating many of </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">its global trade relationships and has imposed or threatened to impose significant import tariffs, including with respect to </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">China. </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">Such actions</span><span style="color:#000000;font-family:arial narrow;font-size:10pt;line-height:12.0pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">could lead to price volatility and overall decline in U</span><span style="color:#000000;font-family:arial narrow;font-size:10pt">.</span><span style="color:#000000;font-family:arial narrow;font-size:10pt">S</span><span style="color:#000000;font-family:arial narrow;font-size:10pt">. </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">and global investment </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">markets</span><span style="color:#000000;font-family:arial narrow;font-size:10pt">.</span><span style="color:#000000;font-family:arial narrow;font-size:10pt;line-height:12.0pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">It is difficult to </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">predict </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">the outcome and impact of any trade</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> negotiations</span><span style="color:#000000;font-family:arial narrow;font-size:10pt">.</span><span style="color:#000000;font-family:arial;font-size:10pt;line-height:12.0pt"> </span></div><div style="line-height:12.0pt;margin-top:0.5pt;text-align:left;"> <span style="color:#000000;font-family:arial narrow;font-size:10pt;margin-left:12pt">In addition</span><span style="color:#000000;font-family:arial narrow;font-size:10pt">,</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> a</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> public health crisis and ensuing policies enacted by governments and central banks </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">may</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> cause significant </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">volatility and uncertainty in global financial markets, negatively impacting global growth prospects. </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">As the COVID-19 pandemic </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others.</span><span style="color:#000000;font-family:arial;font-size:10pt;line-height:12.0pt"> </span></div><div style="line-height:12.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;margin-left:12pt">Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">result in disruptions in the trading markets. Further, the interconnectivity between global economies and financial markets </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">country, region or financial market.</span></div> <div style="line-height:12.0pt;margin-left:12pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;font-weight:bold">Stock Market Risk.</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> The Fund’s investments may decline in value due to movements in the overall stock market.</span></div> <div style="line-height:12.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;font-weight:bold;margin-left:12pt">Stock Selection Risk.</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> The Fund is actively managed, and its performance therefore will reflect, in part, the ability of the </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">portfolio manager(s) to select investments and to make investment decisions that are suited to achieving the Fund’s </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">investment objective. The Advisor does not actively track the composition or weightings of market indexes (including the Fund’s </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">benchmark indexes) or of the broader markets generally. As a result, the Fund could underperform its benchmark indexes and/or</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> other funds with a similar investment objective and/or strategy or it may lose value even when the overall stock market is not </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">in general decline.</span></div> <div style="line-height:12.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;font-weight:bold;margin-left:12pt">Equity Securities Risk.</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> Equity securities represent ownership in a company. They may be traded (bought or sold) on a </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">securities exchange or stock market. Stock markets are volatile. The price of equity securities will fluctuate and can decline and </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">reduce the value of a portfolio invested in equity securities. The value of equity securities purchased by the Fund could decline if </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries such as </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">labor shortages, an increase in production costs and changes in competitive conditions within an industry. In addition, the value </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">of equity securities may decline due to, among other things, general market conditions not specifically related to a company or </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">industry such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">in interest or currency rates, changes in government regulations, the political situation, or generally adverse investor sentiment. </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">Certain equity securities may be less liquid, meaning that they may be difficult to sell at a time or price that is desirable, than </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">other types of securities, or they may be illiquid. Some securities exchanges or stock markets may also be less liquid or illiquid </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">due to low trading volume. In addition, equity securities include common stock. Common stock holds the lowest priority in the </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">capital structure of a company and therefore takes the largest share of the company’s risk and its accompanying volatility. The </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">rights of common stockholders generally are subordinate to all other claims on a company’s assets, including preferred </span></div><div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt">stockholders and debt holders with respect to the payment of dividends and upon the liquidation or bankruptcy of the issuing </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">company. The common stock of a company that experiences financial distress may lose significant value or become worthless, </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">and therefore the Fund could lose money if a company in which it invests becomes financially distressed.  </span></div> <div style="line-height:12.0pt;margin-left:12pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:12pt">Liquidity Risk</span><span style="color:#000000;font-family:arial narrow;font-size:10pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> In addition, the trading market for a particular security or type of security in which the Fund invests may be </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">significantly less liquid than developed or even emerging markets, and there may be little or no trading volume for a period of </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">time for a particular security. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities quickly </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">at a desired price when necessary to meet the Fund’s liquidity needs or in response to a specific economic event. It may be </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">difficult at times to sell such securities at any price, which could impact not only the daily net asset value (NAV) of the Fund, </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">but also the composition of the portfolio if other securities must be sold to meet the Fund’s liquidity needs. Additionally, </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">market quotations for such securities may be volatile and thus affect the daily NAV of the Fund.</span></div> <div style="line-height:12.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;font-weight:bold;margin-left:12pt">Micro Cap Company Stock Risk.</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> Micro cap stocks may be very sensitive to changing economic conditions and market </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">downturns because the issuers often have narrow markets for their products and services, fewer product lines, and more </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">limited managerial and financial resources than larger issuers. The stocks of micro cap companies may therefore be more </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">volatile and the ability to sell these stocks at a desirable time or price may be more limited. As noted above, the Fund under </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">normal market conditions invests at least 80% of its net assets (plus borrowings for investment purposes) in micro-capitalization</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> companies as defined above measured at the time of purchase. In pursuing its investment strategy, the Fund </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">may hold such securities for long periods of time during which market appreciation may cause the market capitalization of such </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">companies to increase beyond $1.5 billion or the market capitalization of the largest company in the Russell Microcap</span><span style="color:#000000;font-family:arial narrow;font-size:10pt">®</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> Index </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">(“Appreciated Companies”). In accordance with current regulatory requirements, </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">as of the date of this Prospectus,</span><span style="color:#000000;font-family:arial narrow;font-size:10pt;line-height:12.0pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">the </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">Fund is </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">not required to sell the portfolio holdings that market appreciation has caused to increase in value beyond the definition of a </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">micro-capitalization company and as a result, the Fund may at times have significant investments in Appreciated Companies. </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">During periods when the Fund does not meet the 80% threshold due to the market appreciation of its holdings, the Fund’s </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">future acquisitions will only be in companies meeting its micro-capitalization definition at the time of purchase. In addition, to </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">the extent the weighted average market capitalization of the Fund is higher than that of its benchmark or peers, the Fund’s </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">performance compared to the benchmark or to peers with similar strategies may differ. On September 20, 2023, the SEC </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">adopted amendments to the investment company name rule, Rule 35d-1, which requires, among other things, funds to review </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">their portfolio investments periodically and if a fund no longer meets its respective 80% test, to take appropriate action to </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">bring the fund back into compliance within a specified period which may include disposing of portfolio securities and may result </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">in realized capital gains. To the extent the Fund falls within the revised rule, the Fund will seek to comply with the conditions of </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">the revised rule upon the SEC’s compliance date currently scheduled as of the date of this Prospectus to be on </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">January</span><span style="color:#000000;font-family:arial narrow;font-size:10pt;line-height:12.0pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">31</span><span style="color:#000000;font-family:arial narrow;font-size:10pt">, </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">2027</span><span style="color:#000000;font-family:arial narrow;font-size:10pt">, however the compliance date may be subject to additional delays and the requirements of the amended Rule 35d-1 may </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">be subject to additional modifications.</span></div> <div style="line-height:12.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;font-weight:bold;margin-left:12pt">Growth Stock Risk.</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> Growth stock prices may be more sensitive to changes in companies’ current or expected earnings than </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">the prices of other stocks, and growth stock prices may fall or may not appreciate in step with the broader securities markets. </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">Growth companies may be newer or smaller companies and may retain a large part of their earnings for research, development </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">or investments in capital assets.</span></div> <div style="line-height:12.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;font-weight:bold;margin-left:12pt">Foreign Securities Risk.</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">securities may be subject to additional risks not associated with investments in U.S. securities. Securities issued by companies </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">incorporated outside the United States but whose securities are principally traded in the United States are still subject to many </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">of the foreign securities risks such as economic and political risks. Differences in the economic and political environment, the </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">amount of available public information, custody practices for assets, the amount of taxation, limitations on the use or transfer </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">of Fund assets, the degree of market regulation, settlement practices, </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">transaction costs,</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> the potential for permanent or </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">temporary termination of trading, and financial reporting, accounting and auditing standards, and, in the case of foreign </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">currency-denominated securities, fluctuations in currency exchange rates, can have a significant adverse effect on the value of </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">a foreign security. More specifically, changes in currency exchange rates will affect the value of non-U.S. securities, the value of </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">dividends and interest earned from such securities and gains and losses realized on the sale of such securities. The value of an </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">investment denominated in a foreign currency will decline in U.S. dollar terms if that currency weakens against the U.S. dollar. </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">The Fund may be invested in the local currency of a foreign country in connection with executing foreign securities transactions. </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">When the Fund executes the securities transactions, there is the risk of the value of the foreign currency increasing or </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">decreasing against the value of the U.S. dollar. While the Fund is permitted to hedge currency risks, the Advisor does not </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">anticipate doing so at this time. Additionally, certain countries may restrict foreign investment in their securities and may utilize </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">formal or informal currency-exchange controls or “capital controls.” Capital controls may impose restrictions on the Fund’s </span></div><div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt">ability to repatriate investments or income.  Such capital controls can also have a significant effect on the value of the Fund’s </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">holdings. </span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> Other government actions, such as confiscations, the nationalization of companies, the imposition of sanctions, and </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">trade restrictions (including tariffs), could also negatively impact an investment in a foreign security.</span></div> <div style="line-height:12.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;font-weight:bold;margin-left:12pt">Country/Region Risk.</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> Social, political and economic conditions and changes in regulatory, tax, or economic policy in a country </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">or region could significantly affect the market in that country or region. In addition, global economies and financial markets are </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">may represent a large portion of the market in a particular country or region, and these companies and industries can be </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">sensitive to adverse social, political, economic, or regulatory developments.</span></div> <div style="line-height:12.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;font-weight:bold;margin-left:12pt">Sector and Industry Weightings Risk.</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> To the extent the Fund emphasizes, from time to time, investments in a particular </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">Market conditions, interest rates, and economic, political, regulatory, or financial developments could significantly affect all the </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">securities in those sectors. The Fund may also from time to time make significant investments in an industry or industries within </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">a particular sector. The industries that constitute a sector may all react in the same way to economic, political or regulatory </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">events. Adverse conditions in such industry or industries could have a correspondingly adverse effect on the financial condition </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">of issuers. These conditions may cause the value of the Fund’s shares to fluctuate more than the values of shares of funds that </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">invest in a greater variety of investments.</span></div> <div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;font-weight:bold;margin-left:12pt">Information Technology Sector Risk.</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> The information technology sector includes companies in the software and services, </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">technology hardware and equipment, and semiconductors and semiconductor equipment industry groups. Companies in the </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">information technology sector are subject to rapid obsolescence of existing technology, short product cycles, falling prices and </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">profits, competition from new market entrants, and general economic conditions. Stocks of companies in the information </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">technology sector, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">Technological developments, fixed rate pricing, and the ability to retain skilled employees can significantly affect the industries </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">in the information technology sector.</span></div> <div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;font-weight:bold;margin-left:12pt">Industrials Sector Risk.</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> The industrials sector includes companies in the capital goods, commercial and professional services </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">and transportation industry groups, including companies engaged in the business of human capital management, business </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">research and consulting, air freight and logistics, transportation services, airlines, maritime shipping and transportation, ground </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">transportation, transportation infrastructure, and aerospace and defense. Companies in the industrials sector can be </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">significantly affected by general economic trends, including such factors as employment and economic growth, interest rate </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">changes, changes in consumer spending, legislative and government regulation and spending, import controls, commodity </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">prices, and worldwide competition. Changes in the economy, fuel prices, labor agreements, and insurance costs may result in </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">occasional sharp price movements in transportation securities. Aerospace and defense companies rely, to a significant extent, </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">on government demand for their products and services. The financial condition of, and investor interest in, aerospace and </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">defense companies are heavily influenced by government defense spending policies.</span></div> <div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;font-weight:bold;margin-left:12pt">Consumer Discretionary Sector Risk.</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> The consumer discretionary sector includes companies in industries such as consumer </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">services, household durables, leisure products, textiles, apparel and luxury goods, hotels, restaurants, retailing, and automobiles. </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">Companies in the consumer discretionary sector may be significantly impacted by the performance of the overall domestic and </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">global economy and by interest rates. The consumer discretionary sector relies heavily on disposable household income and </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">spending. Companies in this sector may be subject to severe competition, which may have an adverse impact on their </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">respective profitability. The retail industry can be significantly affected by changes in demographics, and consumer tastes and </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">shopping habits, which can also affect the demand for, and success of, consumer products and services in the marketplace. The </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">automotive industry is highly cyclical and can be significantly affected by labor relations and fluctuating component prices.</span></div> <div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;font-weight:bold;margin-left:12pt">Financials Sector Risk.</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> The financials sector includes companies in the banks, financial services, and insurance industry </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">groups. Companies in the financials sector are subject to extensive government regulation, can be subject to relatively rapid </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">Banking companies, including thrifts and mortgage finance and consumer finance companies, may be affected by extensive </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">government regulation, which may limit both the amounts and types of loans and other financial commitments they can make, </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">the interest rates and fees they can charge, and the amount of capital they must maintain. Profitability is largely dependent on </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Credit losses resulting </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">from financial difficulties of borrowers can negatively affect banking companies. Banking companies may also be subject to </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">severe price competition. Competition is high among banking companies and failure to maintain or increase market share may </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">result in lost market value. Capital markets, a sub-industry of financial services, may be affected by extensive government </span></div><div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt">regulation as well as economic and other financial events that could cause fluctuations in the stock market, impacting the </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">overall value of investments. The insurance industry may be affected by extensive government regulation and can be </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">significantly affected by interest rates, general economic conditions, and price and marketing competition. Different segments </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">of the insurance industry can be significantly affected by natural disasters, mortality and morbidity rates, and environmental </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">clean-up.</span></div> <div style="line-height:12.0pt;margin-top:0.5pt;text-align:left;"> <span style="color:#000000;font-family:arial narrow;font-size:10pt;font-weight:bold;margin-left:12pt">Health Care</span><span style="color:#000000;font-family:arial narrow;font-size:10pt;font-weight:bold"> Sector Risk.</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> The </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">health care</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> sector includes companies in </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">the health care equipment and</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> services, </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">and </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">pharmaceuticals</span><span style="color:#000000;font-family:arial narrow;font-size:10pt">, </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">biotechnology and</span><span style="color:#000000;font-family:arial narrow;font-size:10pt;line-height:12.0pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">life</span><span style="color:#000000;font-family:arial narrow;font-size:10pt;line-height:12.0pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">sciences industry groups.</span><span style="color:#000000;font-family:arial narrow;font-size:10pt;line-height:12.0pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">Health</span><span style="color:#000000;font-family:arial narrow;font-size:10pt;line-height:12.0pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">care</span><span style="color:#000000;font-family:arial narrow;font-size:10pt;line-height:12.0pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">companies</span><span style="color:#000000;font-family:arial narrow;font-size:10pt;line-height:12.0pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">are</span><span style="color:#000000;font-family:arial narrow;font-size:10pt;line-height:12.0pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">strongly affected by worldwide </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">scientific or technological developments. Their products may rapidly become obsolete.</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> Many health care companies are also </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">subject to significant government regulation and may be affected by changes in government policies</span><span style="color:#000000;font-family:arial narrow;font-size:10pt">. Companies in the </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">pharmaceuticals,</span><span style="color:#000000;font-family:arial narrow;font-size:10pt;line-height:12.0pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">biotechnology and life sciences industry group in particular</span><span style="color:#000000;font-family:arial narrow;font-size:10pt;line-height:12.0pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">are heavily dependent on patent protection,</span><span style="color:#000000;font-family:arial narrow;font-size:10pt;line-height:12.0pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">and </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">the expiration of patents may adversely affect the profitability of such companies</span><span style="color:#000000;font-family:arial narrow;font-size:10pt">. </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">These companies are also subject to </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">extensive litigation</span><span style="color:#000000;font-family:arial narrow;font-size:10pt;line-height:12.0pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">based on product liability and other similar claims</span><span style="color:#000000;font-family:arial narrow;font-size:10pt">. </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">Many new products are subject to government approval </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">and the process of obtaining government approval can be long and costly</span><span style="color:#000000;font-family:arial narrow;font-size:10pt">, and </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">even approved </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">products are susceptible to </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">obsolescence</span><span style="color:#000000;font-family:arial narrow;font-size:10pt">. </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">These companies are also subject to competitive forces that may make it difficult to increase prices,</span><span style="color:#000000;font-family:arial narrow;font-size:10pt;line-height:12.0pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">or that may </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">lead to price reductions</span><span style="color:#000000;font-family:arial narrow;font-size:10pt">.</span></div> <div style="line-height:12.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;font-weight:bold;margin-left:12pt">Consumer Staples Sector Risk.</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> The consumer staples sector includes companies in the consumer staples distribution and </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">retail, food, beverage and tobacco, and household and personal products industry groups. Companies in the consumer staples </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">sector may be affected by demographics and product trends, competitive pricing, food fads, marketing campaigns, </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">environmental factors, changes in consumer demands, the performance of the overall domestic and global economy, interest </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">rates, consumer confidence and spending, and changes in commodity prices. Consumer staples companies may be subject to </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">government regulations that may affect the permissibility of using various food additives and production methods. Tobacco </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">companies may be adversely affected by regulation, legislation and/or litigation.</span></div> <div style="line-height:12.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;font-weight:bold;margin-left:12pt">Initial Public Offerings (IPOs) Risk.</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> IPOs involve a higher degree of risk because companies involved in IPOs generally have </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">the absence of a prior public market, the small number of shares available for trading and limited investor information.</span></div> <div style="line-height:12.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;font-weight:bold;margin-left:12pt">Operational and Cybersecurity Risk.</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">customer data, or proprietary information, or cause the Fund or its service providers to lose proprietary information, suffer </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">data corruption, or lose operational functionality. Such events could cause the Fund to incur regulatory penalties, reputational </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">damage, additional compliance costs associated with corrective measures and/or financial loss. Similar incidents affecting </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">issuers of the Fund’s portfolio companies may negatively impact performance. Operational risk may arise from human error, </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">errors by third parties, communication errors, or technology failures, among other causes. The Fund also relies on a range of </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">services from third-parties, including custody. Any delay or failure in the services provided to the Fund may negatively affect the </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">Fund and its ability to meet its investment objective. Although the Fund and the Fund’s investment adviser seek to reduce </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">operational risks through controls and/or procedures, it is not possible to identify and address all such risks and there is no way </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">to completely protect against or mitigate such risks, especially because the Fund does not directly control the cybersecurity </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">systems of issuers or third-party service providers.</span></div> <div style="line-height:12.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;font-weight:bold;margin-left:12pt">Government and Regulatory Risk.</span><span style="color:#000000;font-family:arial narrow;font-size:10pt"> The risk that governments or regulatory authorities may take actions that could adversely </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">affect markets in which the Fund invests and in the economy, more generally. Government and regulatory authorities may also </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">act to increase the scope or burden of regulations applicable to the Fund and to the companies in which the Fund invests. Such </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">legislation or regulation could restrict the ability of the Fund to fully implement its investment strategies, either generally or </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">with respect to certain securities, industries or countries and could limit or preclude the Fund’s ability to achieve its investment </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">objective.</span></div> Historical Performance <div style="margin-top:4pt;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;margin-left:12pt">The following tables provide information on how the Fund has performed over time. Performance in this section represents </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future. </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">Performance for the Fund’s Investor Class shares would be substantially similar to that for Institutional Class shares because </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">the shares are invested in the same portfolio of securities and would differ only to the extent that Institutional Class shares </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">have different expenses. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The table below is </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">designed to help you evaluate your risk tolerance by showing the best and worst quarterly performance of the Fund’s Investor </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">Class for the calendar years shown in the bar chart. The average annual total returns table below allows you to compare the </span></div><div style="line-height:12.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:10pt">performance of the Fund over the time periods indicated to that of a broad-based market index and additional indexes </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">returns for the Institutional Class will vary.  Performance information is updated regularly and is available on the Fund’s </span><span style="color:#000000;font-family:arial narrow;font-size:10pt">website </span><span style="color:#000000;font-family:arial narrow;font-size:10pt;font-weight:bold">wasatchglobal.com</span><span style="color:#000000;font-family:arial narrow;font-size:10pt">.