Fund Description

The fund's investment adviser normally invests at least 80% of the fund's net assets, including any borrowings for investment purposes, in securities of issuers in the utilities industry, and considers a company to be in the utilities industry based on index inclusion, third-party classification, or a determination that at least 50% of the company's assets or revenues are derived from one or more utilities. Utilities issuers may include energy, water and sanitary services, and telecommunications (excluding public broadcasting). It invests primarily in equity securities, but may also invest in debt instruments, including below investment grade, in U.S. and foreign (including emerging market) securities, and may concentrate in a country/region, issuer, or small number of issuers. Derivatives may be used primarily to adjust currency exposure. Investments are selected using an active bottom-up, fundamentally driven approach, with quantitative screening tools also considered.