Fund Description

Yorktown Management and Research Company, Inc manage the fund. The fund's objective is growth of capital. The fund, under normal circumstances, seeks to achieve its investment objective by investing primarily in (1) shares of open-end and close-end underlying funds that seek long-term capital growth or appreciation by investing primarily in common stock or convertible securities; and (2) S&P Depositary Receipts, World Equity Benchmark Shares and similar securities that represent interests in a portfolio of common stocks designed to track the performance of a broad-based securities index (the "index securities"). The fund may also invest to a lesser extent in underlying funds that invest primarily in long- or short-term bonds and other fixed-income securities whenever the adviser believes that these underlying funds offer a potential for capital appreciation. Dividends and capital gains are distributed annually.