Strategy. The Adviser has the flexibility to invest in a broad range of fixed income and equity securities that produce current income. The Adviser allocates the Income Funds assets among different types of securities based on its assessment of potential risks and returns, and the Adviser may change the weighting among securities as market conditions change, to obtain the most attractive combination of current income and, secondarily, capital appreciation. In pursuing its investment objectives, the Income Fund generally invests in corporate bonds, government bonds, dividend-paying common stocks, preferred and convertible stocks, income trusts (including business trusts, oil royalty trusts, and real estate investment trusts (REITs)), money market instruments, and cash equivalents. Under normal circumstances, the Income Fund will invest at least … Show more… The Adviser has the flexibility to invest in a broad range of fixed income and equity securities that produce current income. The Adviser allocates the Income Funds assets among different types of securities based on its assessment of potential risks and returns, and the Adviser may change the weighting among securities as market conditions change, to obtain the most attractive combination of current income and, secondarily, capital appreciation. In pursuing its investment objectives, the Income Fund generally invests in corporate bonds, government bonds, dividend-paying common stocks, preferred and convertible stocks, income trusts (including business trusts, oil royalty trusts, and real estate investment trusts (REITs)), money market instruments, and cash equivalents. Under normal circumstances, the Income Fund will invest at least 80% of its assets in dividend-paying or other income-producing securities. The Income Fund can invest in debt securities of any duration and maturity. The Income Fund considers investment-grade securities to be those rated BBB- or higher by S&P or Fitch Investors Service, Inc. (Fitch), or Baa3 or higher by Moodys Investor Services, Inc. (Moodys), or if unrated, determined by the Adviser to be of comparable quality, each at the time of purchase. The Income Fund may invest up to 100% (measured at the time of purchase) of its assets in domestic investment-grade fixed-income securities of any duration and maturity. The Income Fund may also invest up to 45% (measured at the time of purchase) of its assets in domestic high-yield fixed-income securities (junk bonds) of any duration and maturity. At times, the Income Funds position in illiquid securities may comprise a significant portion of the portfolio, up to the maximum 15% permitted by law. If market quotations for illiquid securities are not readily available or are deemed unreliable by the Adviser, the security will be fair valued by the Adviser according to the Funds and the Advisers valuation policies. There is no assurance that the Income Fund will receive a fair valuation upon the sale of a security. The Income Fund may invest up to 35% (measured at the time of purchase) of its assets in foreign equity and debt securities that pay dividends or interest, including foreign debt securities and foreign sovereign debt of any duration, quality, and maturity, as well as securities of issuers located in emerging markets. Subject to the limitations described above, the Income Fund may pursue its investment objective directly or indirectly through investments in other investment companies (including exchange-traded funds (ETFs), mutual funds, and closed-end funds) that invest in the securities described above. The Income Fund typically will sell a portfolio security if (1) the security price exceeds the Advisers target sell price; (2) market conditions or the issuers financial condition threaten the securitys price or coupon/dividend payment; (3) the Adviser identifies a security it deems more attractive or better suited to achieving the Funds investment objective; or (4) the security recently paid a dividend. As a result of the Advisers overall strategy, the Income Fund engages in active trading of portfolio securities, which causes it to experience a high portfolio turnover rate. Show less