</span></div> Performance in this section represents past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund.The average annual total returns table below allows you to compare theperformance of the Fund over the time periods indicated to that of a broad-based market index and additional indexes composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. wasatchglobal.com Wasatch Micro Cap Fund — Investor Class Year by Year Total Returns <div style="margin-top:12pt;"><span style="color:#336f8a;font-family:arial;font-size:12pt;font-weight:bold">Best and Worst Quarterly Returns</span><span style="color:#000000;font-family:arial;font-size:1pt;font-weight:bold;line-height:0.00pt"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells:show;width:168pt"> <tr style="height:12.5pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:130.73pt;"> <div style="line-height:12.0pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;margin-left:0.0pt">Best — 6/30/2020</span></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:37.27pt;"> <div style="line-height:12.0pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial narrow;font-size:10pt">48.69%</span></div> </div> </td> </tr> <tr style="height:13.5pt"> <td style="padding-bottom:4.5pt;padding-top:4pt;vertical-align:Bottom;width:130.73pt;"> <div style="line-height:12.0pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial narrow;font-size:10pt;margin-left:0.0pt">Worst — 3/31/2020</span></div> </div> </td> <td style="padding-bottom:4.5pt;padding-top:4pt;vertical-align:Bottom;width:37.27pt;"> <div style="line-height:12.0pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial narrow;font-size:10pt">-24.80%</span></div> </div> </td> </tr> </table> Best 2020-06-30 0.4869 Worst 2020-03-31 -0.2480 Average Annual Total Returns(as of 12/31/25) 1995-06-19 1995-06-19 1995-06-19 0.0484 -0.0059 0.1309 0.0484 -0.0209 0.1058 0.0286 -0.0072 0.1011 2020-01-31 0.0483 -0.0054 0.0800 0.1715 0.1715 0.1315 0.1315 0.1429 0.1464 0.2184 0.2184 0.0281 0.0281 0.0782 0.0874 0.2298 0.2298 0.0732 0.0732 0.0958 0.1051 <div style="margin-top:4pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;font-style:italic">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual </span><span style="color:#000000;font-family:arial narrow;font-size:8pt;font-style:italic">after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through </span><span style="color:#000000;font-family:arial narrow;font-size:8pt;font-style:italic">tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span><span style="color:#000000;font-family:arial;font-size:8pt;font-style:italic;line-height:10pt"> </span></div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;font-style:italic">The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because </span><span style="color:#000000;font-family:arial narrow;font-size:8pt;font-style:italic">they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred.</span><span style="color:#000000;font-family:arial;font-size:8pt;font-style:italic;line-height:10pt"> </span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred. Wasatch Micro Cap Value Fund® — Summary Investment Objective <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund’s investment objective is long-term growth of capital.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The tables below describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">in the tables and examples below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> Shareholder Fees (Fees paid directly from your investment.) 0 0 -0.0200 -0.0200 0 0 Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment.) 0.0150 0.0150 0.0018 0.0012 0.0168 0.0162 -0.0002 0.0168 0.0160 January 31, 2027 Example <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">funds. The example assumes that you invested $10,000 in the applicable class of the Fund for the time periods indicated and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5% return </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">each year and that operating expenses (as a percentage of net assets) of the Fund remained the same. This example reflects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">contractual fee waivers and reimbursements through January 31, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2027</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. Although your actual costs may be higher or lower, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> 171 530 913 1987 163 509 879 1920 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">69</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">% of the average value of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio.</span></div> 0.69 Principal Strategies <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund invests primarily in micro cap companies.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Under normal market conditions, we will invest at least 80% of the Fund’s net assets (plus borrowings for investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">purposes) in the equity securities, typically common stock, of micro-capitalization companies. The Fund considers a company to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">be a micro-capitalization company if its market capitalization, at the time of purchase, is less than the larger of $1.5 billion or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the market capitalization of the largest company in the Russell Microcap® Index as of its most recent reconstitution date. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Russell Microcap Index reconstitution date is typically each year on or around July 1. As of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2025</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> reconstitution date, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market capitalization of companies included in the Russell Microcap Index ranged from $</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">23</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> million to $</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">3.464</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> billion. The market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capitalizations for the range of companies in the Russell Microcap Index are subject to change at its next reconstitution date.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest up to 30% of its total assets at the time of purchase in securities issued by foreign companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(companies that are incorporated in any country outside the United States and whose securities principally trade outside the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United States). Securities issued by companies incorporated outside the United States whose securities are principally traded in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the United States are not defined as foreign companies and are not subject to this limitation.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">While the Fund primarily invests in value companies, it may also invest in growth companies if the Advisor believes that a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">company’s current valuation is at a sufficient discount to its projected long-term earnings growth rate.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">We use a “bottom-up” process of fundamental analysis to look for individual companies that we believe are temporarily </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">undervalued but have significant potential for stock price appreciation. Our analysis may include studying a company’s financial </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">statements, visiting company facilities, and meeting with executive management, suppliers and customers.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">We typically look for companies that we believe fall into one of these three categories at the time of purchase:</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div> <div style="clear: both; margin-top: 0.0pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; text-align: left; width: 4.37pt;"><span style="color: #000000; font-family: arial; font-size: 10pt;">•</span></div> <div style="float: left; line-height: 12.0pt; margin-left: 7.63pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Undiscovered Gems</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> — Companies that we believe have excellent growth potential that’s gone unnoticed by most analysts </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and investors.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 0.0pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; text-align: left; width: 4.37pt;"><span style="color: #000000; font-family: arial; font-size: 10pt;">•</span></div> <div style="float: left; line-height: 12.0pt; margin-left: 7.63pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Fallen Angels</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> — High-quality growth companies that have experienced what we believe to be a temporary setback, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">therefore the stock price may be below the company’s intrinsic value and could be appealing relative to the long-term </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">growth potential of the business.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 0.0pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; text-align: left; width: 4.37pt; -sec-ix-redline:true"><span style="color: #000000; font-family: arial; font-size: 10pt;">•</span></div> <div style="float: left; line-height: 12pt; margin-left: 7.63pt; text-align: left; width: 505.00pt; -sec-ix-redline:true"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Quality Value</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">— </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Quality</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> companies</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">with earnings potential </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">that is not fully reflected in their stock prices</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a large percentage of its assets (greater than 5%) in a particular region or market, including Europe </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and the United Kingdom.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">these sectors were </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industrials</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">financials</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, consumer discretionary, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consumer staples</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, and health care</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may invest in initial public offerings (IPOs).</span></div> The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, these sectors were information technology, industrials, financials, consumer discretionary, consumer staples, and health care. All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price of its shares. As a result, you may lose money if you invest in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Market risk is the risk that a particular security, or shares of the Fund in general, may fall in value. Securities are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments due to, among other things, market movements over the short-term or over longer periods during more prolonged </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market downturns. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund’s shares and result in increased market volatility.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Current Market and Economic Conditions Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Current market and economic conditions risk is the risk that a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment, or shares of the Fund in general, may fall in value due to current market and economic conditions or events. For </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">example, actions taken by the Federal Reserve or foreign central banks may at times result in unusually high market volatility, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may negatively impact companies, including banks and financial services companies, and negatively impact Fund performance. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S. regulators have also proposed from time to time changes to market and issuer regulations which may impact the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and any regulatory changes adopted could adversely impact the Fund’s ability to achieve its investment strategies or make </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets and investor behavior, which could have a negative impact on the Fund’s investments and operations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">confidence and may adversely impact financial markets and the broader economy. For example, in February 2022, Russia </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in Russia, Europe and the United States. The hostilities and sanctions resulting from those hostilities may have a significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact on certain Fund investments as well as performance and liquidity. Similarly, in October 2023, Hamas launched an attack </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on Israel, which touched off a strong military response from Israel that closed borders and airspace, damaged infrastructure </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and resulted in significant civilian and military casualties in Israel and the Gaza Strip. The conflict has reignited regional </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">tensions that threaten to involve other countries and factions. The continuing conflict and its escalation could have a severe </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adverse effect on the regional economy, currency and companies. These events may negatively impact other regional and global </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic markets of the world (including Europe and the United States), companies in such countries and various sectors, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industries and markets for securities and commodities globally, such as oil and natural gas. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In addition, the Chinese government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the Fund’s assets may go down.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Accordingly, the hostilities and sanctions resulting from these hostilities may have a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">negative effect on certain Fund investments, including investments extending beyond any direct or indirect exposure the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have to issuers of such countries or those of adjoining geographic regions.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impacted by trade disputes and other matters. For example, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recently has been in the process of renegotiating many of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">its global trade relationships and has imposed or threatened to impose significant import tariffs, including with respect to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such actions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could lead to price volatility and overall decline in U</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">S</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and global investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">It is difficult to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">predict </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the outcome and impact of any trade</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> negotiations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> a</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> public health crisis and ensuing policies enacted by governments and central banks </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> cause significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and uncertainty in global financial markets, negatively impacting global growth prospects. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">As the COVID-19 pandemic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in disruptions in the trading markets. Further, the interconnectivity between global economies and financial markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">country, region or financial market.</span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Stock Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investments may decline in value due to movements in the overall stock market.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Stock Selection Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund is actively managed, and its performance therefore will reflect, in part, the ability of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio manager(s) to select investments and to make investment decisions that are suited to achieving the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment objective. The Advisor does not actively track the composition or weightings of market indexes (including the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">benchmark indexes) or of the broader markets generally. As a result, the Fund could underperform its benchmark indexes and/or</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> other funds with a similar investment objective and/or strategy or it may lose value even when the overall stock market is not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in general decline.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Equity securities represent ownership in a company. They may be traded (bought or sold) on a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities exchange or stock market. Stock markets are volatile. The price of equity securities will fluctuate and can decline and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">reduce the value of a portfolio invested in equity securities. The value of equity securities purchased by the Fund could decline if </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries such as </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">labor shortages, an increase in production costs and changes in competitive conditions within an industry. In addition, the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of equity securities may decline due to, among other things, general market conditions not specifically related to a company or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in interest or currency rates, changes in government regulations, the political situation, or generally adverse investor sentiment. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain equity securities may be less liquid, meaning that they may be difficult to sell at a time or price that is desirable, than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other types of securities, or they may be illiquid. Some securities exchanges or stock markets may also be less liquid or illiquid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">due to low trading volume. In addition, equity securities include common stock. Common stock holds the lowest priority in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capital structure of a company and therefore takes the largest share of the company’s risk and its accompanying volatility. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rights of common stockholders generally are subordinate to all other claims on a company’s assets, including preferred </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stockholders and debt holders with respect to the payment of dividends and upon the liquidation or bankruptcy of the issuing </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">company. The common stock of a company that experiences financial distress may lose significant value or become worthless, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and therefore the Fund could lose money if a company in which it invests becomes financially distressed.  </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-style: italic; font-weight: bold; margin-left: 12pt;">Liquidity Risk</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition, the trading market for a particular security or type of security in which the Fund invests may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly less liquid than developed or even emerging markets, and there may be little or no trading volume for a period of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">time for a particular security. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities quickly </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">at a desired price when necessary to meet the Fund’s liquidity needs or in response to a specific economic event. It may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult at times to sell such securities at any price, which could impact not only the daily net asset value (NAV) of the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">but also the composition of the portfolio if other securities must be sold to meet the Fund’s liquidity needs. Additionally, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market quotations for such securities may be volatile and thus affect the daily NAV of the Fund.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Micro Cap Company Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Micro cap stocks may be very sensitive to changing economic conditions and market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">downturns because the issuers often have narrow markets for their products and services, fewer product lines, and more </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">limited managerial and financial resources than larger issuers. The stocks of micro cap companies may therefore be more </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatile and the ability to sell these stocks at a desirable time or price may be more limited. As noted above, the Fund under </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">normal market conditions invests at least 80% of its net assets (plus borrowings for investment purposes) in micro-capitalization</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> companies as defined above measured at the time of purchase. In pursuing its investment strategy, the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may hold such securities for long periods of time during which the market capitalization of such companies may increase due to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market appreciation beyond the $1.5 billion or the market capitalization of the largest company in the Russell Microcap® Index </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(the “Appreciated Companies”). In accordance with current regulatory requirements, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">as of the date of this Prospectus, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund is not required to sell the portfolio holdings that have increased in value due to market appreciation beyond the definition </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of a micro-capitalization company and as a result, the Fund may at times have significant investments in the Appreciated </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Companies. During periods when the Fund does not meet the 80% threshold due to the market appreciation of its holdings, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund’s future acquisitions will only be in companies meeting its micro-capitalization definition at the time of purchase. In </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">addition, to the extent the weighted average market capitalization of the Fund is higher than that of its benchmark or peers, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the Fund’s performance compared to the benchmark or peers with similar strategies may differ. On September 20, 2023, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">SEC adopted amendments to the investment company name rule, Rule 35d-1, which requires, among other things, funds to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">review their portfolio investments periodically and if a fund no longer meets its respective 80% test, to take appropriate action </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to bring the fund back into compliance within a specified period which may include disposing of portfolio securities and may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in realized capital gains. To the extent the Fund falls within the revised rule, the Fund will seek to comply with the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions of the revised rule upon the SEC’s compliance date currently scheduled as of the date of this Prospectus to be on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">January</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">31</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2027</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, however the compliance date may be subject to additional delays and the requirements of the amended </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Rule 35d-1 may be subject to additional modifications.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Value Investing Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> A value investing strategy attempts to identify strong companies with stocks selling at a discount from </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">their perceived true worth. Value stocks include securities of companies that may have experienced, for example, adverse </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and potentially undervalued. Value investing is subject to the risk that the stocks’ intrinsic values may never be fully recognized </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">priced.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Growth Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Growth stock prices may be more sensitive to changes in companies’ current or expected earnings than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the prices of other stocks, and growth stock prices may fall or may not appreciate in step with the broader securities markets. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Growth companies may be newer or smaller companies and may retain a large part of their earnings for research, development </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or investments in capital assets.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Foreign Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to additional risks not associated with investments in U.S. securities. Securities issued by companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">incorporated outside the United States but whose securities are principally traded in the United States are still subject to many </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the foreign securities risks such as economic and political risks. Differences in the economic and political environment, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">amount of available public information, custody practices for assets, the amount of taxation, limitations on the use or transfer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of Fund assets, the degree of market regulation, settlement practices, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transaction costs,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the potential for permanent or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">temporary termination of trading, and financial reporting, accounting and auditing standards, and, in the case of foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency-denominated securities, fluctuations in currency exchange rates, can have a significant adverse effect on the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a foreign security. More specifically, changes in currency exchange rates will affect the value of non-U.S. securities, the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">dividends and interest earned from such securities and gains and losses realized on the sale of such securities. The value of an </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment denominated in a foreign currency will decline in U.S. dollar terms if that currency weakens against the U.S. dollar. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may be invested in the local currency of a foreign country in connection with executing foreign securities transactions. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">When the Fund executes the securities transactions, there is the risk of the value of the foreign currency increasing or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">decreasing against the value of the U.S. dollar. While the Fund is permitted to hedge currency risks, the Advisor does not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">anticipate doing so at this time. Additionally, certain countries may restrict foreign investment in their securities and may utilize </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">formal or informal currency-exchange controls or “capital controls.” Capital controls may impose restrictions on the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ability to repatriate investments or income.  Such capital controls can also have a significant effect on the value of the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">holdings. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Other government actions, such as confiscations, the nationalization of companies, the imposition of sanctions, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade restrictions (including tariffs), could also negatively impact an investment in a foreign security.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Europe and United Kingdom Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The value of the Fund’s assets may be adversely affected by, among other things, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">social, political, regulatory, economic and other events or conditions affecting Europe and the United Kingdom (“U.K.”). The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economies and markets of European countries are often closely connected and interdependent, and events in one country in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Europe can have an impact on other European countries. Many countries in Europe are member states of the European Union </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(“EU”) and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a number of countries within the EU are also members of the Economic and Monetary Union (the “eurozone”) </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">having adopted the euro as their currency. These European countries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">will be significantly affected by the fiscal and monetary </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">controls of the EU. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Eurozone membership requires member states to comply with restrictions in inflation rates, deficits, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every other country in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Europe.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recessions or defaults or threats of defaults among European countries may have a significant adverse effect on the economies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of other European countries, including those outside the EU. The European financial markets have experienced significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility, and several European countries have been adversely affected by unemployment, budget deficits and economic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">downturns. Responses to financial problems by European governments, central banks and others, including austerity measures </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and reforms, may not produce the desired results, may result in social unrest, may limit future growth and economic recovery or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have other unintended consequences. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain countries also could, without prior warning, impose capital controls to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">restrict volatile movements of capital entering and exiting their country. Such controls may negatively affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Defaults or restructurings by governments and other entities of their debt could have additional adverse effects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on economies, financial markets and asset valuations around the world. Successionist movements, as well as governmental or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other response to such movements, may also create instability and uncertainty in the region.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Recent security concerns related </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to immigration, war and geopolitical risk, and terrorism could have a negative impact on the EU and investments in European </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">countries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Efforts by the member countries of the EU to continue to unify their economic and monetary policies also may increase the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potential for similarities in movements of European markets and reduce the potential investment benefits of diversification </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">within the region. Further, while many countries in western Europe are considered to have developed markets, many eastern </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">European countries are less developed, and investments in eastern European countries, even if denominated in euros, may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">involve special risks associated with investments in emerging markets. As the economies of countries in Europe are in different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stages of development, the policies adopted by the EU may not address the needs of all European member countries.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition, investments in issuers located in the U.K. may subject the Fund to regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic risk specific to the U.K. The U.K. has one of the largest economies in Europe and is heavily dependent on trade with </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the EU and to a lesser extent, the United States and China. As a result, the economy of the U.K. may be impacted by changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to the economic health of EU member countries, the U.S. and China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain European countries have also developed </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increasingly strained relationships with the U.S., and if these relations were to worsen, they could adversely affect European </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers that rely on U.S. trade.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In 2020, the U.K. left the EU (referred to as “Brexit”). The U.K. and the EU reached a trade </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">agreement that was ratified by all applicable U.K. and EU government bodies although certain aspects of the relationship </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">remain unresolved and subject to further negotiations and agreement. The effects of Brexit are also shaped by the trade </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">agreements that the U.K. negotiates with other countries. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The U.K.’</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">s departure sparked volatility in the value of the British </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pound,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">short term declines in the stock markets and heightened risk of continued economic volatility worldwide. Although the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">long-term </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">effects of Brexit are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult to gauge and cannot be fully known</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">they could have</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">wide</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ranging implications for</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.K.’s economy</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The potential negative effects of</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Brexit</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on the U.K.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> and the EU economies and the broader global economy </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could include</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">among others</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">business and trade disruptions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increased volatility and illiquidity,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">fluctuations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potentially lower growth of markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the U.K.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> EU and globally and sparking additional member states to contemplate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">departing</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the EU</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">thereby perpetuating political instability in the region and additional market disruption globally) which could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adversely affect </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">’s investments</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Sector and Industry Weightings Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> To the extent the Fund emphasizes, from time to time, investments in a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Market conditions, interest rates, and economic, political, regulatory, or financial developments could significantly affect all the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in those sectors. The Fund may also from time to time make significant investments in an industry or industries within </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a particular sector. The industries that constitute a sector may all react in the same way to economic, political or regulatory </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events. Adverse conditions in such industry or industries could have a correspondingly adverse effect on the financial condition </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of issuers. These conditions may cause the value of the Fund’s shares to fluctuate more than the values of shares of funds that </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invest in a greater variety of investments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Information Technology Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The information technology sector includes companies in the software and services, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology hardware and equipment, and semiconductors and semiconductor equipment industry groups. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology sector are subject to rapid obsolescence of existing technology, short product cycles, falling prices and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">profits, competition from new market entrants, and general economic conditions. Stocks of companies in the information </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology sector, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Technological developments, fixed rate pricing, and the ability to retain skilled employees can significantly affect the industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in the information technology sector.