About: The Funds primary objective is to provide a high level of current income consistent with the preservation of capital. Growth of capital constitutes the secondary objective. Under normal market conditions the Fund will invest at least 80% of its assets in preferred stock and other preferred securities, including convertible preferred securities that are rated investment grade. The investments are allocated among various industry sectors and issuers. However, the Fund expects to emphasize investments in preferred securities issued or guaranteed by U.S. corporations in the utilities sector. It may invest up to 20% of its total assets in a) preferred securities or other fixed income securities rated below investment grade, and b) common stocks or other equity securities that are not considered preferred securities. It will not invest more than 25% of its total assets in any one industry, except in the utilities sector.
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