Fund Description

The fund was incepted in November 1993 and is managed by Delafield Asset Management. The fund seeks long-term preservation and growth of capital. The fund primarily invests in equity securities of domestic companies, which the investment manager believes to be undervalued or to represent special situations. The fund invests 65% of its assets in equity securities, including common stocks, securities convertible into common stocks or rights or warrants subscribing for or purchasing common stocks. The fund invests not more than 35% of its total assets in debt securities and preferred stocks, which offer a significant opportunity for price appreciation. The fund distributes dividends semi-annually. Capital gains, if any, are distributed annually.