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Industrials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The industrials sector includes companies in the capital goods, commercial and professional services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and transportation industry groups, including companies engaged in the business of human capital management, business </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">research and consulting, air freight and logistics, transportation services, airlines, maritime shipping and transportation, ground </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transportation, transportation infrastructure, and aerospace and defense. Companies in the industrials sector can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by general economic trends, including such factors as employment and economic growth, interest rate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, changes in consumer spending, legislative and government regulation and spending, import controls, commodity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">prices, and worldwide competition. Changes in the economy, fuel prices, labor agreements, and insurance costs may result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">occasional sharp price movements in transportation securities. Aerospace and defense companies rely, to a significant extent, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on government demand for their products and services. The financial condition of, and investor interest in, aerospace and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">defense companies are heavily influenced by government defense spending policies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Financials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The financials sector includes companies in the banks, financial services, and insurance industry </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">groups. Companies in the financials sector are subject to extensive government regulation, can be subject to relatively rapid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Banking companies, including thrifts and mortgage finance and consumer finance companies, may be affected by extensive </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulation, which may limit both the amounts and types of loans and other financial commitments they can make, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the interest rates and fees they can charge, and the amount of capital they must maintain. Profitability is largely dependent on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Credit losses resulting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from financial difficulties of borrowers can negatively affect banking companies. Banking companies may also be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">severe price competition. Competition is high among banking companies and failure to maintain or increase market share may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in lost market value. Capital markets, a sub-industry of financial services, may be affected by extensive government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation as well as economic and other financial events that could cause fluctuations in the stock market, impacting the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">overall value of investments. The insurance industry may be affected by extensive government regulation and can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by interest rates, general economic conditions, and price and marketing competition. Different segments </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the insurance industry can be significantly affected by natural disasters, mortality and morbidity rates, and environmental </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">clean-up.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Consumer Discretionary Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The consumer discretionary sector includes companies in industries such as consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services, household durables, leisure products, textiles, apparel and luxury goods, hotels, restaurants, retailing, and automobiles. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Companies in the consumer discretionary sector may be significantly impacted by the performance of the overall domestic and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">global economy and by interest rates. The consumer discretionary sector relies heavily on disposable household income and </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">spending. Companies in this sector may be subject to severe competition, which may have an adverse impact on their </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">respective profitability. The retail industry can be significantly affected by changes in demographics, and consumer tastes and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">shopping habits, which can also affect the demand for, and success of, consumer products and services in the marketplace. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">automotive industry is highly cyclical and can be significantly affected by labor relations and fluctuating component prices.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Consumer Staples Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The consumer staples sector includes companies in the consumer staples distribution and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">retail, food, beverage and tobacco, and household and personal products industry groups. Companies in the consumer staples </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector may be affected by demographics and product trends, competitive pricing, food fads, marketing campaigns, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">environmental factors, changes in consumer demands, the performance of the overall domestic and global economy, interest </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rates, consumer confidence and spending, and changes in commodity prices. Consumer staples companies may be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulations that may affect the permissibility of using various food additives and production methods. Tobacco </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies may be adversely affected by regulation, legislation and/or litigation.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Health Care Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The health care sector includes companies in the health care equipment and services, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry groups. Health care companies are strongly affected by worldwide </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">scientific or technological developments. Their products may rapidly become obsolete. Many health care companies are also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to significant government regulation and may be affected by changes in government policies. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry group in particular are heavily dependent on patent protection, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the expiration of patents may adversely affect the profitability of such companies. These companies are also subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">extensive litigation based on product liability and other similar claims. Many new products are subject to government approval </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and the process of obtaining government approval can be long and costly, and even approved products are susceptible to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">obsolescence. These companies are also subject to competitive forces that may make it difficult to increase prices, or that may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">lead to price reductions.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Initial Public Offerings (IPOs) Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> IPOs involve a higher degree of risk because companies involved in IPOs generally have </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the absence of a prior public market, the small number of shares available for trading and limited investor information.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Operational and Cybersecurity Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">customer data, or proprietary information, or cause the Fund or its service providers to lose proprietary information, suffer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">data corruption, or lose operational functionality. Such events could cause the Fund to incur regulatory penalties, reputational </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">damage, additional compliance costs associated with corrective measures and/or financial loss. Similar incidents affecting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers of the Fund’s portfolio companies may negatively impact performance. Operational risk may arise from human error, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">errors by third parties, communication errors, or technology failures, among other causes. The Fund also relies on a range of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services from third-parties, including custody. Any delay or failure in the services provided to the Fund may negatively affect the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund and its ability to meet its investment objective. Although the Fund and the Fund’s investment adviser seek to reduce </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">operational risks through controls and/or procedures, it is not possible to identify and address all such risks and there is no way </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to completely protect against or mitigate such risks, especially because the Fund does not directly control the cybersecurity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">systems of issuers or third-party service providers.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Government and Regulatory Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The risk that governments or regulatory authorities may take actions that could adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affect markets in which the Fund invests and in the economy, more generally. Government and regulatory authorities may also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">act to increase the scope or burden of regulations applicable to the Fund and to the companies in which the Fund invests. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">legislation or regulation could restrict the ability of the Fund to fully implement its investment strategies, either generally or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">with respect to certain securities, industries or countries and could limit or preclude the Fund’s ability to achieve its investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">objective.</span></div> Historical Performance <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The following tables provide information on how the Fund has performed over time. Performance in this section represents </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Performance for the Fund’s Investor Class shares would be substantially similar to that for Institutional Class shares because </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the shares are invested in the same portfolio of securities and would differ only to the extent that Institutional Class shares </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">have different expenses. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The table below is designed to help you evaluate your risk tolerance by showing the best and worst quarterly performance of the Fund’s Investor Class for the calendar years shown in the bar chart. The average annual total returns table below allows you to compare the </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">performance of the Fund over the time periods indicated to that of a broad-based market index and an additional index </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">returns for the Institutional Class will vary.  Performance information is updated regularly and is available on the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">website </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">wasatchglobal.com</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> Performance in this section represents past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future.  The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund.The average annual total returns table below allows you to compare theperformance of the Fund over the time periods indicated to that of a broad-based market index and an additional index composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. wasatchglobal.com Wasatch Micro Cap Value Fund — Investor ClassYear by Year Total Returns <div style="margin-top: 12pt;"><span style="color: #336f8a; font-family: arial; font-size: 12pt; font-weight: bold;">Best and Worst Quarterly Returns</span><span style="color: #000000; font-family: arial; font-size: 1pt; font-weight: bold; line-height: 0.00pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 168pt;"> <tr style="height: 12.5pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Best — 6/30/2020</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">39.74%</span></div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Worst — 3/31/2020</span></div> </div> </td> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">-28.44%</span></div> </div> </td> </tr> </table> Best 2020-06-30 0.3974 Worst 2020-03-31 -0.2844 Average Annual Total Returns(as of 12/31/25) 2003-07-28 2003-07-28 2003-07-28 0.0921 0.0672 0.1264 0.0662 0.0503 0.1063 0.0734 0.0498 0.0996 2020-01-31 0.0938 0.0684 0.1215 0.1715 0.1715 0.1315 0.1315 0.1429 0.1464 0.2298 0.2298 0.0732 0.0732 0.0958 0.1051 <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred. Wasatch Small Cap Growth Fund® — Summary Investment Objectives The Fund’s primary investment objective is long-term growth of capital. Income is a secondary objective, but only when consistent with long-term growth of capital. Currently, we do not expect the Fund’s investments to generate substantial income. Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The tables below describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">in the tables and examples below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> Shareholder Fees (Fees paid directly from your investment.) 0 0 -0.0200 -0.0200 0 0 Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment.) 0.0100 0.0100 0.0014 0.0006 0.0114 0.0106 -0.0001 0.0114 0.0105 January 31, 2027 Example <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">funds. The example assumes that you invested $10,000 in the applicable class of the Fund for the time periods indicated and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5% return </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">each year and that operating expenses (as a percentage of net assets) of the Fund remained the same. This example reflects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">contractual fee waivers and reimbursements through January 31, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2027</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. Although your actual costs may be higher or lower, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> 116 362 628 1386 107 336 584 1293 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">39</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">% of the average value of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio.</span></div> 0.39 Principal Strategies <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund invests primarily in small growth companies.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Under normal market conditions, we will invest at least 80% of the Fund’s net assets (plus borrowings for investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">purposes) in the equity securities, typically common stock, of small-capitalization companies. The Fund considers a company to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">be a small-capitalization company if its market capitalization, at the time of purchase, is less than the larger of $3 billion or the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market capitalization of the largest company in the Russell 2000® Index as of its most recent reconstitution date. The Russell </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2000 Index reconstitution date is typically each year on or around July 1. As of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2025</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> reconstitution date, the market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capitalization of companies included in the Russell 2000 Index ranged from $</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">61</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> million to $</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">16.033</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> billion. The market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capitalizations for the range of companies in the Russell 2000 Index are subject to change at its next reconstitution date.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest up to 20% of its total assets at the time of purchase in securities issued by foreign companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(companies that are incorporated in any country outside the United States and whose securities principally trade outside the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United States). Securities issued by companies incorporated outside the United States whose securities are principally traded in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the United States are not defined as foreign companies and are not subject to this limitation.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Within the Fund’s portfolio, we seek to create a blend of “core” companies that we believe have the potential to grow </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">steadily over long periods of time at faster rates than the average large company, and “high growth” companies that we </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">believe have the potential to grow faster and more aggressively than core companies. The Fund’s secondary objective of income </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">is achieved when fast-growing portfolio companies pay dividends, generated by cash flow, typically after achieving growth </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">targets.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">We use a “bottom-up” process of fundamental analysis to look for individual companies that we believe have superior </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">growth prospects. Our analysis may include studying a company’s financial statements, building proprietary financial models, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">visiting company facilities, and meeting with executive management, suppliers and customers.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may invest a large percentage of its assets (greater than 5%) in a particular region or market.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">these sectors were information technology, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industrials,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> health care, consumer discretionary, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">financials, and consumer staples. </span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may invest in initial public offerings (IPOs).</span></div> The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, these sectors were information technology, industrials, health care, consumer discretionary, financials, and consumer staples.  All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price of its shares. As a result, you may lose money if you invest in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Market risk is the risk that a particular security, or shares of the Fund in general, may fall in value. Securities are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments due to, among other things, market movements over the short-term or over longer periods during more prolonged </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market downturns. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund’s shares and result in increased market volatility.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Current Market and Economic Conditions Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Current market and economic conditions risk is the risk that a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment, or shares of the Fund in general, may fall in value due to current market and economic conditions or events. For </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">example, actions taken by the Federal Reserve or foreign central banks may at times result in unusually high market volatility, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may negatively impact companies, including banks and financial services companies, and negatively impact Fund performance. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S. regulators have also proposed from time to time changes to market and issuer regulations which may impact the Fund, </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and any regulatory changes adopted could adversely impact the Fund’s ability to achieve its investment strategies or make </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets and investor behavior, which could have a negative impact on the Fund’s investments and operations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">confidence and may adversely impact financial markets and the broader economy. For example, in February 2022, Russia </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in Russia, Europe and the United States. The hostilities and sanctions resulting from those hostilities may have a significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact on certain Fund investments as well as performance and liquidity. Similarly, in October 2023, Hamas launched an attack </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on Israel, which touched off a strong military response from Israel that closed borders and airspace, damaged infrastructure </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and resulted in significant civilian and military casualties in Israel and the Gaza Strip. The conflict has reignited regional </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">tensions that threaten to involve other countries and factions. The continuing conflict and its escalation could have a severe </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adverse effect on the regional economy, currency and companies. These events may negatively impact other regional and global </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic markets of the world (including Europe and the United States), companies in such countries and various sectors, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industries and markets for securities and commodities globally, such as oil and natural gas. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In addition, the Chinese government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the Fund’s assets may go down.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Accordingly, the hostilities and sanctions resulting from these hostilities may have a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">negative effect on certain Fund investments, including investments extending beyond any direct or indirect exposure the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have to issuers of such countries or those of adjoining geographic regions.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impacted by trade disputes and other matters. For example, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recently has been in the process of renegotiating many of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">its global trade relationships and has imposed or threatened to impose significant import tariffs, including with respect to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such actions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could lead to price volatility and overall decline in U</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">S</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and global investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">It is difficult to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">predict </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the outcome and impact of any trade</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> negotiations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> a</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> public health crisis and ensuing policies enacted by governments and central banks </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> cause significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and uncertainty in global financial markets, negatively impacting global growth prospects. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">As the COVID-19 pandemic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in disruptions in the trading markets. Further, the interconnectivity between global economies and financial markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">country, region or financial market.</span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Stock Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investments may decline in value due to movements in the overall stock market.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Stock Selection Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund is actively managed, and its performance therefore will reflect, in part, the ability of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio manager(s) to select investments and to make investment decisions that are suited to achieving the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment objective. The Advisor does not actively track the composition or weightings of market indexes (including the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">benchmark indexes) or of the broader markets generally. As a result, the Fund could underperform its benchmark indexes and/or</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> other funds with a similar investment objective and/or strategy or it may lose value even when the overall stock market is not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in general decline.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Equity securities represent ownership in a company. They may be traded (bought or sold) on a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities exchange or stock market. Stock markets are volatile. The price of equity securities will fluctuate and can decline and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">reduce the value of a portfolio invested in equity securities. The value of equity securities purchased by the Fund could decline if </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries such as </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">labor shortages, an increase in production costs and changes in competitive conditions within an industry. In addition, the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of equity securities may decline due to, among other things, general market conditions not specifically related to a company or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in interest or currency rates, changes in government regulations, the political situation, or generally adverse investor sentiment. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain equity securities may be less liquid, meaning that they may be difficult to sell at a time or price that is desirable, than </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other types of securities, or they may be illiquid. Some securities exchanges or stock markets may also be less liquid or illiquid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">due to low trading volume. In addition, equity securities include common stock. Common stock holds the lowest priority in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capital structure of a company and therefore takes the largest share of the company’s risk and its accompanying volatility. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rights of common stockholders generally are subordinate to all other claims on a company’s assets, including preferred </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stockholders and debt holders with respect to the payment of dividends and upon the liquidation or bankruptcy of the issuing </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">company. The common stock of a company that experiences financial distress may lose significant value or become worthless, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and therefore the Fund could lose money if a company in which it invests becomes financially distressed.  </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-style: italic; font-weight: bold; margin-left: 12pt;">Liquidity Risk</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition, the trading market for a particular security or type of security in which the Fund invests may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly less liquid than developed or even emerging markets, and there may be little or no trading volume for a period of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">time for a particular security. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities quickly </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">at a desired price when necessary to meet the Fund’s liquidity needs or in response to a specific economic event. It may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult at times to sell such securities at any price, which could impact not only the daily net asset value (NAV) of the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">but also the composition of the portfolio if other securities must be sold to meet the Fund’s liquidity needs. Additionally, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market quotations for such securities may be volatile and thus affect the daily NAV of the Fund.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Small Cap Company Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Small-cap stocks may be very sensitive to changing economic conditions and market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">downturns because the issuers often have narrow markets for their products or services, fewer product lines, and more limited </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">managerial and financial resources than larger issuers. The stocks of small-cap companies may therefore be more volatile and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the ability to sell these stocks at a desirable time or price may be more limited. As noted above, the Fund under normal market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions invests at least 80% of its net assets (plus borrowings for investment purposes) in small-capitalization companies as </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">defined above measured at the time of purchase. In pursuing its investment strategy, the Fund may hold such securities for </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">long periods of time during which market appreciation may cause the market capitalization of such companies to increase </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">beyond $3 billion or the market capitalization of the largest company in the Russell 2000</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">®</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Index (“Appreciated Companies”). In </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">accordance with current regulatory requirements, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">as of the date of this Prospectus,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund is not required to sell portfolio </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">holdings that market appreciation has caused to increase in value beyond the definition of a small-capitalization company and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">as a result, the Fund may at times have significant investments in Appreciated Companies. During periods when the Fund does </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">not meet the 80% threshold due to the market appreciation of its holdings, the Fund’s future acquisitions will only be in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies meeting its small-capitalization definition at the time of purchase. In addition, to the extent the weighted average </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market capitalization of the Fund is higher than that of its benchmark or peers, the Fund’s performance compared to the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">benchmark or to peers with similar strategies may differ. On September 20, 2023, the SEC adopted amendments to the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment company name rule, Rule 35d-1, which requires, among other things, funds to review their portfolio investments </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">periodically and if a fund no longer meets its respective 80% test, to take appropriate action to bring the fund back into </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">compliance within a specified period which may include disposing of portfolio securities and may result in realized capital gains. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">To the extent the Fund falls within the revised rule, the Fund will seek to comply with the conditions of the revised rule upon the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">SEC’s compliance date currently scheduled as of the date of this Prospectus to be on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">January</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">31</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2027</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, however the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">compliance date may be subject to additional delays and the requirements of the amended Rule 35d-1 may be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">additional modifications.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Growth Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Growth stock prices may be more sensitive to changes in companies’ current or expected earnings than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the prices of other stocks, and growth stock prices may fall or may not appreciate in step with the broader securities markets. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Growth companies may be newer or smaller companies and may retain a large part of their earnings for research, development </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or investments in capital assets.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Initial Public Offerings (IPOs) Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> IPOs involve a higher degree of risk because companies involved in IPOs generally have </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the absence of a prior public market, the small number of shares available for trading and limited investor information.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Foreign Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to additional risks not associated with investments in U.S. securities. Securities issued by companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">incorporated outside the United States but whose securities are principally traded in the United States are still subject to many </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the foreign securities risks such as economic and political risks. Differences in the economic and political environment, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">amount of available public information, custody practices for assets, the amount of taxation, limitations on the use or transfer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of Fund assets, the degree of market regulation, settlement practices, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transaction costs,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the potential for permanent or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">temporary termination of trading, and financial reporting, accounting and auditing standards, and, in the case of foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency-denominated securities, fluctuations in currency exchange rates, can have a significant adverse effect on the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a foreign security. More specifically, changes in currency exchange rates will affect the value of non-U.S. securities, the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">dividends and interest earned from such securities and gains and losses realized on the sale of such securities. The value of an </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment denominated in a foreign currency will decline in U.S. dollar terms if that currency weakens against the U.S. dollar. </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may be invested in the local currency of a foreign country in connection with executing foreign securities transactions. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">When the Fund executes the securities transactions, there is the risk of the value of the foreign currency increasing or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">decreasing against the value of the U.S. dollar. While the Fund is permitted to hedge currency risks, the Advisor does not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">anticipate doing so at this time. Additionally, certain countries may restrict foreign investment in their securities and may utilize </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">formal or informal currency-exchange controls or “capital controls.” Capital controls may impose restrictions on the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ability to repatriate investments or income.  