TABLE OF CONTENTS

PROSPECTUS


                                                                                                                       Page

PREFACE .........................................................................................................III


ASSETS BOUGHT CHEAP

Benjamin Graham's Net Current Asset Value Stock Selection Criterion ......................1

Low Price in Relation to Book Value ......................................................................3

Small Market Capitalization Low Price to Book Value Companies as
Compared to Large Capitalization Low Price to Book Value Companies ....................8

Five-Year Holding Period Year-By-Year Investment
Returns for Low Price to Book Value Companies
as Compared to High Price to Book Value Companies ..............................................9

The Consistency of Returns for Low Price to Book Value
Companies as Compared to High Price to Book Value Companies ............................10

Are Low Price to Book Value Stocks' Higher Returns as
Compared to High Price to Book Value Stocks, due to Higher Risk? ........................11

Companies Throughout the World: Low Price in Relation to Book Value .................12

Companies in the United Kingdom, France, Germany
and Japan Trading at Low Prices in Relation to Book Value ....................................13

Low Price to Book Value Stocks Compared to
High Price to Book Value Stocks in France, Germany,
Switzerland, the United Kingdom, Japan and the United States .................................13


EARNINGS BOUGHT CHEAP

Low Price in Relation to Earnings ........................................................................14

Benjamin Graham's Low Price/Earnings Ratio Stock Selection Criteria ....................16

Small Market Capitalization Low Price/Earnings
Ratio Companies as Compared to Large Market
Capitalization Low Price/Earnings Ratio Companies ...............................................17

Five-Year Holding Period Year-By-Year Investment Returns for Low Price
to Earnings Companies as Compared to High Price to Earnings Companies ..............19

Companies in the United Kingdom, France, Germany
and Japan Trading at Low Prices in Relation to Earnings ........................................20

United Kingdom Companies Trading at Low Prices in Relation to Earnings .............21

High Dividend Yield in the United Kingdom ..........................................................22

Companies Throughout the World: High Dividend Yield ........................................23

Companies Throughout the World: Low Price in Relation to Cash Flow ...................24

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