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Total Returns (%)

(For periods ended 1/31/18)

Total returns include dividends reinvested in the Fund or Benchmark Index, as applicable.  Returns over one year are annualized.  Past performance is not indicative of future results.  Current performance may be higher or lower than the performance shown.

Total return on market value assumes a purchase of common stock at the opening market price on the first business day and a sale at the closing market price on the last business day of each period shown in the table and assumes reinvestment of dividends at the actual reinvestment prices obtained under the terms of the Fund’s dividend reinvestment plan.  In addition, when buying or selling stock, you would normally pay brokerage expenses.  Because brokerage expenses are not reflected in the above calculations, your total return net of brokerage expenses would be lower than the total returns on market value shown in the table.  Source: Administrator of the Fund.

Total return on NAV uses the same methodology as described above, but with use of NAV for beginning, ending, and reinvestment values.  Because the Fund’s expenses (2.04% for the year ending October 31, 2017) reduce the Fund’s NAV, they are already reflected in the Fund’s total return on NAV shown in the chart.

The Benchmark Index is a composite of the returns of the S&P 500 Utilities Index and the Bloomberg Barclays U.S. Utility Bond Index, weighted quarterly to reflect the stock and bond ratio of the Fund based on beginning of quarter market value.   Indices are unmanaged, their returns do not reflect any fees, expenses, or sales charges, and they are not available for direct investment.  Performance returns for the S&P 500 Utilities Index and Bloomberg Barclays U.S. Utility Bond Index were obtained from Bloomberg Finance L.P.  

Net Asset Value vs. Market Price
Net Asset Value (NAV) represents the total value of all assets held by the Fund (minus its total liabilities), divided by the total number of common shares outstanding. The net asset value returns reflect the performance of the manager. Market price is the price at which investors may purchase or sell shares of the Fund. Market price is determined in the open market by buyers and sellers, based on supply and demand. The Fund’s Market Price fluctuates throughout the day and may differ from its underlying NAV. Shares of the Fund may trade at a premium (higher than) or a discount (lower than) to NAV. This characteristic is a risk separate and distinct from the risk that the Fund’s net asset value could decline. The Fund has no control over the market price.

Important Risk Considerations

Equity Securities: The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific events. A fund that focuses its investments in a particular industry or sector will be more sensitive to conditions that affect that industry or sector.

Credit and Interest: Debt securities are subject to various risks, the most prominent of which are credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt securities may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer term maturities.

Preferred Stocks: Preferred stocks may decline in price, fail to pay dividends, or be illiquid.

MLPs: Investments in Master Limited Partnerships (MLPs) may be adversely impacted by tax law changes, regulation, or factors affecting underlying assets.

Foreign Investing: Investing internationally involves additional risks such as currency, political, accounting, economic, and market risk.

No Guarantee: There is no guarantee that the portfolio will meet its objective.

Leverage: When a fund leverages its portfolio, the value of its shares may be more volatile and all other risks may be compounded.


Fact Sheet



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