The investment seeks long term capital appreciation. The fund normally invests in a diversified portfolio consisting primarily of global (U.S. and foreign) equity securities which includes common and preferred stocks and their equivalents. It may also invest up to 20% of assets in foreign securities and 20% of assets in bonds of any maturity rated as low as CC/Ca and their unrated equivalents.In abnormal circumstances, the fund may temporarily invest extensively in investment-grade short-term securities.