Fund Description

The fund invests at least 80% of net assets in common, preferred, and convertible preferred stocks of utility and telecommunications companies across all market capitalizations, and may invest up to 20% in dividend-paying equities of non-utility and non-telecommunications companies. It may invest up to 25% of total assets in foreign issuer equities, including ADRs and similar investments, and up to 10% in emerging market equities. The fund concentrates in utilities and telecommunications and is non-diversified. For hedging, it may use derivatives such as buying or writing put and call options. It focuses on dividend-paying companies expected to consistently pay and increase dividends, using analyses including cash flow, debt, management discipline, valuation, and dividend yield, and may sell holdings based on changes in fundamentals, dividend outlook, or valuation.