Fund Description

The fund was incepted in November 1992 and is managed by Yorktown Management & Research Company, Inc. The fund seeks growth of capital, as well as income. The fund invests primarily in equity securities, which the fund believes are undervalued in relation to the quality of the securities and the long-term earning power of their issuers, regardless of short-term indicators. The fund invests primarily in the common stock of companies listed on a national securities exchange or whose securities are traded in the over-the-counter market. The fund may also invest in preferred stock, convertible preferred stock, convertible debentures, rights, warrants and certain other instruments. In addition, the fund may invest up to 35% of its total assets in index securities. Dividends and capital gains are distributed annually.