Under normal circumstances, the Fund invests at least 80 percent of its net assets (plus any borrowings for investment purposes) in securities of U.S. small-capitalization companies, primarily by purchasing exchange-traded funds (ETFs). The Fund considers the holdings of the ETFs to assure compliance with its 80 percent investment policy and to assure the Fund is not concentrated in an industry. The adviser does not frequently trade U.S. securities but seeks to maintain consistent exposure to the U.S. small cap market though a representative ETF or ETFs. The adviser evaluates an ETFs liquidity and fees when making portfolio selections. The Fund defines U.S. companies as those organized in the U.S.; having a class of securities whose principal securities market is in the U.S.; or derives 50 percent or more of its total revenues or earnings from goods produced, sales made, or services provided in the U.S., or maintains 50 percent or more of its employees, assets, investments, operations, or other business activity in the U.S. The Fund defines small-capitalization companies as those with market capitalizations between dollar 300 million and dollar 9 billion at the time of purchase.