Fund Description

The fund invests at least 80% of net assets in securities of domestic or foreign companies substantially involved in generating or distributing electricity, gas, and water, providing infrastructure operations, or telecommunications services, and that derive at least 50% of revenue or earnings from, or devote at least 50% of assets to, utilities. It seeks capital appreciation or current income, emphasizing quality such as proven dividend records and sound financial structures. The adviser considers the market price of an issuer's common stock and prices relative to other comparable stocks, earnings, balance sheets, management, interest rates, and government regulations, and sells holdings that lose perceived value. It mainly holds readily marketable dividend-paying common stocks, may invest in MLPs, and may invest up to 40% in non-U.S. issuers, including emerging markets.