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Price and Yield are updated daily. Average yields (as of 08/24/11, close) are as follows: Diversified Energy 4.2%, Energy Distribution 4.8%, Natural Resources 3.4%, Communications 4.9%, Utility Technology 0.5%, Water 3.3%, Foreign Communications 6.2% and Foreign Utilities 5.8%. Payout Ratio is the percentage of a company’s earnings for the last 12 months that would be paid out in dividends at the current annual rate. Higher payout ratios mean riskier dividends. Figures shown attempt to weed out the effect of one-time writeoffs and gains on profits to give a more accurate picture. Note there is a wide discrepancy between individual companies. Average payout ratios are as follows: Diversified Energy 61.7%, Energy Distribution 70.5%, Natural Resources 35.5%, Communications 36.4%, Utility Technology 12.4%, Water 67.9%, Foreign Communications 93.2% and Foreign Utilities 72.2%. Price-to-Book Ratio compares each utility’s shareholders’ equity per share with the current market price per share. The higher the price-to-book ratio, the more expensive the ute. Average price-to-book ratios are as follows: Diversified Energy 1.5, Energy Distribution 2.4, Natural Resources 1.9, Communications 2.6, Utility Technology 1.2, Water 1.9, Foreign Communications 2.3 and Foreign Utility 1.5. Management Guidance shows whether management’s forecast of full calendar-year or full fiscal-year earnings has been raised (“Higher”), reduced (“Lower”) or maintained (“Same”) in light of its most recent quarterly earnings report. See the June UF for any changes in the wake of the previous reporting period. UF Safety Ratings are based on eight financial, operating and regulatory criteria: (1) worst estimated 2011 payout ratio greater than 0 percent but less than 80 percent; (2) increase in dividend over last 12 months, showing ability to weather tough times; (3) less than 10 percent of earnings from unregulated operations, ensuring consistency of earnings despite economic ups and downs;  (4) S&P bond rating of BBB- (stable) or higher, ensuring an investment-grade balance sheet that’s likely to avoid a downgrade; (5) minimal debt needed to be rolled over through 2012, showing greater ability to withstand the tight credit market; (6) good regulatory relations, with diversity and/or demonstrated cooperation with officials in key states or federal agencies; (7) fuel cost exposure neutral or positive (for energy) and free cash flow positive for other groups; and (8) geographic diversification or concentration in recession-resistant regional economy. Criteria vary somewhat from sector to sector to allow for differences in fundamentals. One point is awarded for each criterion met. To find the rating, add the number of criteria met. For example, a utility meeting five criteria has a “5” rating. “8” is highest (safest), “0” is lowest (riskiest). Type of Utility: “R” denotes companies whose businesses are all or nearly all regulated and are therefore steady in all environments in the way of traditional utilities. “D” indicates a diversified utility, which combines regulated with unregulated operations. “M” denotes a merchant utility, with all or almost all revenue coming from volatile unregulated businesses. “T” stands for transitioning utility, companies that are dumping their unregulated operations to refocus on regulated ones. M- and T-rated companies are generally riskiest. Comment: Major factor(s) affecting earnings and dividends. Advice: What to do now. Investors can continue participating in DRIP plans of stocks rated hold, provided their UF Safety Rating is at least “5.”