Fund Description

The fund was incepted in December 1992 and is managed by Merrill Lynch Investment Managers. The fund seeks long-term growth of capital. The fund tries to achieve its objective by investing primarily in a portfolio of common stock of U.S. companies that the fund management believes have shown above-average growth rates in earnings over the long-term. To a lesser extent the fund invests in securities convertible into common stock and rights to subscribe to common stock of these companies. The fund may invest up to 10% of its total assets in securities issued by foreign companies ( this limit does not apply to American Depositary Receipts ('ADRs')). The fund may also invest in certain types of 'derivative' securities. Dividends and capital gains are distributed annually.