The fund operates as a "feeder fund" and invests all of its assets in Class 1 shares of the master fund. The master fund invests primarily in common stocks or other securities that the investment adviser to the master fund believes demonstrate the potential for appreciation and/or dividends. The master fund may invest up to 15% of its assets, at the time of purchase, in securities of issuers domiciled outside the United States, including those located in emerging market countries.