Such capital controls can also have a significant effect on the value of the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">holdings. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Other government actions, such as confiscations, the nationalization of companies, the imposition of sanctions, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade restrictions (including tariffs), could also negatively impact an investment in a foreign security.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Sector and Industry Weightings Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> To the extent the Fund emphasizes, from time to time, investments in a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Market conditions, interest rates, and economic, political, regulatory, or financial developments could significantly affect all the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in those sectors. The Fund may also from time to time make significant investments in an industry or industries within </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a particular sector. The industries that constitute a sector may all react in the same way to economic, political or regulatory </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events. Adverse conditions in such industry or industries could have a correspondingly adverse effect on the financial condition </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of issuers. These conditions may cause the value of the Fund’s shares to fluctuate more than the values of shares of funds that </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invest in a greater variety of investments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Information Technology Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The information technology sector includes companies in the software and services, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology hardware and equipment, and semiconductors and semiconductor equipment industry groups. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology sector are subject to rapid obsolescence of existing technology, short product cycles, falling prices and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">profits, competition from new market entrants, and general economic conditions. Stocks of companies in the information </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology sector, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Technological developments, fixed rate pricing, and the ability to retain skilled employees can significantly affect the industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in the information technology sector.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Industrials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The industrials sector includes companies in the capital goods, commercial and professional services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and transportation industry groups, including companies engaged in the business of human capital management, business </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">research and consulting, air freight and logistics, transportation services, airlines, maritime shipping and transportation, ground </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transportation, transportation infrastructure, and aerospace and defense. Companies in the industrials sector can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by general economic trends, including such factors as employment and economic growth, interest rate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, changes in consumer spending, legislative and government regulation and spending, import controls, commodity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">prices, and worldwide competition. Changes in the economy, fuel prices, labor agreements, and insurance costs may result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">occasional sharp price movements in transportation securities. Aerospace and defense companies rely, to a significant extent, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on government demand for their products and services. The financial condition of, and investor interest in, aerospace and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">defense companies are heavily influenced by government defense spending policies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Health Care Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The health care sector includes companies in the health care equipment and services, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry groups. Health care companies are strongly affected by worldwide </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">scientific or technological developments. Their products may rapidly become obsolete. Many health care companies are also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to significant government regulation and may be affected by changes in government policies. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry group in particular are heavily dependent on patent protection, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the expiration of patents may adversely affect the profitability of such companies. These companies are also subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">extensive litigation based on product liability and other similar claims. Many new products are subject to government approval </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and the process of obtaining government approval can be long and costly, and even approved products are susceptible to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">obsolescence. These companies are also subject to competitive forces that may make it difficult to increase prices, or that may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">lead to price reductions.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Consumer Discretionary Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The consumer discretionary sector includes companies in industries such as consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services, household durables, leisure products, textiles, apparel and luxury goods, hotels, restaurants, retailing, and automobiles. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Companies in the consumer discretionary sector may be significantly impacted by the performance of the overall domestic and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">global economy and by interest rates. The consumer discretionary sector relies heavily on disposable household income and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">spending. Companies in this sector may be subject to severe competition, which may have an adverse impact on their </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">respective profitability. The retail industry can be significantly affected by changes in demographics, and consumer tastes and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">shopping habits, which can also affect the demand for, and success of, consumer products and services in the marketplace. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">automotive industry is highly cyclical and can be significantly affected by labor relations and fluctuating component prices.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Financials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The financials sector includes companies in the banks, financial services, and insurance industry </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">groups. Companies in the financials sector are subject to extensive government regulation, can be subject to relatively rapid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Banking companies, including thrifts and mortgage finance and consumer finance companies, may be affected by extensive </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulation, which may limit both the amounts and types of loans and other financial commitments they can make, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the interest rates and fees they can charge, and the amount of capital they must maintain. Profitability is largely dependent on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Credit losses resulting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from financial difficulties of borrowers can negatively affect banking companies. Banking companies may also be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">severe price competition. Competition is high among banking companies and failure to maintain or increase market share may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in lost market value. Capital markets, a sub-industry of financial services, may be affected by extensive government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation as well as economic and other financial events that could cause fluctuations in the stock market, impacting the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">overall value of investments. The insurance industry may be affected by extensive government regulation and can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by interest rates, general economic conditions, and price and marketing competition. Different segments </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the insurance industry can be significantly affected by natural disasters, mortality and morbidity rates, and environmental </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">clean-up.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Consumer Staples Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The consumer staples sector includes companies in the consumer staples distribution and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">retail, food, beverage and tobacco, and household and personal products industry groups. Companies in the consumer staples </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector may be affected by demographics and product trends, competitive pricing, food fads, marketing campaigns, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">environmental factors, changes in consumer demands, the performance of the overall domestic and global economy, interest </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rates, consumer confidence and spending, and changes in commodity prices. Consumer staples companies may be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulations that may affect the permissibility of using various food additives and production methods. Tobacco </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies may be adversely affected by regulation, legislation and/or litigation.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Operational and Cybersecurity Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">customer data, or proprietary information, or cause the Fund or its service providers to lose proprietary information, suffer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">data corruption, or lose operational functionality. Such events could cause the Fund to incur regulatory penalties, reputational </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">damage, additional compliance costs associated with corrective measures and/or financial loss. Similar incidents affecting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers of the Fund’s portfolio companies may negatively impact performance. Operational risk may arise from human error, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">errors by third parties, communication errors, or technology failures, among other causes. The Fund also relies on a range of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services from third-parties, including custody. Any delay or failure in the services provided to the Fund may negatively affect the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund and its ability to meet its investment objective. Although the Fund and the Fund’s investment adviser seek to reduce </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">operational risks through controls and/or procedures, it is not possible to identify and address all such risks and there is no way </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to completely protect against or mitigate such risks, especially because the Fund does not directly control the cybersecurity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">systems of issuers or third-party service providers.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Government and Regulatory Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The risk that governments or regulatory authorities may take actions that could adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affect markets in which the Fund invests and in the economy, more generally. Government and regulatory authorities may also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">act to increase the scope or burden of regulations applicable to the Fund and to the companies in which the Fund invests. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">legislation or regulation could restrict the ability of the Fund to fully implement its investment strategies, either generally or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">with respect to certain securities, industries or countries and could limit or preclude the Fund’s ability to achieve its investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">objective.</span></div> Historical Performance <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The following tables provide information on how the Fund has performed over time. Performance in this section represents past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future. Performance for the Fund’s Investor Class shares would be substantially similar to that for Institutional Class shares because the shares are invested in the same portfolio of securities and would differ only to the extent that Institutional Class shares have different expenses. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The table below is designed to help you evaluate your risk tolerance by showing the best and worst quarterly performance of the Fund’s Investor Class for the calendar years shown in the bar chart. The average annual total returns table below allows you to compare the performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based market index and additional indexes composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. Performance information is updated regularly and is available on the Fund’s website <b>wasatchglobal.com</b>.</span></div> Performance in this section represents past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The average annual total returns table below allows you to compare the performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based market index and additional indexes composed of securities similar to those held by the Fund.  After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. wasatchglobal.com Wasatch Small Cap Growth Fund — Investor Class Year by Year Total Returns <div style="margin-top: 12pt;"><span style="color: #336f8a; font-family: arial; font-size: 12pt; font-weight: bold;">Best and Worst Quarterly Returns</span><span style="color: #000000; font-family: arial; font-size: 1pt; font-weight: bold; line-height: 0.00pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 168pt;"> <tr style="height: 12.5pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Best — 6/30/2020</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">40.46%</span></div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Worst — 6/30/2022</span></div> </div> </td> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">-25.07%</span></div> </div> </td> </tr> </table> Best 2020-06-30 0.4046 Worst 2022-06-30 -0.2507 Average Annual Total Returns(as of 12/31/25) 1986-12-06 1986-12-06 1986-12-06 -0.0880 -0.0374 0.0898 -0.0921 -0.0472 0.0670 -0.0491 -0.0267 0.0692 2016-02-01 -0.0872 -0.0365 0.1023 0.1715 0.1715 0.1315 0.1315 0.1429 0.1509 0.1301 0.1301 0.0318 0.0318 0.0957 0.1093 0.1281 0.1281 0.0609 0.0609 0.0962 0.1076 <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;"> tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred. Investment Objectives The Fund’s investment objective is long-term growth of capital. Income is a secondary objective, but only when consistent with long-term growth of capital. Currently, we do not expect the Fund’s investments to generate substantial income. Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The tables below describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">in the tables and examples below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> Shareholder Fees (Fees paid directly from your investment.) 0 0 -0.0200 -0.0200 0 0 Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment.) 0.0100 0.0100 0.0017 0.0006 0.0117 0.0106 -0.0001 0.0117 0.0105 January 31, 2027 Example <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">funds. The example assumes that you invested $10,000 in the applicable class of the Fund for the time periods indicated and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5% return </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">each year and that operating expenses (as a percentage of net assets) of the Fund remained the same. This example reflects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">contractual fee waivers and reimbursements through January 31, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2027</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. Although your actual costs may be higher or lower, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> 119 372 644 1420 107 336 584 1293 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">65</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">% of the average value of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio.</span></div> 0.65 Principal Strategies <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund invests primarily in small companies.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Under normal market conditions, we will invest at least 80% of the Fund’s net assets (plus borrowings for investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">purposes) in the equity securities, typically common stock, of small-capitalization companies. The Fund considers a company to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">be a small-capitalization company if its market capitalization, at the time of purchase, is less than the larger of $3 billion or the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market capitalization of the largest company in the Russell 2000® Index as of its most recent reconstitution date. The Russell </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2000 Index reconstitution date is typically each year on or around July 1. As of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2025</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> reconstitution date, the market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capitalization of companies included in the Russell 2000 Index ranged from $</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">61</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> million to $</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">16.033</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> billion. The market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capitalizations for the range of companies in the Russell 2000 Index are subject to change at its next reconstitution date.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest up to 20% of its total assets at the time of purchase in securities issued by foreign companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(companies that are incorporated in any country outside the United States and whose securities principally trade outside the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United States). Securities issued by companies incorporated outside the United States whose securities are principally traded in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the United States are not defined as foreign companies and are not subject to this limitation.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may also invest in growth companies if the Advisor believes that current valuation is at a sufficient discount to a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">company’s projected long-term earnings growth rate. The Fund’s secondary objective of income is achieved when portfolio </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies pay dividends.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">We use a “bottom-up” process of fundamental analysis to look for individual companies that we believe are temporarily </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">undervalued but have significant potential for stock price appreciation. Our analysis may include studying a company’s financial </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">statements, visiting company facilities, and meeting with executive management, suppliers and customers.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">We typically look for companies that we believe fall into one of the following three categories at the time of purchase:</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div> <div style="clear: both; margin-top: 0.5pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; text-align: left; width: 4.37pt;"><span style="color: #000000; font-family: arial; font-size: 10pt;">•</span></div> <div style="float: left; line-height: 12.0pt; margin-left: 7.63pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Undiscovered Gems</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> — Companies with good growth potential that have yet to be broadly discovered by Wall Street </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">analysts, thus leaving them attractively undervalued relative to their expected growth rate.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 0.5pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; text-align: left; width: 4.37pt;"><span style="color: #000000; font-family: arial; font-size: 10pt;">•</span></div> <div style="float: left; line-height: 12.0pt; margin-left: 7.63pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Fallen Angels</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> — High quality growth companies that have experienced a temporary setback and therefore have appealing </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">valuations relative to their long-term growth potential.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 0.5pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; text-align: left; width: 4.37pt;"><span style="color: #000000; font-family: arial; font-size: 10pt;">•</span></div> <div style="float: left; line-height: 12pt; margin-left: 7.63pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Quality Value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">— Quality companies with earnings potential that is not fully reflected in their stock prices.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">these sectors were </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industrials</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">financials</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, consumer discretionary, information technology, health care, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consumer staples</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span></div> The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, these sectors were industrials, financials, consumer discretionary, information technology, health care, and consumer staples.  All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price of its shares. As a result, you may lose money if you invest in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Market risk is the risk that a particular security, or shares of the Fund in general, may fall in value. Securities are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments due to, among other things, market movements over the short-term or over longer periods during more prolonged </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market downturns. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund’s shares and result in increased market volatility.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Current Market and Economic Conditions Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Current market and economic conditions risk is the risk that a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment, or shares of the Fund in general, may fall in value due to current market and economic conditions or events. For </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">example, actions taken by the Federal Reserve or foreign central banks may at times result in unusually high market volatility, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may negatively impact companies, including banks and financial services companies, and negatively impact Fund performance. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S. regulators have also proposed from time to time changes to market and issuer regulations which may impact the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and any regulatory changes adopted could adversely impact the Fund’s ability to achieve its investment strategies or make </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets and investor behavior, which could have a negative impact on the Fund’s investments and operations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">confidence and may adversely impact financial markets and the broader economy. For example, in February 2022, Russia </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in Russia, Europe and the United States. The hostilities and sanctions resulting from those hostilities may have a significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact on certain Fund investments as well as performance and liquidity. Similarly, in October 2023, Hamas launched an attack </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on Israel, which touched off a strong military response from Israel that closed borders and airspace, damaged infrastructure </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and resulted in significant civilian and military casualties in Israel and the Gaza Strip. The conflict has reignited regional </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">tensions that threaten to involve other countries and factions. The continuing conflict and its escalation could have a severe </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adverse effect on the regional economy, currency and companies. These events may negatively impact other regional and global </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic markets of the world (including Europe and the United States), companies in such countries and various sectors, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industries and markets for securities and commodities globally, such as oil and natural gas. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In addition, the Chinese government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the Fund’s assets may go down.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Accordingly, the hostilities and sanctions resulting from these hostilities may have a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">negative effect on certain Fund investments, including investments extending beyond any direct or indirect exposure the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have to issuers of such countries or those of adjoining geographic regions.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impacted by trade disputes and other matters. For example, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recently has been in the process of renegotiating many of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">its global trade relationships and has imposed or threatened to impose significant import tariffs, including with respect to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such actions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could lead to price volatility and overall decline in U</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">S</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and global investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">It is difficult to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">predict </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the outcome and impact of any trade</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> negotiations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> a</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> public health crisis and ensuing policies enacted by governments and central banks </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> cause significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and uncertainty in global financial markets, negatively impacting global growth prospects. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">As the COVID-19 pandemic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in disruptions in the trading markets. Further, the interconnectivity between global economies and financial markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">country, region or financial market.</span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Stock Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investments may decline in value due to movements in the overall stock market.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Stock Selection Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund is actively managed, and its performance therefore will reflect, in part, the ability of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio manager(s) to select investments and to make investment decisions that are suited to achieving the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment objective. The Advisor does not actively track the composition or weightings of market indexes (including the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">benchmark indexes) or of the broader markets generally. As a result, the Fund could underperform its benchmark indexes and/or</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> other funds with a similar investment objective and/or strategy or it may lose value even when the overall stock market is not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in general decline.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Equity securities represent ownership in a company. They may be traded (bought or sold) on a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities exchange or stock market. Stock markets are volatile. The price of equity securities will fluctuate and can decline and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">reduce the value of a portfolio invested in equity securities. The value of equity securities purchased by the Fund could decline if </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries such as </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">labor shortages, an increase in production costs and changes in competitive conditions within an industry. In addition, the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of equity securities may decline due to, among other things, general market conditions not specifically related to a company or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in interest or currency rates, changes in government regulations, the political situation, or generally adverse investor sentiment. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain equity securities may be less liquid, meaning that they may be difficult to sell at a time or price that is desirable, than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other types of securities, or they may be illiquid. Some securities exchanges or stock markets may also be less liquid or illiquid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">due to low trading volume. In addition, equity securities include common stock. Common stock holds the lowest priority in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capital structure of a company and therefore takes the largest share of the company’s risk and its accompanying volatility. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rights of common stockholders generally are subordinate to all other claims on a company’s assets, including preferred </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stockholders and debt holders with respect to the payment of dividends and upon the liquidation or bankruptcy of the issuing </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">company. The common stock of a company that experiences financial distress may lose significant value or become worthless, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and therefore the Fund could lose money if a company in which it invests becomes financially distressed.  </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-style: italic; font-weight: bold; margin-left: 12pt;">Liquidity Risk</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition, the trading market for a particular security or type of security in which the Fund invests may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly less liquid than developed or even emerging markets, and there may be little or no trading volume for a period of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">time for a particular security. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities quickly </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">at a desired price when necessary to meet the Fund’s liquidity needs or in response to a specific economic event. It may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult at times to sell such securities at any price, which could impact not only the daily net asset value (NAV) of the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">but also the composition of the portfolio if other securities must be sold to meet the Fund’s liquidity needs. Additionally, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market quotations for such securities may be volatile and thus affect the daily NAV of the Fund.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Small Cap Company Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Small-cap stocks may be very sensitive to changing economic conditions and market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">downturns because the issuers often have narrow markets for their products or services, fewer product lines, and more limited </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">managerial and financial resources than larger issuers. The stocks of small-cap companies may therefore be more volatile and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the ability to sell these stocks at a desirable time or price may be more limited. As noted above, the Fund under normal market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">conditions invests at least 80% of its net assets (plus borrowings for investment purposes) in small-capitalization companies as </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">defined above measured at the time of purchase. In pursuing its investment strategy, the Fund may hold such securities for </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">long periods of time during which the market capitalization of such companies may increase due to market appreciation </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">beyond the $3 billion or the market capitalization of the largest company in the Russell 2000® Index (the “Appreciated </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Companies”). In accordance with current regulatory requirements, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">as of the date of this Prospectus,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund is not required to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sell the portfolio holdings that have increased in value due to market appreciation beyond the definition of a small-capitalization</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> company and as a result, the Fund may at times have significant investments in the Appreciated Companies. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">During periods when the Fund does not meet the 80% threshold due to the market appreciation of its holdings, the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">future acquisitions will only be in companies meeting its small-capitalization definition at the time of purchase. In addition, to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the extent the weighted average market capitalization of the Fund is higher than that of its benchmark or peers, the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">performance compared to the benchmark or peers with similar strategies may differ. On September 20, 2023, the SEC </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adopted amendments to the investment company name rule, Rule 35d-1, which requires, among other things, funds to review </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">their portfolio investments periodically and if a fund no longer meets its respective 80% test, to take appropriate action to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">bring the fund back into compliance within a specified period which may include disposing of portfolio securities and may result </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in realized capital gains. To the extent the Fund falls within the revised rule, the Fund will seek to comply with the conditions of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the revised rule upon the SEC’s compliance date currently scheduled as of the date of this Prospectus to be on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">January</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">31</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2027</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, however the compliance date may be subject to additional delays and the requirements of the amended Rule 35d-1 may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">be subject to additional modifications.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Value Investing Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> A value investing strategy attempts to identify strong companies with stocks selling at a discount from </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">their perceived true worth. Value stocks include securities of companies that may have experienced, for example, adverse </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and potentially undervalued. Value investing is subject to the risk that the stocks’ intrinsic values may never be fully recognized </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually be appropriately </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">priced.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Growth Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Growth stock prices may be more sensitive to changes in companies’ current or expected earnings than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the prices of other stocks, and growth stock prices may fall or may not appreciate in step with the broader securities markets. