DIVL is an active take on the global, dividend-paying equity market. Specifically selecting those with above-market dividend yield and growth potential. The funds adviser uses a relative dividend yield strategy, which compares the stock's dividend yield versus a broad market index. To be eligible, securities must trade near or within their five-year highest historical dividend yield range relative to the S&P 500 Index (SPX). Generally, 50% of the stocks selected are rated above A- by S&P. The high-conviction portfolio concentrates on 30 to 60 companies with strong balance sheets and a dividend yield of at least 10% above the SPX. Although the fund is equity-focused, it is actively managed and may invest up to 20% of its assets in preferred stocks and investment grade, fixed-income securities. Exposure to foreign securities is capped at 50%.