What were some top dividend funds in 2014?

Two of the top dividend-paying mutual funds of 2014 were the Voya Corporate Leaders Trust B and the American Funds Intl Growth and Income Fund, according to Top Financial Advisor. The trailing 12-month yield for each fund averaged better than 5 percent in 2014.

Dividend-paying mutual funds come in two groups, which are actively managed funds and fixed dividend payment funds. A mutual fund with a fixed dividend payment adds companies to its portfolio that pay a quarterly, semi-annual or annual dividend payment on a regular basis. Actively managed funds use professional portfolio managers who add or remove companies that announce a suspension of dividend payments, states TheStreet.