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Growth companies may be newer or smaller companies and may retain a large part of their earnings for research, development </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or investments in capital assets.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Foreign Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to additional risks not associated with investments in U.S. securities. Securities issued by companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">incorporated outside the United States but whose securities are principally traded in the United States are still subject to many </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the foreign securities risks such as economic and political risks. Differences in the economic and political environment, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">amount of available public information, custody practices for assets, the amount of taxation, limitations on the use or transfer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of Fund assets, the degree of market regulation, settlement practices, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transaction costs,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the potential for permanent or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">temporary termination of trading, and financial reporting, accounting and auditing standards, and, in the case of foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency-denominated securities, fluctuations in currency exchange rates, can have a significant adverse effect on the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a foreign security. More specifically, changes in currency exchange rates will affect the value of non-U.S. securities, the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">dividends and interest earned from such securities and gains and losses realized on the sale of such securities. The value of an </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment denominated in a foreign currency will decline in U.S. dollar terms if that currency weakens against the U.S. dollar. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may be invested in the local currency of a foreign country in connection with executing foreign securities transactions. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">When the Fund executes the securities transactions, there is the risk of the value of the foreign currency increasing or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">decreasing against the value of the U.S. dollar. While the Fund is permitted to hedge currency risks, the Advisor does not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">anticipate doing so at this time. Additionally, certain countries may restrict foreign investment in their securities and may utilize </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">formal or informal currency-exchange controls or “capital controls.” Capital controls may impose restrictions on the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ability to repatriate investments or income.  Such capital controls can also have a significant effect on the value of the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">holdings. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Other government actions, such as confiscations, the nationalization of companies, the imposition of sanctions, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade restrictions (including tariffs), could also negatively impact an investment in a foreign security.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Sector and Industry Weightings Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> To the extent the Fund emphasizes, from time to time, investments in a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Market conditions, interest rates, and economic, political, regulatory, or financial developments could significantly affect all the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in those sectors. The Fund may also from time to time make significant investments in an industry or industries within </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a particular sector. The industries that constitute a sector may all react in the same way to economic, political or regulatory </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events. Adverse conditions in such industry or industries could have a correspondingly adverse effect on the financial condition </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of issuers. These conditions may cause the value of the Fund’s shares to fluctuate more than the values of shares of funds that </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invest in a greater variety of investments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Industrials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The industrials sector includes companies in the capital goods, commercial and professional services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and transportation industry groups, including companies engaged in the business of human capital management, business </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">research and consulting, air freight and logistics, transportation services, airlines, maritime shipping and transportation, ground </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transportation, transportation infrastructure, and aerospace and defense. Companies in the industrials sector can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by general economic trends, including such factors as employment and economic growth, interest rate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, changes in consumer spending, legislative and government regulation and spending, import controls, commodity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">prices, and worldwide competition. Changes in the economy, fuel prices, labor agreements, and insurance costs may result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">occasional sharp price movements in transportation securities. Aerospace and defense companies rely, to a significant extent, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on government demand for their products and services. The financial condition of, and investor interest in, aerospace and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">defense companies are heavily influenced by government defense spending policies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Financials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The financials sector includes companies in the banks, financial services, and insurance industry </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">groups. Companies in the financials sector are subject to extensive government regulation, can be subject to relatively rapid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Banking companies, including thrifts and mortgage finance and consumer finance companies, may be affected by extensive </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulation, which may limit both the amounts and types of loans and other financial commitments they can make, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the interest rates and fees they can charge, and the amount of capital they must maintain. Profitability is largely dependent on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Credit losses resulting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from financial difficulties of borrowers can negatively affect banking companies. Banking companies may also be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">severe price competition. Competition is high among banking companies and failure to maintain or increase market share may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in lost market value. Capital markets, a sub-industry of financial services, may be affected by extensive government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation as well as economic and other financial events that could cause fluctuations in the stock market, impacting the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">overall value of investments. The insurance industry may be affected by extensive government regulation and can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by interest rates, general economic conditions, and price and marketing competition. Different segments </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the insurance industry can be significantly affected by natural disasters, mortality and morbidity rates, and environmental </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">clean-up.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Consumer Discretionary Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The consumer discretionary sector includes companies in industries such as consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services, household durables, leisure products, textiles, apparel and luxury goods, hotels, restaurants, retailing, and automobiles. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Companies in the consumer discretionary sector may be significantly impacted by the performance of the overall domestic and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">global economy and by interest rates. The consumer discretionary sector relies heavily on disposable household income and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">spending. Companies in this sector may be subject to severe competition, which may have an adverse impact on their </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">respective profitability. The retail industry can be significantly affected by changes in demographics, and consumer tastes and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">shopping habits, which can also affect the demand for, and success of, consumer products and services in the marketplace. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">automotive industry is highly cyclical and can be significantly affected by labor relations and fluctuating component prices.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Information Technology Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The information technology sector includes companies in the software and services, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology hardware and equipment, and semiconductors and semiconductor equipment industry groups. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology sector are subject to rapid obsolescence of existing technology, short product cycles, falling prices and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">profits, competition from new market entrants, and general economic conditions. Stocks of companies in the information </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology sector, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Technological developments, fixed rate pricing, and the ability to retain skilled employees can significantly affect the industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in the information technology sector.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Health Care Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The health care sector includes companies in the health care equipment and services, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry groups. Health care companies are strongly affected by worldwide </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">scientific or technological developments. Their products may rapidly become obsolete. Many health care companies are also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to significant government regulation and may be affected by changes in government policies. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry group in particular are heavily dependent on patent protection, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the expiration of patents may adversely affect the profitability of such companies. These companies are also subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">extensive litigation based on product liability and other similar claims. Many new products are subject to government approval </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and the process of obtaining government approval can be long and costly, and even approved products are susceptible to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">obsolescence. These companies are also subject to competitive forces that may make it difficult to increase prices, or that may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">lead to price reductions.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Consumer Staples</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;"> Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consumer staples</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> sector includes companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consumer staples distribution and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">retail</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">food</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">beverage and tobacco</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and household </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">personal </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">products industry groups</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in the consumer staples </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">be affected by </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">demographics and product trends</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">competitive pricing</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">food fads</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">marketing campaigns</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">environmental factors</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes in consumer demands,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the performance of the overall domestic and global economy,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rates</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consumer confidence and spending,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes in commodity prices.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Consumer staples companies may be subject</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulations that may affect the permissibility of</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">using various</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">food additives</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and production methods.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Tobacco </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adversely affected by regulation,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">legislation and/or litigation</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Operational and Cybersecurity Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">customer data, or proprietary information, or cause the Fund or its service providers to lose proprietary information, suffer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">data corruption, or lose operational functionality. Such events could cause the Fund to incur regulatory penalties, reputational </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">damage, additional compliance costs associated with corrective measures and/or financial loss. Similar incidents affecting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers of the Fund’s portfolio companies may negatively impact performance. Operational risk may arise from human error, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">errors by third parties, communication errors, or technology failures, among other causes. The Fund also relies on a range of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services from third-parties, including custody. Any delay or failure in the services provided to the Fund may negatively affect the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund and its ability to meet its investment objective. Although the Fund and the Fund’s investment adviser seek to reduce </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">operational risks through controls and/or procedures, it is not possible to identify and address all such risks and there is no way </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to completely protect against or mitigate such risks, especially because the Fund does not directly control the cybersecurity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">systems of issuers or third-party service providers.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Government and Regulatory Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The risk that governments or regulatory authorities may take actions that could adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affect markets in which the Fund invests and in the economy, more generally. Government and regulatory authorities may also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">act to increase the scope or burden of regulations applicable to the Fund and to the companies in which the Fund invests. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">legislation or regulation could restrict the ability of the Fund to fully implement its investment strategies, either generally or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">with respect to certain securities, industries or countries and could limit or preclude the Fund’s ability to achieve its investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">objective.</span></div> Historical Performance <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The following tables provide information on how the Fund has performed over time. Performance in this section represents past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future. Performance for the Fund’s Investor Class shares would be substantially similar to that for Institutional Class shares because the shares are invested in the same portfolio of securities and would differ only to the extent that Institutional Class shares have different expenses. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The table below is designed to help you evaluate your risk tolerance by showing the best and worst quarterly performance of the Fund’s Investor Class for the calendar years shown in the bar chart. The average annual total returns table below allows you to compare the performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based market index and additional indexes composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. Performance information is updated regularly and is available on the Fund’s website <b>wasatchglobal.com</b>.</span></div> Performance in this section represents past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The average annual total returns table below allows you to compare the performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based market index and additional indexes composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. wasatchglobal.com Wasatch Small Cap Value Fund — Investor Class Year by Year Total Returns <div style="margin-top: 12pt;"><span style="color: #336f8a; font-family: arial; font-size: 12pt; font-weight: bold;">Best and Worst Quarterly Returns</span><span style="color: #000000; font-family: arial; font-size: 1pt; font-weight: bold; line-height: 0.00pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 168pt;"> <tr style="height: 12.5pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Best — 6/30/2020</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">31.43%</span></div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Worst — 3/31/2020</span></div> </div> </td> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">-36.93%</span></div> </div> </td> </tr> </table> Best 2020-06-30 0.3143 Worst 2020-03-31 -0.3693 Average Annual Total Returns(as of 12/31/25) 1997-12-17 1997-12-17 1997-12-17 -0.0368 0.0687 0.0967 -0.0500 0.0517 0.0838 -0.0121 0.0536 0.0779 2012-01-31 -0.0354 0.0700 0.0980 0.1715 0.1315 0.1429 0.1259 0.0888 0.0927 0.1281 0.0609 0.0962 <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;"> tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred. Wasatch Ultra Growth Fund® — Summary Investment Objectives The Fund’s primary investment objective is long-term growth of capital. Income is a secondary objective, but only when consistent with long-term growth of capital. Currently, we do not expect the Fund’s investments to generate substantial income. Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The tables below describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">in the tables and examples below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> Shareholder Fees (Fees paid directly from your investment.) 0 0 -0.0200 -0.0200 0 0 Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment.) 0.0100 0.0100 0.0020 0.0008 0.0120 0.0108 -0.0003 0.0120 0.0105 January 31, 2027 Example <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">funds. The example assumes that you invested $10,000 in the applicable class of the Fund for the time periods indicated and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5% return </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">each year and that operating expenses (as a percentage of net assets) of the Fund remained the same. This example reflects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">contractual fee waivers and reimbursements through January 31, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2027</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. Although your actual costs may be higher or lower, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> 122 381 660 1455 107 340 593 1314 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">30</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">% of the average value of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio.</span></div> 0.30 Principal Strategies <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund invests primarily in smaller high growth companies.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Under normal market conditions, we will invest the Fund’s net assets primarily in the equity securities, typically common </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stock, of smaller companies that we believe have the potential for rapid growth in earnings per share. These companies are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">typically relatively small, with minimum market capitalizations of $100 million and up to a maximum market capitalization at </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the time of purchase of $5 billion or the market capitalization of the largest company in the Russell 2000</span><span style="color: #000000; font-family: arial; font-size: 6.5pt; position: relative; top: -4.25pt;">®</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Growth Index as of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">its most recent reconstitution date, whichever is greater. The Russell 2000 Growth Index reconstitution date is typically each </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">year on or around July 1. As of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2025</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> reconstitution date, the market capitalization of companies included in the Russell </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2000 Growth Index ranged from $</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">61</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> million to $</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">16.033</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> billion. The market capitalizations for the range of companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Russell 2000 Growth Index are subject to change at its next reconstitution date.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest up to 30% of its total assets at the time of purchase in securities issued by foreign companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(companies that are incorporated in any country outside the United States and whose securities principally trade outside the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United States). Securities issued by companies incorporated outside the United States whose securities are principally traded in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the United States are not defined as foreign companies and are not subject to this limitation.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">We use a process of “bottom-up” fundamental analysis to look for individual companies that we believe have above average </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">potential for rapid earnings growth and stock price appreciation. Our analysis may include studying a company’s financial </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">statements, visiting company facilities, and meeting with executive management, suppliers and customers.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may invest a large percentage of its assets (greater than 5%) in a particular region or market.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">these sectors were health care, information technology, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industrials,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> consumer discretionary, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">financials</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may invest in initial public offerings (IPOs).</span></div> The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, these sectors were health care, information technology, industrials, consumer discretionary, and financials.  All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price of its shares. As a result, you may lose money if you invest in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Market risk is the risk that a particular security, or shares of the Fund in general, may fall in value. Securities are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments due to, among other things, market movements over the short-term or over longer periods during more prolonged </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market downturns. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund’s shares and result in increased market volatility.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Current Market and Economic Conditions Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Current market and economic conditions risk is the risk that a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment, or shares of the Fund in general, may fall in value due to current market and economic conditions or events. For </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">example, actions taken by the Federal Reserve or foreign central banks may at times result in unusually high market volatility, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may negatively impact companies, including banks and financial services companies, and negatively impact Fund performance. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S. regulators have also proposed from time to time changes to market and issuer regulations which may impact the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and any regulatory changes adopted could adversely impact the Fund’s ability to achieve its investment strategies or make </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets and investor behavior, which could have a negative impact on the Fund’s investments and operations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">confidence and may adversely impact financial markets and the broader economy. For example, in February 2022, Russia </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in Russia, Europe and the United States. The hostilities and sanctions resulting from those hostilities may have a significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact on certain Fund investments as well as performance and liquidity. Similarly, in October 2023, Hamas launched an attack </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on Israel, which touched off a strong military response from Israel that closed borders and airspace, damaged infrastructure </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and resulted in significant civilian and military casualties in Israel and the Gaza Strip. The conflict has reignited regional </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">tensions that threaten to involve other countries and factions. The continuing conflict and its escalation could have a severe </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adverse effect on the regional economy, currency and companies. These events may negatively impact other regional and global </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic markets of the world (including Europe and the United States), companies in such countries and various sectors, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industries and markets for securities and commodities globally, such as oil and natural gas. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In addition, the Chinese government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the Fund’s assets may go down.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Accordingly, the hostilities and sanctions resulting from these hostilities may have a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">negative effect on certain Fund investments, including investments extending beyond any direct or indirect exposure the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have to issuers of such countries or those of adjoining geographic regions.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impacted by trade disputes and other matters. For example, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recently has been in the process of renegotiating many of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">its global trade relationships and has imposed or threatened to impose significant import tariffs, including with respect to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such actions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could lead to price volatility and overall decline in U</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">S</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and global investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">It is difficult to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">predict </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the outcome and impact of any trade</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> negotiations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> a</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> public health crisis and ensuing policies enacted by governments and central banks </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> cause significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and uncertainty in global financial markets, negatively impacting global growth prospects. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">As the COVID-19 pandemic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in disruptions in the trading markets. Further, the interconnectivity between global economies and financial markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">country, region or financial market.</span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Stock Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investments may decline in value due to movements in the overall stock market.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Stock Selection Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund is actively managed, and its performance therefore will reflect, in part, the ability of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio manager(s) to select investments and to make investment decisions that are suited to achieving the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment objective. The Advisor does not actively track the composition or weightings of market indexes (including the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">benchmark indexes) or of the broader markets generally. As a result, the Fund could underperform its benchmark indexes and/or</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> other funds with a similar investment objective and/or strategy or it may lose value even when the overall stock market is not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in general decline.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Equity securities represent ownership in a company. They may be traded (bought or sold) on a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities exchange or stock market. Stock markets are volatile. The price of equity securities will fluctuate and can decline and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">reduce the value of a portfolio invested in equity securities. The value of equity securities purchased by the Fund could decline if </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries such as </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">labor shortages, an increase in production costs and changes in competitive conditions within an industry. In addition, the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of equity securities may decline due to, among other things, general market conditions not specifically related to a company or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in interest or currency rates, changes in government regulations, the political situation, or generally adverse investor sentiment. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain equity securities may be less liquid, meaning that they may be difficult to sell at a time or price that is desirable, than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other types of securities, or they may be illiquid. Some securities exchanges or stock markets may also be less liquid or illiquid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">due to low trading volume. In addition, equity securities include common stock. Common stock holds the lowest priority in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capital structure of a company and therefore takes the largest share of the company’s risk and its accompanying volatility. The </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rights of common stockholders generally are subordinate to all other claims on a company’s assets, including preferred </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stockholders and debt holders with respect to the payment of dividends and upon the liquidation or bankruptcy of the issuing </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">company. The common stock of a company that experiences financial distress may lose significant value or become worthless, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and therefore the Fund could lose money if a company in which it invests becomes financially distressed.  </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-style: italic; font-weight: bold; margin-left: 12pt;">Liquidity Risk</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition, the trading market for a particular security or type of security in which the Fund invests may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly less liquid than developed or even emerging markets, and there may be little or no trading volume for a period of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">time for a particular security. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities quickly </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">at a desired price when necessary to meet the Fund’s liquidity needs or in response to a specific economic event. It may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult at times to sell such securities at any price, which could impact not only the daily net asset value (NAV) of the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">but also the composition of the portfolio if other securities must be sold to meet the Fund’s liquidity needs. Additionally, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market quotations for such securities may be volatile and thus affect the daily NAV of the Fund.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Smaller Company Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Small- and mid-cap stocks may be very sensitive to changing economic conditions and market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">downturns. In particular, the issuers of small company stocks have more narrow markets for their products and services, fewer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">product lines, and more limited managerial and financial resources than larger issuers. The stocks of small companies may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">therefore be more volatile and the ability to sell these stocks at a desirable time or price may be more limited.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Growth Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Growth stock prices may be more sensitive to changes in companies’ current or expected earnings than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the prices of other stocks, and growth stock prices may fall or may not appreciate in step with the broader securities markets. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Growth companies may be newer or smaller companies and may retain a large part of their earnings for research, development </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or investments in capital assets.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Initial Public Offerings (IPOs) Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> IPOs involve a higher degree of risk because companies involved in IPOs generally have </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the absence of a prior public market, the small number of shares available for trading and limited investor information.