Income is a secondary objective. This fund seeks current income through investments in securities of domestic and foreign public utility companies, with capital appreciation as a secondary goal. Utilities are broadly defined to include companies that provide basic services to customers on a regular basis. Investments include common stocks, preferred stocks and corporate bonds, and debt securities issued or guaranteed by the U.S. government or its agencies. The fund seeks long-term capital appreciation in both bull and bear markets while maintaining minimal portfolio exposure to general equity market risk by always having both long and short positions in equity securities.
Investors can expect a moderate level of current income, with liquidity and stability of capital.
The fund is not insured or guaranteed by the F.D.I.C. or any other government agency. 1 - Investing in small companies can involve increased volatility, less liquidity, and less publicly available information. Investing in small companies can involve increased volatility, less liquidity, and less publicly available information. You may have a gain or loss when you sell your shares. Investors should note that this Fund may invest all or a portion of its assets in short-term debt securities issued by the U.S. government and by U.S. corporations.