Fund Description

The fund, under normal circumstances, invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities or similar investments that pay dividends or are expected to initiate dividends, including companies the subadviser expects to begin paying within 12 to 24 months. It invests primarily in common stocks, and may also hold preferred and convertible securities, other investment companies, REITs, warrants and rights. Up to 50% may be in foreign issuers, including multinational companies and other foreign issuers generally with market capitalizations of at least $10 billion. Management emphasizes dividend levels and growth, alongside potential capital appreciation, balance sheet strength, and effective management, and reassesses holdings that reduce or end dividends.