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Foreign Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to additional risks not associated with investments in U.S. securities. Securities issued by companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">incorporated outside the United States but whose securities are principally traded in the United States are still subject to many </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the foreign securities risks such as economic and political risks. Differences in the economic and political environment, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">amount of available public information, custody practices for assets, the amount of taxation, limitations on the use or transfer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of Fund assets, the degree of market regulation, settlement practices, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transaction costs,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the potential for permanent or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">temporary termination of trading, and financial reporting, accounting and auditing standards, and, in the case of foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency-denominated securities, fluctuations in currency exchange rates, can have a significant adverse effect on the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a foreign security. More specifically, changes in currency exchange rates will affect the value of non-U.S. securities, the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">dividends and interest earned from such securities and gains and losses realized on the sale of such securities. The value of an </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment denominated in a foreign currency will decline in U.S. dollar terms if that currency weakens against the U.S. dollar. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may be invested in the local currency of a foreign country in connection with executing foreign securities transactions. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">When the Fund executes the securities transactions, there is the risk of the value of the foreign currency increasing or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">decreasing against the value of the U.S. dollar. While the Fund is permitted to hedge currency risks, the Advisor does not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">anticipate doing so at this time. Additionally, certain countries may restrict foreign investment in their securities and may utilize </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">formal or informal currency-exchange controls or “capital controls.” Capital controls may impose restrictions on the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ability to repatriate investments or income.  Such capital controls can also have a significant effect on the value of the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">holdings. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Other government actions, such as confiscations, the nationalization of companies, the imposition of sanctions, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade restrictions (including tariffs), could also negatively impact an investment in a foreign security.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Sector and Industry Weightings Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> To the extent the Fund emphasizes, from time to time, investments in a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Market conditions, interest rates, and economic, political, regulatory, or financial developments could significantly affect all the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in those sectors. The Fund may also from time to time make significant investments in an industry or industries within </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a particular sector. The industries that constitute a sector may all react in the same way to economic, political or regulatory </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events. Adverse conditions in such industry or industries could have a correspondingly adverse effect on the financial condition </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of issuers. These conditions may cause the value of the Fund’s shares to fluctuate more than the values of shares of funds that </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invest in a greater variety of investments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Health Care Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The health care sector includes companies in the health care equipment and services, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry groups. Health care companies are strongly affected by worldwide </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">scientific or technological developments. Their products may rapidly become obsolete. Many health care companies are also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to significant government regulation and may be affected by changes in government policies. Companies in the </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry group in particular are heavily dependent on patent protection, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the expiration of patents may adversely affect the profitability of such companies. These companies are also subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">extensive litigation based on product liability and other similar claims. Many new products are subject to government approval </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and the process of obtaining government approval can be long and costly, and even approved products are susceptible to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">obsolescence. These companies are also subject to competitive forces that may make it difficult to increase prices, or that may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">lead to price reductions.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Information Technology Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The information technology sector includes companies in the software and services, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology hardware and equipment, and semiconductors and semiconductor equipment industry groups. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology sector are subject to rapid obsolescence of existing technology, short product cycles, falling prices and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">profits, competition from new market entrants, and general economic conditions. Stocks of companies in the information </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology sector, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Technological developments, fixed rate pricing, and the ability to retain skilled employees can significantly affect the industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in the information technology sector.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Industrials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The industrials sector includes companies in the capital goods, commercial and professional services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and transportation industry groups, including companies engaged in the business of human capital management, business </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">research and consulting, air freight and logistics, transportation services, airlines, maritime shipping and transportation, ground </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transportation, transportation infrastructure, and aerospace and defense. Companies in the industrials sector can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by general economic trends, including such factors as employment and economic growth, interest rate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, changes in consumer spending, legislative and government regulation and spending, import controls, commodity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">prices, and worldwide competition. Changes in the economy, fuel prices, labor agreements, and insurance costs may result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">occasional sharp price movements in transportation securities. Aerospace and defense companies rely, to a significant extent, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on government demand for their products and services. The financial condition of, and investor interest in, aerospace and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">defense companies are heavily influenced by government defense spending policies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Consumer Discretionary Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The consumer discretionary sector includes companies in industries such as consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services, household durables, leisure products, textiles, apparel and luxury goods, hotels, restaurants, retailing, and automobiles. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Companies in the consumer discretionary sector may be significantly impacted by the performance of the overall domestic and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">global economy and by interest rates. The consumer discretionary sector relies heavily on disposable household income and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">spending. Companies in this sector may be subject to severe competition, which may have an adverse impact on their </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">respective profitability. The retail industry can be significantly affected by changes in demographics, and consumer tastes and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">shopping habits, which can also affect the demand for, and success of, consumer products and services in the marketplace. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">automotive industry is highly cyclical and can be significantly affected by labor relations and fluctuating component prices.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Financials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The financials sector includes companies in the banks, financial services, and insurance industry </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">groups. Companies in the financials sector are subject to extensive government regulation, can be subject to relatively rapid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Banking companies, including thrifts and mortgage finance and consumer finance companies, may be affected by extensive </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulation, which may limit both the amounts and types of loans and other financial commitments they can make, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the interest rates and fees they can charge, and the amount of capital they must maintain. Profitability is largely dependent on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Credit losses resulting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from financial difficulties of borrowers can negatively affect banking companies. Banking companies may also be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">severe price competition. Competition is high among banking companies and failure to maintain or increase market share may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in lost market value. Capital markets, a sub-industry of financial services, may be affected by extensive government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation as well as economic and other financial events that could cause fluctuations in the stock market, impacting the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">overall value of investments. The insurance industry may be affected by extensive government regulation and can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by interest rates, general economic conditions, and price and marketing competition. Different segments </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the insurance industry can be significantly affected by natural disasters, mortality and morbidity rates, and environmental </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">clean-up.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Operational and Cybersecurity Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">customer data, or proprietary information, or cause the Fund or its service providers to lose proprietary information, suffer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">data corruption, or lose operational functionality. Such events could cause the Fund to incur regulatory penalties, reputational </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">damage, additional compliance costs associated with corrective measures and/or financial loss. Similar incidents affecting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers of the Fund’s portfolio companies may negatively impact performance. Operational risk may arise from human error, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">errors by third parties, communication errors, or technology failures, among other causes. The Fund also relies on a range of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services from third-parties, including custody. Any delay or failure in the services provided to the Fund may negatively affect the </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund and its ability to meet its investment objective. Although the Fund and the Fund’s investment adviser seek to reduce </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">operational risks through controls and/or procedures, it is not possible to identify and address all such risks and there is no way </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to completely protect against or mitigate such risks, especially because the Fund does not directly control the cybersecurity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">systems of issuers or third-party service providers.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Government and Regulatory Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The risk that governments or regulatory authorities may take actions that could adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affect markets in which the Fund invests and in the economy, more generally. Government and regulatory authorities may also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">act to increase the scope or burden of regulations applicable to the Fund and to the companies in which the Fund invests. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">legislation or regulation could restrict the ability of the Fund to fully implement its investment strategies, either generally or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">with respect to certain securities, industries or countries and could limit or preclude the Fund’s ability to achieve its investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">objective.</span></div> Historical Performance <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The following tables provide information on how the Fund has performed over time. Performance in this section represents past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future. Performance for the Fund’s Investor Class shares would be substantially similar to that for Institutional Class shares because the shares are invested in the same portfolio of securities and would differ only to the extent that Institutional Class shares have different expenses. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The table below is designed to help you evaluate your risk tolerance by showing the best and worst quarterly performance of the Fund’s Investor Class for the calendar years shown in the bar chart. The average annual total returns table below allows you to compare the performance of the Fund over the time periods indicated to that of a broad-based market index and an additional index composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary.  Performance information is updated regularly and is available on the Fund’s website <b>wasatchglobal.com</b>.</span></div> Performance in this section represents past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The average annual total returns table below allows you to compare the performance of the Fund over the time periods indicated to that of a broad-based market index and an additional index composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. wasatchglobal.com Wasatch Ultra Growth Fund — Investor Class Year by Year Total Returns <div style="margin-top: 12pt;"><span style="color: #336f8a; font-family: arial; font-size: 12pt; font-weight: bold;">Best and Worst Quarterly Returns</span><span style="color: #000000; font-family: arial; font-size: 1pt; font-weight: bold; line-height: 0.00pt;"> </span></div> <div style="margin-top: 0.0pt;"> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 168pt;"> <tr style="height: 12.5pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Best — 6/30/2020</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">51.34%</span></div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Worst — 6/30/2022</span></div> </div> </td> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">-25.60%</span></div> </div> </td> </tr> </table> </div> Best 2020-06-30 0.5134 Worst 2022-06-30 -0.2560 Average Annual Total Returns (as of 12/31/25) 1992-08-16 1992-08-16 1992-08-16 -0.0285 -0.0442 0.1149 -0.0285 -0.0506 0.1014 -0.0169 -0.0331 0.0912 2020-01-31 -0.0269 -0.0427 0.0498 0.1715 0.1715 0.1315 0.1315 0.1429 0.1464 0.1301 0.1301 0.0318 0.0318 0.0957 0.0818 <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;"> tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred. Wasatch U.S. Select Fund® — Summary Investment Objective <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund’s investment objective is long-term growth of capital.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The tables below describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">in the tables and examples below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> Shareholder Fees (Fees paid directly from your investment.) 0 0 -0.0200 -0.0200 0 0 Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment.) 0.0075 0.0075 0.0085 0.0039 0.0001 0.0001 0.0161 0.0115 -0.0060 -0.0029 0.0101 0.0086 January 31, 2027 Example <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">funds. The example assumes that you invested $10,000 in the applicable class of the Fund for the time periods indicated and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5% return </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">each year and that operating expenses (as a percentage of net assets) of the Fund remained the same. This example reflects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">contractual fee waivers and reimbursements through January 31, 2027</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. Although your actual costs may be higher or lower, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> 103 449 819 1860 88 337 605 1372 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">59</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">% of the average value of its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio.</span></div> 0.59 Principal Strategies <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Fund invests primarily in domestic companies of all market capitalizations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Under normal market conditions, we will invest at least 80% of the Fund’s net assets (plus borrowings for investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">purposes) in equity securities of companies of all market capitalizations that are tied economically to the U.S. Equity securities </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">include common stock. We will consider qualifying investments to be in companies that are listed on a U.S. exchange, that have </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">at least 50% of their assets in the U.S., or that, during the issuer’s most recent fiscal year, derived at least 50% of its revenues </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or profits from goods produced or sold, investments made, or services performed in the U.S. As the Fund may invest in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies of any size, we expect to invest the Fund’s assets across a broad market capitalization range, from micro-capitalization</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> stocks to larger capitalization stocks. However, we may invest a significant portion of the Fund’s assets in small-, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">mid- and large-cap companies with market capitalizations of between $2 billion and $200 billion at the time of purchase.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">We seek companies that we consider to be high-quality and seek to purchase stocks at prices we believe are reasonable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">relative to our projection of a company’s long-term earnings growth rate. We use a process of “bottom-up” fundamental </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">analysis to look for companies that we believe have above average revenue and earnings growth potential, a sustainable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">competitive advantage, high quality financials, and experienced management teams. Our analysis may include studying a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">company’s financial statements, building proprietary financial models, visiting company facilities, and meeting with executive </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">management, suppliers and customers.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest up to 20% of its total assets at the time of purchase in the equity securities of foreign companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(companies that are incorporated in any country outside the U.S. and whose securities principally trade outside the U.S.). </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Securities issued by companies incorporated outside the U.S. whose securities are principally traded in the U.S. are not defined </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">as foreign companies and are not subject to this limitation.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Advisor generally may sell a security when the Advisor believes (i) the rationale used to buy the security is no longer valid; </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(ii) the security becomes overpriced, or (iii) another security has better investment potential.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">these sectors were information technology, industrials, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">health care, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">consumer discretionary</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, and financials</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund is classified as non-diversified, which means it may invest a larger percentage of its assets in the securities of a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">smaller number of issuers than a diversified fund.</span></div> The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, these sectors were information technology, industrials, health care, consumer discretionary, and financials. All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price of its shares. As a result, you may lose money if you invest in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Market risk is the risk that a particular security, or shares of the Fund in general, may fall in value. Securities are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments due to, among other things, market movements over the short-term or over longer periods during more prolonged </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market downturns. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund’s shares and result in increased market volatility.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Current Market and Economic Conditions Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Current market and economic conditions risk is the risk that a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment, or shares of the Fund in general, may fall in value due to current market and economic conditions or events. For </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">example, actions taken by the Federal Reserve or foreign central banks may at times result in unusually high market volatility, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may negatively impact companies, including banks and financial services companies, and negatively impact Fund performance. </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S. regulators have also proposed from time to time changes to market and issuer regulations which may impact the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and any regulatory changes adopted could adversely impact the Fund’s ability to achieve its investment strategies or make </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets and investor behavior, which could have a negative impact on the Fund’s investments and operations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">confidence and may adversely impact financial markets and the broader economy. For example, in February 2022, Russia </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in Russia, Europe and the United States. The hostilities and sanctions resulting from those hostilities may have a significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact on certain Fund investments as well as performance and liquidity. Similarly, in October 2023, Hamas launched an attack </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on Israel, which touched off a strong military response from Israel that closed borders and airspace, damaged infrastructure </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and resulted in significant civilian and military casualties in Israel and the Gaza Strip. The conflict has reignited regional </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">tensions that threaten to involve other countries and factions. The continuing conflict and its escalation could have a severe </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adverse effect on the regional economy, currency and companies. These events may negatively impact other regional and global </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic markets of the world (including Europe and the United States), companies in such countries and various sectors, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industries and markets for securities and commodities globally, such as oil and natural gas. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In addition, the Chinese government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the Fund’s assets may go down.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Accordingly, the hostilities and sanctions resulting from these hostilities may have a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">negative effect on certain Fund investments, including investments extending beyond any direct or indirect exposure the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have to issuers of such countries or those of adjoining geographic regions.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impacted by trade disputes and other matters. For example, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recently has been in the process of renegotiating many of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">its global trade relationships and has imposed or threatened to impose significant import tariffs, including with respect to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such actions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could lead to price volatility and overall decline in U</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">S</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and global investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">It is difficult to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">predict </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the outcome and impact of any trade</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> negotiations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> a</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> public health crisis and ensuing policies enacted by governments and central banks </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> cause significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and uncertainty in global financial markets, negatively impacting global growth prospects. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">As the COVID-19 pandemic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in disruptions in the trading markets. Further, the interconnectivity between global economies and financial markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">country, region or financial market.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Micro-, Small- and Mid-Capitalization Company Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Micro-, small- and mid-cap company stocks may be very </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sensitive to changing economic conditions and market downturns. In particular, the issuers of these stocks have more narrow </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets for their products and services, fewer product lines, and more limited managerial and financial resources than larger </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers. The stocks of these companies may therefore be more volatile and the ability to sell these stocks at a desirable time or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">price may be more limited. In addition, it is more difficult to get information on smaller companies, which tend to be less known, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities analysts.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Large Capitalization Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Large company stocks tend to be less volatile than the stocks of small and mid-cap </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">companies, which means their prices may not rise or fall as quickly as the stocks of smaller companies. This means the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may underperform relative to other similar funds that emphasize investments in the stocks of small and mid-cap companies.</span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Stock Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund’s investments may decline in value due to movements in the overall stock market.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Stock Selection Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund is actively managed, and its performance therefore will reflect, in part, the ability of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio manager(s) to select investments and to make investment decisions that are suited to achieving the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment objective. The Advisor does not actively track the composition or weightings of market indexes (including the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">benchmark indexes) or of the broader markets generally. As a result, the Fund could underperform its benchmark indexes and/or</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> other funds with a similar investment objective and/or strategy or it may lose value even when the overall stock market is not </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in general decline.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Equity securities represent ownership in a company. They may be traded (bought or sold) on a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities exchange or stock market. Stock markets are volatile. The price of equity securities will fluctuate and can decline and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">reduce the value of a portfolio invested in equity securities. The value of equity securities purchased by the Fund could decline if </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries such as </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">labor shortages, an increase in production costs and changes in competitive conditions within an industry. In addition, the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of equity securities may decline due to, among other things, general market conditions not specifically related to a company or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industry such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in interest or currency rates, changes in government regulations, the political situation, or generally adverse investor sentiment. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Certain equity securities may be less liquid, meaning that they may be difficult to sell at a time or price that is desirable, than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other types of securities, or they may be illiquid. Some securities exchanges or stock markets may also be less liquid or illiquid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">due to low trading volume. In addition, equity securities include common stock. Common stock holds the lowest priority in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">capital structure of a company and therefore takes the largest share of the company’s risk and its accompanying volatility. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rights of common stockholders generally are subordinate to all other claims on a company’s assets, including preferred </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">stockholders and debt holders with respect to the payment of dividends and upon the liquidation or bankruptcy of the issuing </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">company. The common stock of a company that experiences financial distress may lose significant value or become worthless, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and therefore the Fund could lose money if a company in which it invests becomes financially distressed.  </span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-style: italic; font-weight: bold; margin-left: 12pt;">Liquidity Risk</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> In addition, the trading market for a particular security or type of security in which the Fund invests may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly less liquid than developed or even emerging markets, and there may be little or no trading volume for a period of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">time for a particular security. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities quickly </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">at a desired price when necessary to meet the Fund’s liquidity needs or in response to a specific economic event. It may be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">difficult at times to sell such securities at any price, which could impact not only the daily net asset value (NAV) of the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">but also the composition of the portfolio if other securities must be sold to meet the Fund’s liquidity needs. Additionally, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market quotations for such securities may be volatile and thus affect the daily NAV of the Fund.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Growth Stock Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Growth stock prices may be more sensitive to changes in companies’ current or expected earnings than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the prices of other stocks, and growth stock prices may fall or may not appreciate in step with the broader securities markets. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Growth companies may be newer or smaller companies and may retain a large part of their earnings for research, development </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">or investments in capital assets.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Sector and Industry Weightings Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> To the extent the Fund emphasizes, from time to time, investments in a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Market conditions, interest rates, and economic, political, regulatory, or financial developments could significantly affect all the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities in those sectors. The Fund may also from time to time make significant investments in an industry or industries within </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a particular sector. The industries that constitute a sector may all react in the same way to economic, political or regulatory </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events. Adverse conditions in such industry or industries could have a correspondingly adverse effect on the financial condition </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of issuers. These conditions may cause the value of the Fund’s shares to fluctuate more than the values of shares of funds that </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invest in a greater variety of investments.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Information Technology Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The information technology sector includes companies in the software and services, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology hardware and equipment, and semiconductors and semiconductor equipment industry groups. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">information technology sector are subject to rapid obsolescence of existing technology, short product cycles, falling prices and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">profits, competition from new market entrants, and general economic conditions. Stocks of companies in the information </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">technology sector, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Technological developments, fixed rate pricing, and the ability to retain skilled employees can significantly affect the industries </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in the information technology sector.