DVND provides a slightly different take on the US dividend-paying large-cap space. Aside from having historically paid consistent, growing dividends, the funds sub-advisor seeks to invest in reasonably priced large-cap companies with sustainable competitive advantages that should result in excess profits to support future dividend payments. A companys competitive advantage is evaluated by assessing its barriers to entry through cost advantage, economies of scale, high customer loyalty, or a government barrier. The fund defines large-caps as companies whose market capitalizations are within the range represented in the S&P 500 Index. The portfolio typically holds 40 to 55 securities, with residual cash and cash equivalents expected to represent less than 10% of the funds net assets. Although at times, the fund may hold a higher percentage of cash and cash equivalents if fewer securities qualify for inclusion.