The U.S. Equity Fund will seek to achieve capital appreciation by investing primarily in U.S. equity securities, including common stock, convertibles, American depository receipts, global depository receipts and warrants listed on a Regulated Market in the U.S. The U.S. Equity Fund may invest in new issues for which application for listing on a Regulated Market will be sought. At all times, at least two-thirds of The U.S. Equity Fund’s total assets (without taking into account ancillary liquid assets) will be invested in the foregoing instruments (excluding convertibles) of issuers domiciled in the U.S.