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Industrials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The industrials sector includes companies in the capital goods, commercial and professional services </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and transportation industry groups, including companies engaged in the business of human capital management, business </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">research and consulting, air freight and logistics, transportation services, airlines, maritime shipping and transportation, ground </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transportation, transportation infrastructure, and aerospace and defense. Companies in the industrials sector can be </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by general economic trends, including such factors as employment and economic growth, interest rate </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">changes, changes in consumer spending, legislative and government regulation and spending, import controls, commodity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">prices, and worldwide competition. Changes in the economy, fuel prices, labor agreements, and insurance costs may result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">occasional sharp price movements in transportation securities. Aerospace and defense companies rely, to a significant extent, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on government demand for their products and services. The financial condition of, and investor interest in, aerospace and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">defense companies are heavily influenced by government defense spending policies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Health Care Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The health care sector includes companies in the health care equipment and services, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry groups. Health care companies are strongly affected by worldwide </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">scientific or technological developments. Their products may rapidly become obsolete. Many health care companies are also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to significant government regulation and may be affected by changes in government policies. Companies in the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">pharmaceuticals, biotechnology and life sciences industry group in particular are heavily dependent on patent protection, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the expiration of patents may adversely affect the profitability of such companies. These companies are also subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">extensive litigation based on product liability and other similar claims. Many new products are subject to government approval </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and the process of obtaining government approval can be long and costly, and even approved products are susceptible to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">obsolescence. These companies are also subject to competitive forces that may make it difficult to increase prices, or that may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">lead to price reductions.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Consumer Discretionary Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The consumer discretionary sector includes companies in industries such as consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services, household durables, leisure products, textiles, apparel and luxury goods, hotels, restaurants, retailing, and automobiles. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Companies in the consumer discretionary sector may be significantly impacted by the performance of the overall domestic and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">global economy and by interest rates. The consumer discretionary sector relies heavily on disposable household income and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">spending. Companies in this sector may be subject to severe competition, which may have an adverse impact on their </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">respective profitability. The retail industry can be significantly affected by changes in demographics, and consumer tastes and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">shopping habits, which can also affect the demand for, and success of, consumer products and services in the marketplace. The </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">automotive industry is highly cyclical and can be significantly affected by labor relations and fluctuating component prices.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Financials Sector Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The financials sector includes companies in the banks, financial services, and insurance industry </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">groups. Companies in the financials sector are subject to extensive government regulation, can be subject to relatively rapid </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Banking companies, including thrifts and mortgage finance and consumer finance companies, may be affected by extensive </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">government regulation, which may limit both the amounts and types of loans and other financial commitments they can make, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the interest rates and fees they can charge, and the amount of capital they must maintain. Profitability is largely dependent on </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Credit losses resulting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">from financial difficulties of borrowers can negatively affect banking companies. Banking companies may also be subject to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">severe price competition. Competition is high among banking companies and failure to maintain or increase market share may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in lost market value. Capital markets, a sub-industry of financial services, may be affected by extensive government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">regulation as well as economic and other financial events that could cause fluctuations in the stock market, impacting the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">overall value of investments. The insurance industry may be affected by extensive government regulation and can be </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">significantly affected by interest rates, general economic conditions, and price and marketing competition. Different segments </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the insurance industry can be significantly affected by natural disasters, mortality and morbidity rates, and environmental </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">clean-up.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Foreign Securities Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities may be subject to additional risks not associated with investments in U.S. securities. Securities issued by companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">incorporated outside the United States but whose securities are principally traded in the United States are still subject to many </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the foreign securities risks such as economic and political risks. Differences in the economic and political environment, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">amount of available public information, custody practices for assets, the amount of taxation, limitations on the use or transfer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of Fund assets, the degree of market regulation, settlement practices, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transaction costs,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> the potential for permanent or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">temporary termination of trading, and financial reporting, accounting and auditing standards, and, in the case of foreign </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">currency-denominated securities, fluctuations in currency exchange rates, can have a significant adverse effect on the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">a foreign security. More specifically, changes in currency exchange rates will affect the value of non-U.S. securities, the value of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">dividends and interest earned from such securities and gains and losses realized on the sale of such securities. The value of an </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment denominated in a foreign currency will decline in U.S. dollar terms if that currency weakens against the U.S. dollar. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund may be invested in the local currency of a foreign country in connection with executing foreign securities transactions. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">When the Fund executes the securities transactions, there is the risk of the value of the foreign currency increasing or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">decreasing against the value of the U.S. dollar. While the Fund is permitted to hedge currency risks, the Advisor does not </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">anticipate doing so at this time. Additionally, certain countries may restrict foreign investment in their securities and may utilize </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">formal or informal currency-exchange controls or “capital controls.” Capital controls may impose restrictions on the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">ability to repatriate investments or income. Such capital controls can also have a significant effect on the value of the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">holdings.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Other government actions, such as confiscations, the nationalization of companies, the imposition of sanctions, and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trade restrictions (including tariffs), could also negatively impact an investment in a foreign security.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Non-Diversification Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The Fund can invest a larger portion of its assets in the stocks of a limited number of companies </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">than a diversified fund, which means it may have more exposure to the price movements of a single security or small group of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities than funds that diversify their investments among many companies.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Operational and Cybersecurity Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">customer data, or proprietary information, or cause the Fund or its service providers to lose proprietary information, suffer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">data corruption, or lose operational functionality. Such events could cause the Fund to incur regulatory penalties, reputational </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">damage, additional compliance costs associated with corrective measures and/or financial loss. Similar incidents affecting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers of the Fund’s portfolio companies may negatively impact performance. Operational risk may arise from human error, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">errors by third parties, communication errors, or technology failures, among other causes. The Fund also relies on a range of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services from third-parties, including custody. Any delay or failure in the services provided to the Fund may negatively affect the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund and its ability to meet its investment objective. Although the Fund and the Fund’s investment adviser seek to reduce </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">operational risks through controls and/or procedures, it is not possible to identify and address all such risks and there is no way </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to completely protect against or mitigate such risks, especially because the Fund does not directly control the cybersecurity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">systems of issuers or third-party service providers.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Government and Regulatory Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The risk that governments or regulatory authorities may take actions that could adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affect markets in which the Fund invests and in the economy, more generally. Government and regulatory authorities may also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">act to increase the scope or burden of regulations applicable to the Fund and to the companies in which the Fund invests. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">legislation or regulation could restrict the ability of the Fund to fully implement its investment strategies, either generally or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">with respect to certain securities, industries or countries and could limit or preclude the Fund’s ability to achieve its investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">objective.</span></div> Historical Performance <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The following tables provide information on how the Fund has performed over time. Performance in this section represents past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future. Performance for the Fund’s Investor Class shares would be substantially similar to that for Institutional Class shares because the shares are invested in the same portfolio of securities and would differ only to the extent that Institutional Class shares have different expenses. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The table below is designed to help you evaluate your risk tolerance by showing the best and worst quarterly performance of the Fund’s Investor Class for the calendar years shown in the bar chart. The average annual total returns table below allows you to compare the performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based market index and additional indexes composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. Performance information is updated regularly and is available on the Fund’s website <b>wasatchglobal.com</b>.</span></div> Performance in this section represents past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The average annual total returns table below allows you to compare the performance of the Fund’s Investor Class and Institutional Class shares over the time periods indicated to that of a broad-based market index and additional indexes composed of securities similar to those held by the Fund. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary. wasatchglobal.com Wasatch U.S. Select Fund — Investor Class Year by Year Total Returns <div style="margin-top: 12pt;"><span style="color: #336f8a; font-family: arial; font-size: 12pt; font-weight: bold;">Best and Worst Quarterly Returns</span><span style="color: #000000; font-family: arial; font-size: 1pt; font-weight: bold; line-height: 0.00pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 168pt;"> <tr style="height: 12.5pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 134.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Best — 12/31/2023</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 33.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">16.57%</span></div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 134.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Worst — 3/31/2025</span></div> </div> </td> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 33.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">-6.85%</span></div> </div> </td> </tr> </table> Best 2023-12-31 0.1657 Worst 2025-03-31 -0.0685 Average Annual Total Returns (as of 12/31/25) 2022-06-13 2022-06-13 2022-06-13 -0.0446 0.1140 -0.0605 0.1065 -0.0150 0.0898 2022-06-13 -0.0432 0.1153 0.1715 0.1715 0.1959 0.1959 0.1031 0.1031 0.1407 0.1407 0.0866 0.0866 0.1822 0.1822 <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;"> tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred. Investment Objective <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">The Fund’s investment objective is to provide a rate of return that exceeds the rate of inflation over a business cycle by </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">investing in U.S. Treasury securities with an emphasis on both income and capital appreciation.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The tables below describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">in the tables and examples below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> Shareholder Fees (Fees paid directly from your investment.) 0 -0.0200 0 Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment.) 0.0050 0.0023 0.0073 Example <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">funds. The example assumes that you invested $10,000 in the Investor Class of the Fund for the time periods indicated and </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5% return </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">each year and that operating expenses (as a percentage of net assets) of the Fund remained the same. This example reflects </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">contractual fee waivers and reimbursements through January 31, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2027</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. Although your actual costs may be higher or lower, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.00pt; margin-left: 0%;"> </span></div> 75 233 406 906 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">4</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">% of the average value of its portfolio.</span></div> 0.04 Principal Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; font-weight: bold;">In pursuit of the Fund’s investment objective, Hoisington Investment Management Company (HIMCo), the </span><span style="color: #000000; font-family: arial; font-size: 10pt; font-weight: bold;">Fund’s Sub-Advisor, will:</span><span style="color: #000000; font-family: arial; font-size: 10pt; font-weight: bold; line-height: 12.0pt;"> </span></div> <div> <div style="clear: both; margin-top: 0.5pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; text-align: left; width: 4.37pt;"><span style="color: #000000; font-family: arial; font-size: 10pt;">•</span></div> <div style="float: left; line-height: 12.0pt; margin-left: 7.63pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Typically invest at least 90% of the Fund’s total assets in U.S. Treasury securities and in repurchase agreements </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">collateralized by such securities.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 0.5pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; text-align: left; width: 4.37pt;"><span style="color: #000000; font-family: arial; font-size: 10pt;">•</span></div> <div style="float: left; line-height: 12.0pt; margin-left: 7.63pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Adjust the average maturity and effective duration of the Fund’s portfolio based on HIMCo’s assessment of multi-year </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">trends in national and international economic conditions.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 0.5pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; text-align: left; width: 4.37pt;"><span style="color: #000000; font-family: arial; font-size: 10pt;">•</span></div> <div style="float: left; line-height: 12.0pt; margin-left: 7.63pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Invest in long-term U.S. Treasury bonds, including U.S. Treasury Strips (zero coupon Treasury securities), when HIMCo </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">determines that economic conditions suggest lower inflation and the multi-year trend is toward decreasing interest rates.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 0.0pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; text-align: left; width: 4.37pt;"><span style="color: #000000; font-family: arial; font-size: 10pt;">•</span></div> <div style="float: left; line-height: 12.0pt; margin-left: 7.63pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Invest in U.S. Treasury bills or notes, Treasury Inflation-Protected Securities (TIPS), and Floating Rate Notes (FRNs) </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">(maturities less than five years) when HIMCo determines that economic conditions suggest rising inflation and the multi-</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">year trend is toward increasing interest rates.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; font-weight: bold;">Over the course of a business cycle, under normal market conditions:</span><span style="color: #000000; font-family: arial; font-size: 10pt; font-weight: bold; line-height: 12.0pt;"> </span></div> <div> <div style="clear: both; margin-top: 0.5pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; text-align: left; width: 4.37pt;"><span style="color: #000000; font-family: arial; font-size: 10pt;">•</span></div> <div style="float: left; line-height: 12pt; margin-left: 7.63pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The effective duration of the Fund’s holdings is expected to vary from less than a year to a maximum of 25 years.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 0.5pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; text-align: left; width: 4.37pt; -sec-ix-redline:true"><span style="color: #000000; font-family: arial; font-size: 10pt;">•</span></div> <div style="float: left; line-height: 12.0pt; margin-left: 7.63pt; text-align: left; width: 505.00pt; -sec-ix-redline:true"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund’s holdings will range in maturity from less than a year to a maximum of the longest maturity Treasury bonds </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">available. As of September 30, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">2025</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">, the effective duration of the Fund’s holdings was </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">20.88</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> years, and the average maturity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the Fund’s holdings was </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">24.02</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> years.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 0.5pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; text-align: left; width: 4.37pt;"><span style="color: #000000; font-family: arial; font-size: 10pt;">•</span></div> <div style="float: left; line-height: 12.0pt; margin-left: 7.63pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">When the Fund is invested in securities with longer weighted average maturities it will be more sensitive to changes in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market interest rates and its share price may be subject to greater volatility.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 0.5pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; text-align: left; width: 4.37pt;"><span style="color: #000000; font-family: arial; font-size: 10pt;">•</span></div> <div style="float: left; line-height: 12.0pt; margin-left: 7.63pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">The Fund’s portfolio turnover rate will vary substantially from year to year. During some periods, turnover will be well below </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">50%. At other times, turnover could exceed 200% annually. At these times, increased portfolio turnover may result in higher </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">transaction costs and may also result in taxable capital gains.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 0.5pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; text-align: left; width: 4.37pt;"><span style="color: #000000; font-family: arial; font-size: 10pt;">•</span></div> <div style="float: left; line-height: 12.0pt; margin-left: 7.63pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Portfolio adjustments may require the sale of securities prior to their maturity date. The goal of these transactions will be to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increase income and/or change the duration of the overall portfolio.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price of its shares. As a result, you may lose money if you invest in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Credit Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Credit risk is the risk that the issuer of a debt security will fail to repay principal and interest on the security </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">when due. HIMCo seeks to limit credit risk by investing in U.S. Treasury securities, which are backed by the full faith and credit </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the U.S. government and are viewed as carrying minimal credit risk. Changes to the financial condition or credit rating of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S. government, however, may cause the value of the Fund’s investments in obligations issued by the U.S. Treasury to decline.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Interest Rate Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Interest rate risk is the risk that a debt security’s value will decline due to an increase in market interest </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">rates. Even though U.S. Treasury securities offer a stable stream of income, their prices will still fluctuate with changes in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates. Very low interest rates may magnify interest rate risk. When interest rates change, the values of longer-duration </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">debt securities usually change more than the values of shorter-duration debt securities.</span></div> <div style="line-height: 12.0pt; margin-left: 12pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Income Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Income risk is the potential for a decline in the Fund’s income due to falling interest rates.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Effective Duration.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Effective duration is a measure of the responsiveness of a bond’s price to market interest rate changes. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">For example, if the interest rate increased 1%, a bond with an effective duration of five years would experience a decline in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">price of approximately 5%. Similarly, if the interest rate increased 1%, the price of a bond with an effective duration of 15 years </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">would decline approximately 15%. The effective duration of the longest maturity U.S. zero coupon bond is 30 years. If the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rate increased 1%, the value of the longest maturity zero coupon bond would decline approximately 30%. Similarly, if </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the interest rate decreased 1%, the value of the longest maturity zero coupon bond would increase approximately 30%. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Accordingly, a fund with a longer weighted average maturity or effective duration may be impacted to a greater degree than a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">fund that has a portfolio with a shorter weighted average maturity or effective duration.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Repurchase Agreements Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The main risk of a repurchase agreement is that the original seller might default on its </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">obligation to repurchase the securities. If the seller defaults, the Fund will seek to recover its investment by selling the collateral </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and could encounter restrictions, costs or delays. The Fund will suffer a loss if it sells the collateral for less than the repurchase </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">price.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Treasury Inflation-Protected Securities (“TIPS”) Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> TIPS are debt instruments issued by the United States Department of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the Treasury. The principal of TIPS increases with inflation and decreases with deflation, as measured by the Consumer Price </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Index (“CPI”). When TIPS mature, investors are paid the adjusted principal or original principal, whichever is greater. Interest </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">payments on TIPS are unpredictable and will fluctuate as the principal and corresponding interest payments are adjusted for </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">inflation. Inflation-indexed bonds generally pay a lower nominal interest rate than a comparable non-inflation-indexed bond. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">There can be no assurance that the CPI will accurately measure the real rate of inflation in the prices of goods and services. Any </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increases in the principal amount of TIPS will be considered taxable ordinary income, even though the Fund will not receive the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">principal until maturity. As a result, the Fund may make income distributions to shareholders that exceed the cash it receives. In </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">addition, TIPS are subject to credit risk, interest rate risk, and duration risk.</span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Floating Rate Instrument Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Floating rate securities provide for periodic adjustment in the interest rate paid on the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">securities. These securities may be subject to greater illiquidity risk than other fixed income securities, meaning absence of an </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">active market for these securities could make it difficult for the Fund to dispose of them at any given time.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Risks of Zero Coupon Treasury Securities.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The market prices of zero coupon securities, which do not entitle the holder to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">periodic interest payments, are generally more volatile than the market prices of securities of comparable quality and similar </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">maturity that do pay interest periodically. Zero coupon securities are more sensitive to fluctuations in interest rates than </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">coupon securities of the same maturity.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Volatility Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Longer-term bonds are more sensitive to interest rate changes than shorter-term notes and bills. Prices of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">debt securities move inversely to interest rates. As a result, when the Fund is invested in longer-term securities, it may </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">experience significant negative returns when long-term interest rates increase.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Market Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Market risk is the risk that a particular security, or shares of the Fund in general, may fall in value. Securities are </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investments due to, among other things, market movements over the short-term or over longer periods during more prolonged </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">market downturns. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund’s shares and result in increased market volatility.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Current Market and Economic Conditions Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Current market and economic conditions risk is the risk that a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">investment, or shares of the Fund in general, may fall in value due to current market and economic conditions or events. For </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">example, actions taken by the Federal Reserve or foreign central banks may at times result in unusually high market volatility, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may negatively impact companies, including banks and financial services companies, and negatively impact Fund performance. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S. regulators have also proposed from time to time changes to market and issuer regulations which may impact the Fund, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and any regulatory changes adopted could adversely impact the Fund’s ability to achieve its investment strategies or make </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets and investor behavior, which could have a negative impact on the Fund’s investments and operations.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">confidence and may adversely impact financial markets and the broader economy. For example, in February 2022, Russia </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">in Russia, Europe and the United States. The hostilities and sanctions resulting from those hostilities may have a significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impact on certain Fund investments as well as performance and liquidity. Similarly, in October 2023, Hamas launched an attack </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">on Israel, which touched off a strong military response from Israel that closed borders and airspace, damaged infrastructure </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and resulted in significant civilian and military casualties in Israel and the Gaza Strip. The conflict has reignited regional </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">tensions that threaten to involve other countries and factions. The continuing conflict and its escalation could have a severe </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">adverse effect on the regional economy, currency and companies. These events may negatively impact other regional and global </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economic markets of the world (including Europe and the United States), companies in such countries and various sectors, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">industries and markets for securities and commodities globally, such as oil and natural gas. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">In addition, the Chinese government </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">United</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">of the Fund’s assets may go down.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Accordingly, the hostilities and sanctions resulting from these hostilities may have a </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">negative effect on certain Fund investments, including investments extending beyond any direct or indirect exposure the Fund </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may have to issuers of such countries or those of adjoining geographic regions.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">impacted by trade disputes and other matters. For example, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">U.S.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">recently has been in the process of renegotiating many of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">its global trade relationships and has imposed or threatened to impose significant import tariffs, including with respect to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">China. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Such actions</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">could lead to price volatility and overall decline in U</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">S</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">and global investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">markets</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 12.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">It is difficult to </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">predict </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">the outcome and impact of any trade</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> negotiations</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">In addition</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">,</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> a</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> public health crisis and ensuing policies enacted by governments and central banks </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">may</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> cause significant </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">volatility and uncertainty in global financial markets, negatively impacting global growth prospects. </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">As the COVID-19 pandemic </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others.</span><span style="color: #000000; font-family: arial; font-size: 10pt; line-height: 12.0pt;"> </span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">result in disruptions in the trading markets. Further, the interconnectivity between global economies and financial markets </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">country, region or financial market.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Operational and Cybersecurity Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">customer data, or proprietary information, or cause the Fund or its service providers to lose proprietary information, suffer </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">data corruption, or lose operational functionality. Such events could cause the Fund to incur regulatory penalties, reputational </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">damage, additional compliance costs associated with corrective measures and/or financial loss. Similar incidents affecting </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">issuers of the Fund’s portfolio companies may negatively impact performance. Operational risk may arise from human error, </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">errors by third parties, communication errors, or technology failures, among other causes. The Fund also relies on a range of </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">services from third-parties, including custody. Any delay or failure in the services provided to the Fund may negatively affect the </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">Fund and its ability to meet its investment objective. Although the Fund and the Fund’s investment adviser seek to reduce </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">operational risks through controls and/or procedures, it is not possible to identify and address all such risks and there is no way </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">to completely protect against or mitigate such risks, especially because the Fund does not directly control the cybersecurity </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">systems of issuers or third-party service providers.