The equity securities within the portfolio will consist primarily of dividend-paying common stocks that the
portfolio manager believes are undervalued. The portfolio may also include preferred stock, real estate
investment trusts, closed-end funds, exchange traded funds and foreign securities. Portfolio management and
security selection encompasses both fundamental and technical analysis. Research is also focused on broader
macroeconomic risks, including credit and interest rate risks.
The strategy seeks high current income, competitive total return, as well as protection from turbulent
financial markets. By combining security selection and risk management, PVG believes it can generate annual
distributable income of 4% to 6% as well as capital appreciation over time. The Equity Income Strategy is
suitable for income oriented investors, who also seek appreciation, but are uncomfortable with substantial
stock or bond market risks.