1. Universe: Investible universe includes, but is not limited to, common stock and a broad range of "pass through securities": real estate investment trusts (REITs), closed-end funds, royalty trusts, master limited partnerships (MLPs) and business development companies (BDCs).
2. Tax treatment: "Pass-Through Securities" benefit from being largely exempt from U.S corporate income tax when they distribute substantially all of their profits to shareholders.
3. Equity income: The Fund provides an alternative approach to the generation of current income, while retaining the chance for equity participation.
4. Eliminated tax drag: The Fund's self-imposed MLP limit mitigates the tax drag associated with pure MLP Funds.
5. Volatility consideration: The manager strives to build a portfolio of covariant, high-income equity asset classes, which may lower volatility over a full market cycle.
6. History: The Portfolio Manager developed the strategy over twenty years ago and has been executing it ever since.