</span></div> <div style="line-height: 12.0pt; margin-top: 0.5pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; margin-left: 12pt;">Government and Regulatory Risk.</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;"> The risk that governments or regulatory authorities may take actions that could adversely </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">affect markets in which the Fund invests and in the economy, more generally. Government and regulatory authorities may also </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">act to increase the scope or burden of regulations applicable to the Fund and to the companies in which the Fund invests. Such </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">legislation or regulation could restrict the ability of the Fund to fully implement its investment strategies, either generally or </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">with respect to certain securities, industries or countries and could limit or preclude the Fund’s ability to achieve its investment </span><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">objective.</span></div> Historical Performance <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 12pt;">The following tables provide information on how the Fund has performed over time. Performance in this section represents past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The table below is designed to help you evaluate your risk tolerance by showing the best and worst quarterly performance of the Fund’s Investor Class for the calendar years shown in the bar chart. The average annual total returns table below allows you to compare the performance of the Fund over the time periods indicated to that of a broad-based bond market index. Performance information is updated regularly and is available on the Fund’s website <b>wasatchglobal.com</b>.</span></div> Performance in this section represents past performance (before and after taxes) which is not necessarily indicative of how the Fund will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The average annual total returns table below allows you to compare the performance of the Fund over the time periods indicated to that of a broad-based bond market index. wasatchglobal.com Wasatch-Hoisington U.S. Treasury Fund — Investor Class Year by Year Total Returns <div style="margin-top: 12pt;"><span style="color: #336f8a; font-family: arial; font-size: 12pt; font-weight: bold;">Best and Worst Quarterly Returns</span><span style="color: #000000; font-family: arial; font-size: 1pt; font-weight: bold; line-height: 0.00pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 168pt;"> <tr style="height: 12.5pt;"> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Best — 3/31/2020</span></div> </div> </td> <td style="padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">26.16%</span></div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 130.73pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; margin-left: 0.0pt;">Worst — 3/31/2021</span></div> </div> </td> <td style="padding-bottom: 4.5pt; padding-top: 4pt; vertical-align: Bottom; width: 37.27pt;"> <div style="line-height: 12.0pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt;">-16.95%</span></div> </div> </td> </tr> </table> Best 2020-03-31 0.2616 Worst 2021-03-31 -0.1695 Average Annual Total Returns (as of 12/31/25) 1986-12-06 1986-12-06 1986-12-06 0.0232 -0.1037 -0.0140 0.0069 -0.1138 -0.0267 0.0138 -0.0778 -0.0126 0.0730 -0.0036 0.0201 <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;"> tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span><span style="color: #000000; font-family: arial; font-size: 8pt; font-style: italic; line-height: 10pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund’s Investor Class returns after taxes on distributions and sale of Fund shares may be higher than the returns before taxes and after taxes on distributions because they include the effect of a tax benefit an investor may receive from capital losses that would have been incurred. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indexes or financial products. This report is not approved or produced by MSCI. Wasatch Advisors LP, doing business as Wasatch Global Investors (Advisor), the Fund’s investment advisor, has contractually agreed to waive fees and/or reimburse the Investor Class shares and Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.00% and 0.85%, respectively, of average daily net assets until at least January 31, 2027, excluding fees and expenses incurred in borrowing securities and selling portfolio securities short including enhanced custody fees (which include borrowing costs, financing fees and other charges paid in connection with borrowing the security to be sold short and maintaining related margin collateral) and dividend expense on short sales/interest expense, acquired fund fees and expenses, interest, liquidity program service fees, taxes, brokerage commissions, other investment related costs, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of business. The Fund may only make repayments to the Advisor for amounts reimbursed if such repayment does not cause the Fund’s expense ratio, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived; and (ii) the Fund’s current expense cap. Such repayment can be made until the expiration of the current contract, but in no case beyond three years from the date of such waiver or reimbursement by the Advisor. The Board of Trustees is the only party that can terminate the contractual limitation prior to the contract’s expiration. The Advisor can rescind the contractual limitation on expenses at any time after its expiration date. Shareholder expenses will increase if the Advisor does not renew the contractual expense cap after its expiration date. All rights in the Russell 3000, Russell 2500 Growth, and Russell Midcap Growth indexes vest in the relevant LSE Group company, which owns these indexes. Russell® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. These indexes are calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on, or any error in these indexes or (b) investment in or operation of the Fund or the suitability of these indexes for the purpose they are being used herein. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indexes or financial products. This report is not approved or produced by MSCI. Wasatch Advisors LP, doing business as Wasatch Global Investors (Advisor), the Fund’s investment advisor, has contractually agreed to reimburse the Investor Class shares and the Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.50% and 1.05%, respectively, of average daily net assets until at least January 31,2027, excluding fees and expenses incurred in borrowing securities and selling portfolio securities short including enhanced custody fees (which include borrowing costs, financing fees and other charges paid in connection with borrowing the security to be sold short, and maintaining related margin collateral) and dividend expense on short sales/interest expense, acquired fund fees and expenses, interest, liquidity program service fees, taxes, brokerage commissions, other investment related costs, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of business. The Fund may only make repayments to the Advisor for amounts reimbursed if such repayment does not cause the Fund’s expense ratio, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived; and (ii) the Fund’s current expense cap. Such repayment can be made until the expiration of the current contract, but in no case beyond three years from the date of such waiver or reimbursement by the Advisor. The Board of Trustees is the only party that can terminate the contractual limitation prior to the contract’s expiration. The Advisor can rescind the contractual limitation on expenses at any time after its expiration date. Shareholder expenses will increase if the Advisor does not renew the contractual expense cap after its expiration date. Effective January 31, 2026, the management fee was reduced from 1.65% to 1.50%. The management fee and the total annual fund operating expenses have beenrestated to reflect the 1.50% management fee. Wasatch Advisors LP, doing business as Wasatch Global Investors (Advisor), the Fund’s investment advisor, has contractually agreed to waive fees and/or reimburse the Investor Class shares and the Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.95% and 1.75%, respectively, of average daily net assets until at least January 31,2027, excluding fees and expenses incurred in borrowing securities and selling portfolio securities short including enhanced custody fees (which include borrowing costs, financing fees and other charges paid in connection with borrowing the security to be sold short, and maintaining related margin collateral) and dividend expense on short sales/interest expense, acquired fund fees and expenses, interest, liquidity program service fees, taxes, brokerage commissions, other investment related costs, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of business. The Fund may only make repayments to the Advisor for amounts reimbursed if such repayment does not cause the Fund’s expense ratio, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived; and (ii) the Fund’s current expense cap. Such repayment can be made until the expiration of the current contract, but in no case beyond three years from the date of such waiver or reimbursement by the Advisor. The Board of Trustees is the only party that can terminate the contractual limitation prior to the contract’s expiration. The Advisor can rescind the contractual limitation on expenses at any time after its expiration date. Shareholder expenses will increase if the Advisor does not renew the contractual expense cap after its expiration date. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indexes or financial products. This report is not approved or produced by MSCI. Effective January 31, 2026, the management fee was reduced from 1.65% to 1.50%. The management fee and the total annual fund operating expenses have been restated to reflect the 1.50% management fee. The Total Annual Fund Operating Expenses may not equal the expense ratio stated in the Fund’s most recent Annual Report and Financial Highlights. The expense ratio in the financial statements reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Wasatch Advisors LP, doing business as Wasatch Global Investors (Advisor), the Fund’s investment advisor, has contractually agreed to waive fees and/or reimburse the Investor Class shares and the Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.95% and 1.75%, respectively, of average daily net assets until at least January 31,2027, excluding fees and expenses incurred in borrowing securities and selling portfolio securities short including enhanced custody fees (which include borrowing costs, financing fees and other charges paid in connection with borrowing the security to be sold short, and maintaining related margin collateral) and dividend expense on short sales/interest expense, acquired fund fees and expenses, interest, liquidity program service fees, taxes, brokerage commissions, other investment related costs, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of business. The Fund may only make repayments to the Advisor for amounts reimbursed if such repayment does not cause the Fund’s expense ratio, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived; and (ii) the Fund’s current expense cap. Such repayment can be made until the expiration of the current contract, but in no case beyond three years from the date of such waiver or reimbursement by the Advisor. The Board of Trustees is the only party that can terminate the contractual limitation prior to the contract’s expiration. The Advisor can rescind the contractual limitation on expenses at any time after its expiration date. Shareholder expenses will increase if the Advisor does not renew the contractual expense cap after its expiration date. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indexes or financial products. This report is not approved or produced by MSCI. Wasatch Advisors LP, doing business as Wasatch Global Investors (Advisor), the Fund’s investment advisor, has contractually agreed to waive fees and/or reimburse the Investor Class shares and the Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.75% and 1.35%, respectively, of average daily net assets until at least January 31, 2027, excluding fees and expenses incurred in borrowing securities and selling portfolio securities short including enhanced custody fees (which include borrowing costs, financing fees and other charges paid in connection with borrowing the security to be sold short, and maintaining related margin collateral) and dividend expense on short sales/interest expense, acquired fund fees and expenses, interest, liquidity program service fees, taxes, brokerage commissions, other investment related costs, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of business. The Fund may only make repayments to the Advisor for amounts reimbursed if such repayment does not cause the Fund’s expense ratio, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived; and (ii) the Fund’s current expense cap. Such repayment can be made until the expiration of the current contract, but in no case beyond three years from the date of such waiver or reimbursement by the Advisor. The Board of Trustees is the only party that can terminate the contractual limitation prior to the contract’s expiration. The Advisor can rescind the contractual limitation on expenses at any time after its expiration date. Shareholder expenses will increase if the Advisor does not renew the contractual expense cap after its expiration date. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indexes or financial products. This report is not approved or produced by MSCI. Wasatch Advisors LP, doing business as Wasatch Global Investors (Advisor), the Fund’s investment advisor, has contractually agreed to waive fees and/or reimburse the Investor Class shares and Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.35% and 0.95%, respectively, of average daily net assets until at least January 31, 2027, excluding fees and expenses incurred in borrowing securities and selling portfolio securities short including enhanced custody fees (which include borrowing costs, financing fees and other charges paid in connection with borrowing the security to be sold short, and maintaining related margin collateral) and dividend expense on short sales/interest expense, acquired fund fees and expenses, interest, liquidity program service fees, taxes, brokerage commissions, other investment related costs, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of business. The Fund may only make repayments to the Advisor for amounts reimbursed if such repayment does not cause the Fund’s expense ratio, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived; and (ii) the Fund’s current expense cap. Such repayment can be made until the expiration of the current contract, but in no case beyond three years from the date of such waiver or reimbursement by the Advisor. The Board of Trustees is the only party that can terminate the contractual limitation prior to the contract’s expiration. The Advisor can rescind the contractual limitation on expenses at any time after its expiration date. Shareholder expenses will increase if the Advisor does not renew the contractual expense cap after its expiration date. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indexes or financial products. This report is not approved or produced by MSCI. Other Expenses are based on estimates for the current fiscal year. Wasatch Advisors LP, doing business as Wasatch Global Investors (Advisor), the Fund’s investment advisor, has contractually agreed to waive fees and/or reimburse the Investor Class shares and the Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.50% and 1.10% respectively, of average daily net assets until at least January 31, 2027, excluding fees and expenses incurred in borrowing securities and selling portfolio securities short including enhanced custody fees (which include borrowing costs, financing fees and other charges paid in connection with borrowing the security to be sold short, and maintaining related margin collateral) and dividend expense on short sales/interest expense, acquired fund fees and expenses, interest, liquidity program service fees, taxes, brokerage commissions, other investment related costs, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of business. The Fund may only make repayments to the Advisor for amounts reimbursed if such repayment does not cause the Fund’s expense ratio, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived; and (ii) the Fund’s current expense cap. Such repayment can be made until the expiration of the current contract, but in no case beyond three years from the date of such waiver or reimbursement by the Advisor. The Board of Trustees is the only party that can terminate the contractual limitation prior to the contract’s expiration. The Advisor can rescind the contractual limitation on expenses at any time after its expiration date. Shareholder expenses will increase if the Advisor does not renew the contractual expense cap after its expiration date. Wasatch Advisors LP, doing business as Wasatch Global Investors (Advisor), the Fund’s investment advisor, has contractually agreed to waive fees and/or reimburse the Investor Class shares and Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.10% and 0.95%, respectively, of average daily net assets until at least January 31, 2027, excluding fees and expenses incurred in borrowing securities and selling portfolio securities short including enhanced custody fees (which include borrowing costs, financing fees and other charges paid in connection with borrowing the security to be sold short, and maintaining related margin collateral) and dividend expense on short sales/interest expense, acquired fund fees and expenses, interest, liquidity program service fees, taxes, brokerage commissions, other investment related costs, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of business. The Fund may only make repayments to the Advisor for amounts reimbursed if such repayment does not cause the Fund’s expense ratio, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived; and (ii) the Fund’s current expense cap. Such repayment can be made until the expiration of the current contract, but in no case beyond three years from the date of such waiver or reimbursement by the Advisor. The Board of Trustees is the only party that can terminate the contractual limitation prior to the contract’s expiration. The Advisor can rescind the contractual limitation on expenses at any time after its expiration date. Shareholder expenses will increase if the Advisor does not renew the contractual expense cap after its expiration date. All rights in the Russell 3000, Russell 2000 and Russell 2000 Growth indexes vest in the relevant LSE Group company, which owns these indexes. Russell® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. These indexes are calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on, or any error in these indexes or (b) investment in or operation of the Fund or the suitability of these indexes for the purpose they are being used herein. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indexes or financial products. This report is not approved or produced by MSCI. Wasatch Advisors LP, doing business as Wasatch Global Investors (Advisor), the Fund’s investment advisor, has contractually agreed to reimburse the Investor Class shares and the Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.75% and 1.35%, respectively, of average daily net assets until at least January 31, 2027, excluding fees and expenses incurred in borrowing securities and selling portfolio securities short including enhanced custody fees (which include borrowing costs, financing fees and other charges paid in connection with borrowing the security to be sold short, and maintaining related margin collateral) and dividend expense on short sales/interest expense, acquired fund fees and expenses, interest, liquidity program service fees, taxes, brokerage commissions, other investment related costs, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of business. The Fund may only make repayments to the Advisor for amounts reimbursed if such repayment does not cause the Fund’s expense ratio, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived; and (ii) the Fund’s current expense cap. Such repayment can be made until the expiration of the current contract, but in no case beyond three years from the date of such waiver or reimbursement by the Advisor. The Board of Trustees is the only party that can terminate the contractual limitation prior to the contract’s expiration. The Advisor can rescind the contractual limitation on expenses at any time after its expiration date. Shareholder expenses will increase if the Advisor does not renew the contractual expense cap after its expiration date. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indexes or financial products. This report is not approved or produced by MSCI. Effective January 31, 2026, the management fee was reduced from 1.75% to 1.50%. The management fee and the total annual fund operating expenses have been restated to reflect the 1.50% management fee. Wasatch Advisors LP, doing business as Wasatch Global Investors (Advisor), the Fund’s investment advisor, has contractually agreed to waive fees and/or reimburse the Investor Class shares and the Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.95% and 1.75%, respectively, of average daily net assets until at least January 31, 2027, excluding fees and expenses incurred in borrowing securities and selling portfolio securities short including enhanced custody fees (which include borrowing costs, financing fees and other charges paid in connection with borrowing the security to be sold short, and maintaining related margin collateral) and dividend expense on short sales/interest expense, acquired fund fees and expenses, interest, liquidity program service fees, taxes, brokerage commissions, other investment related costs, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of business. The Fund may only make repayments to the Advisor for amounts reimbursed if such repayment does not cause the Fund’s expense ratio, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived; and (ii) the Fund’s current expense cap. Such repayment can be made until the expiration of the current contract, but in no case beyond three years from the date of such waiver or reimbursement by the Advisor. The Board of Trustees is the only party that can terminate the contractual limitation prior to the contract’s expiration. The Advisor can rescind the contractual limitation on expenses at any time after its expiration date. Shareholder expenses will increase if the Advisor does not renew the contractual expense cap after its expiration date. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indexes or financial products. This report is not approved or produced by MSCI. Wasatch Advisors LP, doing business as Wasatch Global Investors (Advisor), the Fund’s investment advisor, has contractually agreed to waive fees and/or reimburse the Investor Class shares and Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.30% and 0.90%, respectively, of average daily net assets until at least January 31, 2027, excluding fees and expenses incurred in borrowing securities and selling portfolio securities short including enhanced custody fees (which include borrowing costs, financing fees and other charges paid in connection with borrowing the security to be sold short, and maintaining related margin collateral) and dividend expense on short sales/interest expense, acquired fund fees and expenses, interest, liquidity program service fees, taxes, brokerage commissions, other investment related costs, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of business. The Fund may only make repayments to the Advisor for amounts reimbursed if such repayment does not cause the Fund’s expense ratio, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived; and (ii) the Fund’s current expense cap. Such repayment can be made until the expiration of the current contract, but in no case beyond three years from the date of such waiver or reimbursement by the Advisor. The Board of Trustees is the only party that can terminate the contractual limitation prior to the contract’s expiration. The Advisor can rescind the contractual limitation on expenses at any time after its expiration date. Shareholder expenses will increase if the Advisor does not renew the contractual expense cap after its expiration date. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indexes or financial products. This report is not approved or produced by MSCI. Other Expenses are based on estimates for the current fiscal year. Wasatch Advisors LP, doing business as Wasatch Global Investors (Advisor), the Fund’s investment advisor, has contractually agreed to waive fees and/or reimburse the Investor Class shares and the Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.50% and 1.10% respectively, of average daily net assets until at least January 31, 2027, excluding fees and expenses incurred in borrowing securities and selling portfolio securities short including enhanced custody fees (which include borrowing costs, financing fees and other charges paid in connection with borrowing the security to be sold short, and maintaining related margin collateral) and dividend expense on short sales/interest expense, acquired fund fees and expenses, interest, liquidity program service fees, taxes, brokerage commissions, other investment related costs, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of business. The Fund may only make repayments to the Advisor for amounts reimbursed if such repayment does not cause the Fund’s expense ratio, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived; and (ii) the Fund’s current expense cap. Such repayment can be made until the expiration of the current contract, but in no case beyond three years from the date of such waiver or reimbursement by the Advisor. The Board of Trustees is the only party that can terminate the contractual limitation prior to the contract’s expiration. The Advisor can rescind the contractual limitation on expenses at any time after its expiration date. Shareholder expenses will increase if the Advisor does not renew the contractual expense cap after its expiration date. Wasatch Advisors LP, doing business as Wasatch Global Investors (Advisor), the Fund’s investment advisor, has contractually agreed to waive fees and/or reimburse the Investor Class shares and the Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.05% and 0.90%, respectively, of average daily net assets until at least January 31, 2027, excluding fees and expenses incurred in borrowing securities and selling portfolio securities short including enhanced custody fees (which include borrowing costs, financing fees and other charges paid in connection with borrowing the security to be sold short, and maintaining related margin collateral) and dividend expense on short sales/interest expense, acquired fund fees and expenses, interest, liquidity program service fees, taxes, brokerage commissions, other investment related costs, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of business. The Fund may only make repayments to the Advisor for amounts reimbursed if such repayment does not cause the Fund’s expense ratio, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived; and (ii) the Fund’s current expense cap. Such repayment can be made until the expiration of the current contract, but in no case beyond three years from the date of such waiver or reimbursement by the Advisor. The Board of Trustees is the only party that can terminate the contractual limitation prior to the contract’s expiration. The Advisor can rescind the contractual limitation on expenses at any time after its expiration date. Shareholder expenses will increase if the Advisor does not renew the contractual expense cap after its expiration date. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indexes or financial products. This report is not approved or produced by MSCI. Dividends on short sales are dividends paid to the lenders of borrowed securities. Expenses related to dividends on short sales, borrowing costs and related interest expenses attributable to securities sold short are estimated and will vary depending on whether the securities the Fund sells short pay dividends, the amount of any such dividends, the borrowing costs, financing fees and other charges paid in connection with borrowing the security to be sold short, and maintaining related margin collateral. Wasatch Advisors LP, doing business as Wasatch Global Investors (Advisor), the Fund’s investment advisor, has contractually agreed to waive fees and/or reimburse the Investor Class shares and Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.75% and 1.50%, respectively, of average daily net assets until at least January 31, 2027, excluding fees and expenses incurred in borrowing securities and selling portfolio securities short including enhanced custody fees (which include borrowing costs, financing fees and other charges paid in connection with borrowing the security to be sold short and maintaining related margin collateral) and dividend expense on short sales/interest expense, interest, liquidity program service fees, taxes, brokerage commissions, other investment related costs, acquired fund fees and expenses, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of business. The Fund may only make repayments to the Advisor for amounts reimbursed if such repayment does not cause the Fund’s expense ratio, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived; and (ii) the Fund’s current expense cap. Such repayment can be made until the expiration of the current contract, but in no case beyond three years from the date of such waiver or reimbursement by the Advisor. The Board of Trustees is the only party that can terminate the contractual limitation prior to the contract’s expiration. The Advisor can rescind the contractual limitation on expenses at any time after its expiration date. Shareholder expenses will increase if the Advisor does not renew the contractual expense cap after its expiration date. All rights in the Russell 3000 and Russell 2500 indexes vest in the relevant LSE Group company, which owns these indexes. Russell® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. These indexes are calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on, or any error in these indexes or (b) investment in or operation of the Fund or the suitability of these indexes for the purpose it is being used herein. All rights in the Russell 3000, Russell Microcap Growth, and Russell Microcap indexes vest in the relevant LSE Group company, which owns these indexes. Russell® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. These indexes are calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on, or any error in these indexes or (b) investment in or operation of the Fund or the suitability of these indexes for the purpose they are being used herein. Wasatch Advisors LP, doing business as Wasatch Global Investors (Advisor), the Fund’s investment advisor, has contractually agreed to waive fees and/or reimburse the Investor Class shares and the Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.95% and 1.60%, respectively, of average daily net assets until at least January 31, 2027, excluding fees and expenses incurred in borrowing securities and selling portfolio securities short including enhanced custody fees (which include borrowing costs, financing fees and other charges paid in connection with borrowing the security to be sold short, and maintaining related margin collateral) and dividend expense on short sales/interest expense, acquired fund fees and expenses, interest, liquidity program service fees, taxes, brokerage commissions, other investment related costs, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of business. The Fund may only make repayments to the Advisor for amounts reimbursed if such repayment does not cause the Fund’s expense ratio, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived; and (ii) the Fund’s current expense cap. Such repayment can be made until the expiration of the current contract, but in no case beyond three years from the date of such waiver or reimbursement by the Advisor. The Board of Trustees is the only party that can terminate the contractual limitation prior to the contract’s expiration. The Advisor can rescind the contractual limitation on expenses at any time after its expiration date. Shareholder expenses will increase if the Advisor does not renew the contractual expense cap after its expiration date. All rights in the Russell 3000 and Russell Microcap indexes vest in the relevant LSE Group company, which owns these indexes. Russell® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. These indexes are calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on, or any error in these indexes or (b) investment in or operation of the Fund or the suitability of these indexes for the purpose they are being used herein. Wasatch Advisors LP, doing business as Wasatch Global Investors (Advisor), the Fund’s investment advisor, has contractually agreed to waive fees and/or reimburse the Investor Class shares and the Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.50% and 1.05%, respectively, of average daily net assets until at least January 31, 2027, excluding fees and expenses incurred in borrowing securities and selling portfolio securities short including enhanced custody fees (which include borrowing costs, financing fees and other charges paid in connection with borrowing the security to be sold short, and maintaining related margin collateral) and dividend expense on short sales/interest expense, acquired fund fees and expenses, interest, liquidity program service fees, taxes, brokerage commissions, other investment related costs, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of business. The Fund may only make repayments to the Advisor for amounts reimbursed if such repayment does not cause the Fund’s expense ratio, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived; and (ii) the Fund’s current expense cap. Such repayment can be made until the expiration of the current contract, but in no case beyond three years from the date of such waiver or reimbursement by the Advisor. The Board of Trustees is the only party that can terminate the contractual limitation prior to the contract’s expiration. The Advisor can rescind the contractual limitation on expenses at any time after its expiration date. Shareholder expenses will increase if the Advisor does not renew the contractual expense cap after its expiration date. All rights in the Russell 3000, Russell 2000, and Russell 2000 Growth indexes vest in the relevant LSE Group company, which owns these indexes. Russell® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. These indexes are calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on, or any error in these indexes or (b) investment in or operation of the Fund or the suitability of these indexes for the purpose they are being used herein. Wasatch Advisors LP, doing business as Wasatch Global Investors (Advisor), the Fund’s investment advisor, has contractually agreed to waive fees and/or reimburse the Investor Class shares and the Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.50% and 1.05%, respectively, of average daily net assets until at least January 31, 2027, excluding fees and expenses incurred in borrowing securities and selling portfolio securities short including enhanced custody fees (which include borrowing costs, financing fees and other charges paid in connection with borrowing the security to be sold short, and maintaining related margin collateral) and dividend expense on short sales/interest expense, acquired fund fees and expenses, interest, liquidity program service fees, taxes, brokerage commissions, other investment related costs, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of business. The Fund may only make repayments to the Advisor for amounts reimbursed if such repayment does not cause the Fund’s expense ratio, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived; and (ii) the Fund’s current expense cap. Such repayment can be made until the expiration of the current contract, but in no case beyond three years from the date of such waiver or reimbursement by the Advisor. The Board of Trustees is the only party that can terminate the contractual limitation prior to the contract’s expiration. The Advisor can rescind the contractual limitation on expenses at any time after its expiration date. Shareholder expenses will increase if the Advisor does not renew the contractual expense cap after its expiration date. All rights in the Russell 3000, Russell 2000, and Russell 2000 Value indexes vest in the relevant LSE Group company, which owns these indexes. Russell® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. These indexes are calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on, or any error in these indexes or (b) investment in or operation of the Fund or the suitability of these indexes for the purpose they are being used herein. Wasatch Advisors LP, doing business as Wasatch Global Investors (Advisor), the Fund’s investment advisor, has contractually agreed to reimburse the Investor Class shares and the Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.50% and 1.05%, respectively, of average daily net assets until at least January 31, 2027, excluding fees and expenses incurred in borrowing securities and selling portfolio securities short including enhanced custody fees (which include borrowing costs, financing fees and other charges paid in connection with borrowing the security to be sold short, and maintaining related margin collateral) and dividend expense on short sales/interest expense, acquired fund fees and expenses, interest, liquidity program service fees, taxes, brokerage commissions, other investment related costs, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of business. The Fund may only make repayments to the Advisor for amounts reimbursed if such repayment does not cause the Fund’s expense ratio, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived; and (ii) the Fund’s current expense cap. Such repayment can be made until the expiration of the current contract, but in no case beyond three years from the date of such waiver or reimbursement by the Advisor. The Board of Trustees is the only party that can terminate the contractual limitation prior to the contract’s expiration. The Advisor can rescind the contractual limitation on expenses at any time after its expiration date. Shareholder expenses will increase if the Advisor does not renew the contractual expense cap after its expiration date. All rights in the Russell 3000 and Russell 2000 Growth indexes vest in the relevant LSE Group company, which owns these indexes. Russell® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. These indexes are calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on, or any error in these indexes or (b) investment in or operation of the Fund or the suitability of these indexes for the purpose they are being used herein.