Fund Description

The fund invests at least 80% of its net assets in U.S.-traded equity securities of utilities companies and in derivatives, primarily futures contracts and options on securities, futures contracts, and stock indices. The advisor uses a proprietary quantitative and qualitative methodology, including screens for price, liquidity, and tradability, and weights holdings using a proprietary modified capitalization approach, with adjustments for regulatory limits or as deemed appropriate. It may invest significantly in small- to mid-cap utilities, use ADRs for foreign utilities exposure, and hold U.S. government securities. Derivatives may create financial leverage, increasing volatility and potentially leading to losses exceeding amounts invested and requiring liquidation of other holdings. The fund may trade near the U.S. market close to remain fully invested.