Strategy. The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in fixed income instruments. The Funds 80% policy is not fundamental and can be changed upon 60 days prior written notice to shareholders. The Fund employs a multi-manager strategy whereby the Adviser allocates the Funds assets among professional money managers (each, a Sub-adviser, collectively, the Sub-advisers), each of which is responsible for investing its allocated portion of the Funds assets. The Adviser may also invest a portion of the Funds assets in unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the 1940 Act), and that have investment objectives and principal … Show more… The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in fixed income instruments. The Funds 80% policy is not fundamental and can be changed upon 60 days prior written notice to shareholders. The Fund employs a multi-manager strategy whereby the Adviser allocates the Funds assets among professional money managers (each, a Sub-adviser, collectively, the Sub-advisers), each of which is responsible for investing its allocated portion of the Funds assets. The Adviser may also invest a portion of the Funds assets in unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the 1940 Act), and that have investment objectives and principal investment strategies consistent with those of the Fund, including open-end funds, closed-end funds and exchange traded funds (ETFs), which may be passively managed (i.e., index-tracking) or actively managed. ETFs may also be used to transition the Funds portfolio or to equitize cash while awaiting an opportunity to purchase securities directly. When determining how to allocate the Funds assets between unaffiliated funds and Sub-advisers, and among Sub-advisers, the Adviser considers a variety of factors. The Fund invests primarily in bonds, debt, and other fixed income instruments issued by governmental or private-sector entities, including mortgage-backed securities, asset-backed securities, investment grade corporate bonds, junk bonds, bank loans, loan participations, assignments, derivatives, credit default swaps, inverse floater securities, interest-only and principal-only securities and money market instruments. A Sub-adviser will select securities based on its assessment of one or more of a variety of factors. Under normal market conditions, the Funds total investment portfolio will have a weighted average effective duration of no less than one year and no more than ten years. The Fund will invest a substantial portion of its nets assets in mortgage-backed securities of any maturity or type guaranteed by, or secured by collateral that is guaranteed by, the United States Government, its agencies, instrumentalities or sponsored corporations, or in privately issued mortgage-backed securities rated at the time of investment Aa3 or higher by Moodys or AA- or higher by S&P or the equivalent by any other nationally recognized statistical rating organization or in unrated securities that are determined by a Sub-adviser to be of comparable quality. The Fund will also invest in junk bonds, bank loans and assignments, privately issued residential and commercial mortgage-backed securities, and other instruments rated below investment grade or unrated but determined by the Sub-adviser to be of comparable quality, and may invest in credit default swaps of companies in the high yield universe. A Sub-adviser may sell a security for a variety of reasons, such as where the Sub-adviser believes there is a better investment opportunity, when the portfolio managers perceive deterioration in the credit fundamentals of the issuer or when the portfolio managers believe it would be appropriate to do so in order to readjust duration of the Funds investment portfolio. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently. The Fund may also lend portfolio securities in an attempt to earn additional income. Any income realized through securities lending may help Fund performance. Show less