The Ethical Fund seeks to achieve its objective by investing primarily in common stocks of mid-capitalization companies that the Adviser believes are high quality and/or exhibit above-average growth potential, which, for the purposes of the Ethical Fund, typically are companies with market capitalizations similar to those issuers included in the Russell Midcap® Growth Index (the “Index”) over the last 13 months at the time of purchase. As of September 30, 2025, the Index had a weighted average market capitalization of $40.271 billion and a median market capitalization of $14.782 billion. The largest stock by market cap in the Index was $127.601. Over time, the capitalizations of the companies in the Index will change. As they do, the size of the companies in which the Ethical Fund invests may change. Under normal market conditions, the Ethical Fund will invest at least 80% of its assets (defined as net assets plus borrowing for investment purposes) in securities meeting the Ethical Fund’s ethical investment criteria.

The Ethical Fund seeks total return, which includes income from dividends and capital appreciation of portfolio securities held by the Ethical Fund.

When selecting securities for the Ethical Fund, the Adviser employs a systematic process focused on companies included within the Fund’s designated mid-cap growth universe. From this universe, the Adviser seeks to identify companies that meet defined financial and qualitative criteria. These include measures of profitability, balance-sheet strength, earnings stability, prudent use of leverage, and valuation ratios that the Adviser believes are indicative of durable growth and sound financial management. The Adviser’s screening process seeks to maintain broad representation across the mid-cap growth universe while favoring companies that demonstrate consistent business performance, strong financial discipline, and moderate debt levels.

Generally, in determining whether to remove a position from the Ethical Fund, the Adviser considers many factors, including what it believes to be excessive valuation given company growth prospects, deterioration of fundamentals, weak cash flow to support shareholder returns, unexpected and poorly explained management changes, and to take advantage of what it believes are more attractive investment opportunities.

The Adviser will sell a security if it falls out of compliance with the Ethical Fund’s ethical investment restrictions. The Adviser may also sell securities for a variety of reasons, such as when it no longer adheres to the Adviser’s investment thesis, to secure gains, limit losses, raise cash, or redeploy assets into opportunities believed to be more promising, among others.

If the Adviser’s strategies do not work as intended, the Ethical Fund may not achieve its objective.

To take advantage of market inefficiencies, the Ethical Fund may be actively traded. During these periods, the Ethical Fund may have a higher turnover rate.

Ethical Investment Restrictions

The Ethical Fund does not invest in corporations that derive substantial revenue (defined as more than 5% of total revenue) from alcohol, tobacco, pornography, pork, gambling, conventional financial services, including insurance, or weapons industries, as determined by the Adviser.

The Ethical Fund will not invest in securities or other instruments that derive revenue from the receipt of interest from lending arrangements, preferred stocks and convertible securities or other instruments that pay interest from lending, or from the receipt of gains from futures contracts, trading debt or trades that involve exchanging the same kind of monetary instruments (such as the same type of currency).