Fund Description

The fund was incepted in March 2000 and is managed by Merrill Lynch Investment Managers. The fund seeks long-term capital appreciation. The fund invests primarily in common stocks of approximately 20 companies that the fund management believes have strong earnings growth and capital appreciation potential. To a lesser extent, the fund also invests in preferred stock, convertible securities, warrants and rights to subscribe to common stock of these companies. The fund generally invests at least 65% of its total assets in equity securities. The fund invests without limitation in the securities of foreign companies in the form of American Depositary Receipts ('ADRs'). In addition, the fund may invest up to 10% of its total assets in other forms of securities of foreign companies, including European Depositary Receipts ('EDRs') or other securities convertible into securities of foreign companies. Dividends and capital gains are distributed annually.