Fund Description

The fund seeks a high level of current income relative to its benchmark index by investing, under normal circumstances, at least 80% of net assets in income-producing equity securities, including dividend-paying common and preferred stocks. It uses a proprietary quantitative ranking system to target equity securities with quality characteristics, scoring issuers on profitability, management efficiency and cash generation, screening out lowest-ranked securities, then selecting holdings to achieve desired quality and yield exposures. Risk is managed across security, sector and portfolio levels through diversification, with purchases guided by diversification and dividend yield. It may use stock index futures to equitize cash and enhance liquidity, and may at times hold focused sector exposures.