Under normal circumstances, the Fund invests at least 80 percent of its Assets in equity securities of small cap companies. Assets means net assets, plus the amount of borrowings for investment purposes. Small cap companies are companies with market capitalizations similar to those within the universe of the Russell 2000 Index, the Funds benchmark, at the time of purchase. As of June 28, 2024, the market capitalizations of the companies in the Russell 2000 Index ranged from dollar 288 thousand to dollar 41.2 billion. The adviser chooses the Funds equity securities so that the overall portfolio has similar growth and value characteristics to its benchmark. While the Fund invests in securities that have growth and value characteristics, the portfolio is not focused on either type of securities, and the Fund is considered a core portfolio.