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Utilities and High Income Fund (ERH) 

All data as of 10-31-18 unless otherwise noted.

NAV
as of 12-12-18
Daily change Daily change
$12.34 $0.02 0.16%
Market Price
as of 12-12-18
Daily change Daily change
$12.06 $0.10 0.84%
Premium/discount as of 12-12-18
-2.27%
Inception date 4-28-04
Ticker ERH
NAV ticker XERHX
CUSIP 94987E109
Distribution rate (NAV) as of 12-12-18 7.39%
Distribution rate (market price) as of 12-12-18 7.57%
30-day SEC yield (NAV) as of 12-11-18 3.89%
30-day unsubsidized SEC yield as of 12-11-18 3.89%
Assets as of 12-12-18 114234374

Objective

The fund seeks a high level of current income and moderate capital growth, with an emphasis on providing tax-advantaged dividend income.

Investment strategy

The Fund allocates its assets between two separate investment strategies, or sleeves. Under normal market conditions, the fund will allocate approximately 70% of its total assets to a sleeve that places a focus on common, preferred and convertible preferred stocks and convertible debentures of utility companies (water, gas, electric and telecommunications companies), and approximately 30% of its total assets to a sleeve of U.S. dollar denominated non-investment-grade (high yield) debt.

Management

Timothy O'Brien, CFA
35 years of investment experience

Niklas Nordenfelt, CFA
27 years of investment experience

Philip Susser
23 years of investment experience

Dividend history

Declaration date Ex-dividend date Record date Payable date Dividend rate/share ($)

The quoted distribution rates are figures that use the funds' previous distribution to calculate an annualized figure. Distribution Rate is calculated by annualizing the last distribution and then dividing by the period ending NAV or market price. Special distributions, including special capital gains distributions, are not included in the calculation. Distributions may be sourced from any or all of the following: income, capital gains and return of capital.

Dividends are paid monthly. Historical dividend sources have included net investment income, realized gains, and return of capital. Each fund will send shareholders a Form 1099-DIV for the calendar year that will tell shareholders how to report these distributions for federal income tax purposes. A fund's current distribution rate and historical dividends are not indicative of future performance. If a distribution is from a source other than net investment income, the Fund provides a notice to shareholders with an estimate of its distribution source at that time. The final determination of the source of all dividend distributions in the current year will be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon a fund's investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations. Each fund will send shareholders a Form 1099-DIV for the calendar year that will tell shareholders how to report these distributions for federal income tax purposes.

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the sales of fund shares. Investment return, principal value, and yields of an investment will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Performance shown is net of all applicable fund fees and expenses. Performance figures of the fund do not reflect fees an investor may be charged pursuant to the terms of any brokerage account agreements with their broker or financial intermediary. To obtain performance information current to the most recent month-end, please call 1-800-222-8222.

The closed-end funds (CEFs) are no longer offered as initial public offerings. Investors who wish to buy or sell fund shares of a CEF need to place orders through an intermediary, or broker, who will buy or sell fund shares on the stock exchange in a process identical to the purchase or sale of any other listed stock.

The 30-day SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share and includes the effect of any fee waivers. Without waivers, yields would be reduced. The 30-day unsubsidized SEC yield does not reflect waivers in effect. A fund's actual distribution rate will differ from the SEC yield and any income distributions from the fund may be higher or lower than the SEC yield.

High-yield, lower-rated bonds may contain more risk due to the increased possibility of default. Foreign investments may contain more risk due to the inherent risks associated with changing political climates, foreign market instability, and foreign currency fluctuations. Risks of international investing are magnified in emerging or developing markets. Funds that concentrate their investments in a single industry or sector may face increased risk of price fluctuation due to adverse developments within that industry or sector. Small- and mid-cap securities may be subject to special risks associated with narrower product lines and limited financial resources compared with their large-cap counterparts. The use of leverage results in certain risks, including, among others, the likelihood of greater volatility of net asset value and the market price of common shares. Derivatives involve additional risks, including interest rate risk, credit risk, the risk of improper valuation, and the risk of noncorrelation to the relevant instruments they are designed to hedge or closely track. There are numerous risks associated with transactions in options on securities. Illiquid securities may be subject to wide fluctuations in market value and may be difficult to sell. This closed-end fund is no longer available as an initial public offering and is only offered through broker/dealers on the secondary market.

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