Fund Description

The fund invests at least 80% of its net assets in equity securities of companies engaged in the utilities industry, with changes to this policy requiring 60 days' prior written notice to shareholders. A company may qualify if its securities are listed in an index exclusively focused on electricity, natural gas, telecommunications services, cable television, or water or sanitation services, or if it derives 50% or more of revenues or net profits from providing these services. Portfolio construction uses quantitative and qualitative techniques with risk controls, including rankings on growth and valuation, qualitative review, and a quantitative model. It may also invest in foreign and debt securities, and sells holdings when relative attractiveness, risk/return, or specific events change.