Strategy. Under normal conditions, the Adviser seeks to achieve the Funds investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of dividend paying equity securities. The Adviser may invest in securities of companies of various market capitalizations but will focus on medium and large capitalization companies. Medium and large market capitalization companies are, according to the Adviser, those companies with market capitalizations of greater than $2 billion at the time of initial investment. Equity securities include domestic and foreign common and preferred stock, convertible debt securities, American Depositary Receipts (ADRs), Master Limited Partnerships (MLPs), real estate investment trusts (REITs) and exchange traded funds (ETFs), and the … Show more… Under normal conditions, the Adviser seeks to achieve the Funds investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of dividend paying equity securities. The Adviser may invest in securities of companies of various market capitalizations but will focus on medium and large capitalization companies. Medium and large market capitalization companies are, according to the Adviser, those companies with market capitalizations of greater than $2 billion at the time of initial investment. Equity securities include domestic and foreign common and preferred stock, convertible debt securities, American Depositary Receipts (ADRs), Master Limited Partnerships (MLPs), real estate investment trusts (REITs) and exchange traded funds (ETFs), and the Fund may also invest in private placements in these types of securities. To the extent the Fund invests in MLPs, its investments will be restricted to holding interests in limited partners of such investments. To the extent the Fund invests in ETFs, it will do so primarily in ETFs that have an investment objective similar to the Fu nds or that otherwise are permitted investments with the Funds investment policies described herein. ADRs are equity securities traded on U.S. securities exchanges, which are generally issued by banks or trust companies to evidence ownership of foreign equity securities. The Fund may also invest in debt-securities, including lower-rated debt-securities (junk bonds) and foreign securities including depositary receipts. As the Adviser seeks to reduce the risk of permanent loss of capital, the Adviser follows an investment strategy referred to as equity income, emphasizing current income and a conservative stock portfolio. The equity income strategy seeks to generally maintain a portfolio yield that is greater than the S&P 500 Index. Within that context, the balance between current income and prospective growth of dividends is driven by fundamental stock selection. The Fund may invest up to 25% of its net assets in publicly traded MLPs. MLPs are businesses organized as limited partnerships that trade their proportionate shares of the partnership (units) on a public exchange. MLPs are required to pay out most or all of their earnings in distributions. With respect to 20% of its assets, the Fund may invest in (1) investment grade and non-investment grade debt securities ( i.e., junk bonds), or (2) unrated debt securities determined by the Adviser to be of comparable quality. The Adviser may sell a stock if the stock has reached a price whereby its risk/reward characteristics are not as favorable, the companys fundamentals have deteriorated so that the original investment thesis for holding the stock no longer holds or if a better opportunity has been identified. In order to respond to adverse market, economic, political, or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its investment objective and principal investment strategy and invest without limit in cash and prime quality cash equivalents such as prime commercial paper and other money market instruments. A defensive position, taken at the wrong time, may have an adverse impact on the Funds performance. The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure. Show less