For the first six months of 2021, small cap stocks outperformed their large cap peers globally. However, during the third quarter market pullback, large cap stocks declined less. Investors rotated into defensive large cap companies on better-than-expected earnings and higher interest rate concerns, as they pivoted into a defensive portfolio. Given we are still in the early part of economic cycle, we believe that small cap companies will benefit more from the cycle through higher earnings growth and eventually more capital appreciation. The Fund remains well diversified and provides a hedge against falling commodity prices. The Fund’s underlying investment characteristics remain very attractive. As of September 30th, the Fund had a dividend yield at 4.4%, high return on equity at 29% and a low valuation with a trailing price to earnings ratio of 8.7 times.