The investment seeks above average income and long-term growth of capital, with reduced volatility compared to broader equity markets, as a secondary objective.
Under normal market conditions, the fund primarily invests in dividend-paying equity securities, including common and preferred stocks, and securities convertible into common stocks, of mainly U.S. companies, but may also include foreign, utilities, infrastructure-related, and real estate-related companies. The fund' investment in foreign securities, including securities of foreign issuers which are not U.S. dollar denominated and/or traded in the U.S., will not exceed 30% of its total assets.
The investment seeks reasonable income; it also considers the potential for capital appreciation.
The fund normally invests at least 80% of assets in equity securities. It uses a neutral mix of approximately 50% common stocks, 15% REITs and other real estate related investments, 15% convertible securities, and 20% preferred stocks. The fund invests the fund's assets with a focus on equity securities that pay current dividends and show potential for capital appreciation, which tends to lead to investments in "value" stocks in the common stock category. It invests in domestic and foreign issuers.