Fund Description

The fund invests primarily in domestic and foreign equity securities, and its investments in foreign equity securities may include emerging market securities, and may also invest in debt securities. Equity holdings may include common and preferred stocks, convertible preferred stocks, warrants, options, and ADRs; some, but not all, may pay dividends. Debt investments may include U.S. Treasury notes and bonds, investment grade corporate debt, convertible debt, and below-investment-grade bonds, and may invest up to 20% of its assets in debt securities below investment grade (high yield or junk bonds) at the time of investment. It may use short sales for hedging and investment. The fund is non-diversified and may invest a substantial portion of its assets in a small number of issuers, business sectors, or industries. Under normal market conditions, most assets are in equities, with potentially significant cash or cash equivalents.