For Individual Investors in the US

HFQDX Global Equity Income Fund

A high-conviction strategy that targets high, dependable income from high-yielding, high-quality global equities

NAV
$6.14
As of 06/08/2023

1-Day Change
$0.04 (0.66%)
As of 06/08/2023

YTD Return
4.49%
As of 06/08/2023

Morningstar Rating

As of 05/31/2023

Buy/Trade

Overview

ABOUT THIS FUND

A long-only portfolio that seeks a high level of current income and steady capital appreciation. The Fund seeks global, high-quality, income-producing equities with a focus on international companies.

WHY INVEST IN THIS FUND

Income, Regardless of Environment

With our global approach, we seek to take advantage of various market environments to find the best income-producing equities. We tend to focus on international equities where the income-generating potential may be greater.

Regional Rotation Strategy

We use a specialized rotation strategy intended to capitalize on the global seasonality of dividends.

Differentiated Income Option

The Fund may be an attractive alternative to preferred stock and fixed income. The Fund holds 100% equities with no leverage and a quarterly dividend distribution schedule.

YIELDS (%)

Distribution Yield At NAV (As of 03/31/2023)	8.06%
30-Day SEC Yield - With Waivers (As of 05/31/2023)	3.94%
30-Day SEC Yield - Without Waivers (As of 05/31/2023)	3.94%
Distribution Frequency	Quarterly

Fund Details

Inception Date	Nov 30, 2006
Total Net Assets (As of 04/30/2023)	$6.40B
Gross Annual Expense Ratio (As of fiscal year end 09/30/2022)	0.95%
Net Annual Expense Ratio (As of fiscal year end 09/30/2022)	0.95%
Expense Estimator

Morningstar Data

(As of 05/31/2023)

Overall Rating (Based on risk-adjusted returns)	329 Funds Rated View All Ratings
Category	Foreign Large Value
View Morningstar fee level
Equity Style Box LARGE VALUE LARGE BLEND LARGE GROWTH MID VALUE MID BLEND MID GROWTH SMALL VALUE SMALL BLEND SMALL GROWTH

Important Morningstar Information

Risk Tolerance Spectrum

Funds are placed on the risk tolerance spectrum to demonstrate the wide spectrum of risk levels among asset classes in which they are expected to typically invest. The spectrum is for informational purposes only, is not intended to be forward looking and is subject to change.

PORTFOLIO MANAGEMENT

Ben Lofthouse, CFA

Head of Global Equity Income | Portfolio Manager

Industry since 1998. Joined Firm in 2004.

Alex Crooke

Head of Equities – EMEA and Asia Pacific | Portfolio Manager

Industry since 1990. Joined Firm in 1994.

Job Curtis

Fund Manager

Industry since 1983. Joined Firm in 1987.

Performance

RETURNS (%) (As of 03/31/2023)

Global Equity Income Fund - Class D Shares MSCI World Index℠ 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index

	3M	YTD	1YR	3YR	5YR	10YR	Since Inception (11/30/2006)
Global Equity Income Fund - Class D Shares	3.98	3.98	-1.87	13.17	3.25	4.84	4.09
MSCI World Index℠	7.73	7.73	-7.02	16.40	8.01	8.85	6.12
85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index	4.99	4.99	-2.92	12.80	3.58	4.47	3.76

Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

View Fees and Expenses

Performance for Class D Shares that includes periods prior to 6/5/17 reflects the performance of a share class of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund's prospectus for further details.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

RETURNS (%) (As of 05/31/2023)

Global Equity Income Fund - Class D Shares MSCI World Index℠ 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index

	3M	YTD	1YR	3YR	5YR	10YR	Since Inception (11/30/2006)
Global Equity Income Fund - Class D Shares	-0.57	1.43	-3.85	9.00	3.09	4.27	3.89
MSCI World Index℠	3.85	8.52	2.07	10.96	7.79	8.59	6.10
85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index	-0.50	1.86	-2.12	8.51	3.25	3.98	3.53

View Fees and Expenses

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Calendar Year Returns (%)

Global Equity Income Fund - Class D Shares MSCI World Index℠

	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Global Equity Income Fund - Class D Shares	-6.30	12.95	1.59	21.07	-15.71	19.27	4.79	-0.47	-1.86	20.74
MSCI World Index℠	-18.14	21.82	15.90	27.67	-8.71	22.40	7.51	-0.87	4.94	26.68

GROWTH OF A HYPOTHETICAL INVESTMENT

Source: Morningstar, Inc.

This graph compares the performance of a hypothetical $10,000 investment in the fund, the fund’s Morningstar category average and its benchmark(s).

RETURNS-BASED STATISTICS (As of 04/30/2023 Class I Shares)

RISK / REWARD VS. 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index	3YR	5YR
Information Ratio	0.23	-0.07
Alpha	1.28	-0.08
Tracking Error	4.21	3.87
Beta	0.97	0.95
R-squared (%)	93.28	94.85

UP/DOWN MARKET CAPTURE (%) VS. 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index	3YR	5YR
Up Capture Ratio	105.29	98.02
Down Capture Ratio	101.94	99.33

STANDARD DEVIATION	3YR	5YR
Global Equity Income Fund	16.11	16.59
85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index	16.08	17.04

SHARPE RATIO	3YR	5YR
Global Equity Income Fund	0.68	0.12
85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index	0.62	0.14

ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2022)

CLASS D SHARES
Management Fees	0.66%
Other Expenses	0.29%
Total Gross Expenses	0.95%
Waivers	0.00%
Total Net Expenses	0.95%

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on January 27, 2023. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Portfolio

Index represents the MSCI World Index℠.

Top Holdings (As of 04/30/2023)

	% of Fund
Nestle SA	4.30
Unilever PLC	4.12
Sanofi	3.77
British American Tobacco PLC	3.13
Roche Holding AG	3.13
Merck & Co Inc	2.94
Allianz SE	2.62
Imperial Brands PLC	2.58
Pioneer Natural Resources Co	2.58
Swiss Re AG	2.39
Total	31.56
View full holdings

Portfolio Characteristics (As of 04/30/2023)

	FUND	INDEX
Number of Holdings Equity Issues	72	1507
Market Capitalization Weighted Average	$92.59B	$379.98B
Portfolio Turnover Rate (1-year trailing)	133.25%	-
Price/Earnings Ratio (1-year forward)	10.91	16.32
Price/Book Ratio	1.79	2.76
Earnings Growth Rate (1-year forward)	3.49%	17.48%

Sector Allocation	% OF FUND	% of Index	% OF FUND	% of Index	(As of 04/30/2023)

Regional Allocation	% OF FUND	% of Index	% OF FUND	% of Index	(As of April 30, 2023)

Market Capitalization Range of Equity Holdings	% OF FUND	% of Index	% OF FUND	% of Index	(As of 04/30/2023)

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HFQDX Global Equity Income Fund