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 securities. The Funds 80% policy is not fundamental and can be changed upon 60 days prior 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 will 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 … 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 securities. The Funds 80% policy is not fundamental and can be changed upon 60 days prior 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 will 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 ETFs and Sub-advisers, and among Sub-advisers, the Adviser considers a variety of factors. The Fund invests primarily in investment grade and non-investment grade debt, preferred stock, convertible bonds (i.e., a bond that can be converted into a predetermined amount of the issuing companys stock), bank loans, high yield bonds, municipal bonds, and special purpose acquisition companies (SPACs). The Fund will invest in securities of various credit qualities (i.e., investment grade and non-investment grade, which are commonly referred to as high yield securities or junk bonds, debt instruments rated below investment grade or debt instrument grade or debt instruments that are unrated and determined by the Adviser to be of comparable quality are predominantly speculative) and maturities (i.e., long-term, intermediate and short-term). The Fund will invest in debt obligations issued by sovereign, quasi-sovereign and private (non-government) emerging market issuers as well as U.S. dollar-denominated securities issued by non-U.S. domiciled companies. It is expected that, under normal market conditions, at least 40% of the Funds assets will be invested in the securities of companies that are tied economically to at least three countries outside the U.S. The Fund may invest in fixed income and debt obligations of any kind. Fixed income obligations include bonds, debt securities and fixed income and income-producing instruments of any kind issued or guaranteed by governmental or private- sector entities and other securities or instruments bearing fixed, floating, or variable interest rates of any maturity. The Fund may, from time to time, invest significantly in a specific credit quality, such as high-yield, or maturity, such as short-term. The Fund may enter into derivatives transactions and other instruments of any kind for hedging purposes or otherwise to gain, or reduce, long or short exposure to one or more asset classes or issuers. The Fund also may use derivatives transactions with the purpose or effect of creating investment leverage. The Fund may enter into currency-related transactions, including spot transactions, forward exchange contracts and futures contracts. A Sub-adviser may sell a security for a variety of reasons, including, among other things, if it believes a corporate action or announcement will affect the issuer or that it would be advantageous to do so. The Fund may also lend portfolio securities in an attempt to earn additional income. Any income realized through securities lending may help Fund performance. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently. Show less