Fund Description

The fund seeks reasonable income by targeting an income yield exceeding the corporate dividend yield of securities in the S&P 500 Index, and moderate long-term growth by seeking a five-year return approximating three-fourths of the S&P 500 Index's average five-year total return. It invests in a diversified portfolio of income-producing equity securities, including common, preferred and convertible securities, and in corporate and government fixed income investments such as notes, bonds and debentures, but is not managed as a balanced portfolio. Under normal market conditions, at least 80% of net assets are invested in equity securities. The adviser determines asset allocation and performs issuer credit analysis. The fund may invest in investment grade and non-investment grade, rated and unrated securities, with a 20% limit on non-investment grade preferred, convertible and debt securities at purchase. It may invest in REITs and other real estate-based securities.