Strategy. The Fund seeks to achieve its investment objective by active allocation primarily in the fixed-income securities market. The Adviser uses a value-oriented strategy to purchase undervalued fixed-income assets and achieve investment returns through interest income and potential capital appreciation. The Funds investment process begins with an evaluation of both interest rate and credit risk. Investments are selected for the Fund by applying a process whereby the Adviser makes a forward projection of the expected value of an investment after a period of time, assuming specific changes in the value of the investment or key factors that would affect its value, such as changes in interest rates, yield curve shifts and time horizons. For fixed-income instruments with credit components, a careful … Show more… The Fund seeks to achieve its investment objective by active allocation primarily in the fixed-income securities market. The Adviser uses a value-oriented strategy to purchase undervalued fixed-income assets and achieve investment returns through interest income and potential capital appreciation. The Funds investment process begins with an evaluation of both interest rate and credit risk. Investments are selected for the Fund by applying a process whereby the Adviser makes a forward projection of the expected value of an investment after a period of time, assuming specific changes in the value of the investment or key factors that would affect its value, such as changes in interest rates, yield curve shifts and time horizons. For fixed-income instruments with credit components, a careful assessment of credit risk is made. Investments with superior risk/reward characteristics with respect to criteria such as price, interest rate sensitivity and credit quality, are selected for the Funds portfolio. Under normal circumstances, the Fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in bonds or other fixed-income instruments. The Funds investments in fixed-income instruments may consist of, but are not limited to, securities or other income producing instruments (such as loans) as follows: (1) securities issued or guaranteed by the U.S. Government, its agencies or sponsored corporations, (2) corporate obligations, (3) mortgage-backed securities (MBS) (including commercial mortgage-backed securities (CMBS) and residential mortgage-backed securities (RMBS)) and other asset-backed securities (ABS), collateralized mortgage obligations (CMOs), government mortgage passthrough securities, multi-class pass-through securities, private mortgage pass-through securities, stripped mortgage-backed securities (SMBS) (which include, interest-only and principal-only securities), and inverse floaters, (4) collateralized debt obligations (CDOs), including collateralized loan obligations (CLOs), (5) municipal securities and other debt obligations issued by state and local governments and government-sponsored entities, (6) distressed and defaulted securities, (7) payment in-kind bonds, (8) zero-coupon bonds, (9) cash and cash equivalents, (10) other short-term investments including, but not limited to, commercial paper, certificates of deposit, repurchase agreements and investments in money market funds or similar pooled investments. The Fund may invest in high-yield bonds rated below investment grade by a nationally recognized statistical rating organization (NRSRO), commonly known as junk bonds. The Fund may also invest in real estate investment trusts (REITs). The Fund may also invest a portion of its assets in futures contracts, options and swaps. The Fund may invest in these derivative instruments as a substitute for taking positions in fixed-income instruments or to reduce exposure to other risks. The Adviser constructs the Funds investment portfolio with a target weighted average duration of no less than one and no more than ten. The duration of the Funds investment portfolio may vary materially from its target from time to time, and there is no assurance that the duration of the Funds investment portfolio will conform to these limits. The Funds portfolio managers may sell an investment to satisfy redemption requests, when a security no longer satisfies the Funds investment criteria as described above, or when a more attractive investment opportunity becomes available. Show less