Strategy. Under normal market conditions, at least 80% of the Equity Income Funds net assets (plus any borrowings for investment purposes) consists of equity securities. The Equity Income Fund invests primarily in income-generating securities, principally comprised of dividend-paying equity securities. Generally, the Funds investments in dividend-paying equity securities consist of common stocks, preferred stocks, shares of Business Development Companies (BDCs), and shares of beneficial interest of real estate investment trusts (REITs). The Fund seeks to create a portfolio of securities with an income yield greater than the dividend yield of the S&P 500 Index. The Fund may invest in securities of companies of any market capitalization. The Funds equity investments consist primarily of securities of U.S. companies, although the Fund may … Show more… Under normal market conditions, at least 80% of the Equity Income Funds net assets (plus any borrowings for investment purposes) consists of equity securities. The Equity Income Fund invests primarily in income-generating securities, principally comprised of dividend-paying equity securities. Generally, the Funds investments in dividend-paying equity securities consist of common stocks, preferred stocks, shares of Business Development Companies (BDCs), and shares of beneficial interest of real estate investment trusts (REITs). The Fund seeks to create a portfolio of securities with an income yield greater than the dividend yield of the S&P 500 Index. The Fund may invest in securities of companies of any market capitalization. The Funds equity investments consist primarily of securities of U.S. companies, although the Fund may also invest in securities issued by other investment companies. In selecting the Funds equity securities, City National Rochdale, LLC (the Adviser), the Funds investment adviser, generally seeks companies that pay above-average, stable dividend yields compared to the dividend yield of the S&P 500 Index and have the ability to grow yields over time. The Fund may continue to own a security as long as the dividend or interest yields satisfy the Funds goals, and the Adviser believes the valuation is attractive and industry trends remain favorable. The Adviser may determine to sell a security under several circumstances, including but not limited to when its target value is realized, the companys earnings deteriorate, more attractive investment alternatives are identified, or to raise cash. Show less