Abstract: An income-producing vehicle may provide a low-volatility asset allocation strategy for an individual retirement investor by basing retirement income on multiple factors, rather than merely yield or earned income. In one embodiment, the vehicle is a portion of a retirement portfolio while additional vehicles, such as fixed and variable annuities and high distribution closed end funds, provide additional layers of consistent distributions. In another embodiment, the Defined Income Fund does not have the inflation adjustment limitations of immediate annuities, the prohibitive high costs and liquidity limitations of variable annuities, or the significant market risk of high distribution closed end funds. The vehicle may combine the risk and volatility control aspects of Modern Portfolio Theory (diversification, non-correlation and standard deviation) with a fixed percentage rate distribution schedule using funds as the core investment vehicle.