Fund Description

The fund normally invests at least 80% of net assets, plus any borrowings for investment purposes, in dividend-paying equity securities, including common and preferred stock. Under normal market conditions, it invests at least 65% of net assets in equities that have consistently increased dividends for at least 10 years, adjusting for stock splits or spin-offs and excluding special dividends. It primarily holds large-cap companies but may invest in companies of any size, considering dividend yield, dividend growth rate, earnings growth, P/E multiples, valuation, credit rating, balance sheet strength, and volatility. It may invest up to 30% of its net assets in foreign equity securities, and while it does not concentrate in any one industry, it may from time to time, based on economic conditions, make significant investments in certain sectors.