The investment seeks long-term growth of capital and income. Under normal market conditions, the fund invests at least 80 percent of its net assets (plus borrowings for investment purposes) in equity securities, warrants, and rights derivative of or convertible into common stocks, in each case issued by small-cap foreign markets issuers. It generally will be invested in issuers in fifteen or more foreign countries. The fund may invest in other derivatives for the purpose of hedging the value of the portfolio or to establish a position in the future. It is non-diversified.