This Fund seeks long-term capital appreciation primarily through investments in common shares and other equity securities of smaller capitalization Canadian issuers. The Fund’s adviser uses a value based approach to seek superior long-term capital appreciation at reasonable risk. The adviser believes that the value of a business is defined by its future potential to generate free cash flow for the shareholder. The adviser buys companies at a discount to that business value. We will determine from time to time the criteria for issuers which qualify as smaller capitalization based on industry benchmarks. Currently, an issuer qualifies as a smaller capitalization Canadian issuer if its market float is in the bottom 15% of the S&P/TSX Composite Index.