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The fund seeks to generate capital appreciation by investing at least 80% of net assets (plus borrowings for investment purposes) in a diversified portfolio of equity securities. Under normal market conditions, at least 40% of the value of the fund's net assets will be invested in securities of issuers domiciled outside of the United States. Equity securities include common and preferred stocks and their equivalents, including depositary receipts, warrants, rights, and convertible securities. It may invest in securities of any market-capitalization.