Goal and Strategy
The Fund’s primary objective is to provide a high level of current income consistent with preservation of capital. The Fund’s secondary objective is to provide growth of capital to the extent consistent with its primary objective. The Fund seeks to achieve its objectives by investing in a diversified portfolio of securities that, in the opinion of the Adviser, may be undervalued relative to similar securities in the marketplace. Under normal market conditions, the Fund invests:
■ At least 80% of its assets in preferred stocks and other preferred securities, including convertible preferred securities.
■ 25% or more of its total assets in the industries comprising the utilities sector.
■ At least 80% of its total assets in preferred securities or other fixed-income securities rated investment grade or higher by Moody’s or Standard & Poor’s at the time of investment.
Average Annual Total Returns
Monthly Performance (%)
as of 1/31/10
Quarterly Performance (%)
as of 12/31/09
Cumulative Returns
Monthly Performance (%)
as of 1/31/10
The performance data shown represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. See performance data current to the most recent month-end, which may be higher or lower than that cited.
Performance figures assume that all distributions are reinvested.