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. These objectives are to be achieved by investing in securities that, in the opinion of the Advisor, may be undervalued compared to similar securities in the market. 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. It will also invest 25% of its total assets in the industries comprising the utilities sector and 80% of its total assets in preferred securities or other fixed income securities, that are rated investment grade or higher.