John is running a pension fund for a non-for-profit organization that does not pay taxes? Because he is responsible for generating income to pay benefits to people receiving pensions from the pension fund, John is most likely to choose stocks with the following dividend policy.

A) High-dividend-payout policy

B) No-dividend-payout policy

C) Low-dividend-payout policy

D) John would be indifferent to all of the dividend policies.