Strategy. Under normal circumstances, we invest: at least 80% of the Funds net assets (plus the amount of any borrowings for investment purposes, if any) in equity securities of small-capitalization companies. We invest principally in equity securities of small-capitalization companies, which we define as companies within the range of the Russell 2500 TM Index at the time of purchase. The market capitalization range of the Russell 2500 TM Index was $1.85 million to $1.86 billion as of June 30, 2023, and is expected to change frequently. We invest in companies that we believe are underpriced yet have attractive growth prospects. Our analysis is based on the determination of a companys private market valuation, which is the price an investor would be … Show more… Under normal circumstances, we invest: at least 80% of the Funds net assets (plus the amount of any borrowings for investment purposes, if any) in equity securities of small-capitalization companies. We invest principally in equity securities of small-capitalization companies, which we define as companies within the range of the Russell 2500 TM Index at the time of purchase. The market capitalization range of the Russell 2500 TM Index was $1.85 million to $1.86 billion as of June 30, 2023, and is expected to change frequently. We invest in companies that we believe are underpriced yet have attractive growth prospects. Our analysis is based on the determination of a companys private market valuation, which is the price an investor would be willing to pay for the entire company. We determine a companys private market valuation based upon several different types of analysis. We carry out a fundamental analysis of a companys cash flows, asset valuations, competitive factors, and other industry specific factors. We also gauge the companys management strength, financial health, and growth potential in determining a companys private market valuation. We place an emphasis on company management, even meeting with management in certain situations. Finally, we focus on the long-term strategic direction of the company. We then compare the private market valuation, as determined by these factors to the companys public market valuation, and invest in the securities of those companies where we believe there is a significant gap between the two. We may sell an investment when its price no longer compares favorably with the companys private market valuation. In addition, we may choose to sell an investment where the fundamentals deteriorate or the strategy of the management or the management itself changes. Show less