The fund seeks to achieve its investment objective by investing in a relatively concentrated portfolio of approximately 15 to 35 positions in U.S. and foreign equity securities. Eligible investments include common stocks and depositary receipts that have a market capitalization of greater than $500 million. The fund"s foreign security exposure generally will be obtained through investments in ADRs, which represent interests in foreign securities held in custody by U.S. banks. It maintains discretion to allocate up to 40% of its assets to foreign securities through ADRs. It is non-diversified.