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 select investments that the Adviser believes have superior risk-reward characteristics with respect to criteria such as price, interest rate sensitivity and credit quality. Investments are selected for the Fund by applying a process whereby the Adviser makes a forward projection of an instruments total return characteristics over a variety of interest rate scenarios, yield curve shifts and time horizons. This process, along with other relative value assessments, is applied on a top-down basis to determine allocations among sectors in the fixed-income universe. The process is also applied, along with in-depth credit assessments, on a bottom-up basis … 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 select investments that the Adviser believes have superior risk-reward characteristics with respect to criteria such as price, interest rate sensitivity and credit quality. Investments are selected for the Fund by applying a process whereby the Adviser makes a forward projection of an instruments total return characteristics over a variety of interest rate scenarios, yield curve shifts and time horizons. This process, along with other relative value assessments, is applied on a top-down basis to determine allocations among sectors in the fixed-income universe. The process is also applied, along with in-depth credit assessments, on a bottom-up basis to select specific investments within each sector. These sectors may include, but are not limited to: U.S. government securities, corporate debt securities, including high-yield debt securities, municipal securities, mortgage-backed securities, commercial mortgage-backed securities, and other asset-backed securities. The Adviser allocates the Funds assets across different sectors in response to the changing environment, which includes but is not limited to, financial, market, economic, and political factors, and trends or events that the Advisers investment process determines may affect the Funds investments. The Funds allocation to different sectors will change over the life of the Fund, sometimes quickly, and the Fund may invest without limit to any sector or number of sectors in the fixed-income universe. The Fund may invest in securities of any credit quality and maturity. Depending upon the Advisers allocation among different sectors, the Fund may invest without limit in securities rated below investment grade, or unrated securities. Under normal circumstances, the Fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in bonds and 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 pass-through 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, and (11) other instruments bearing fixed or variable interest rates of any maturity. The Fund may invest in derivatives, specifically futures contracts, options and swaps, to achieve its investment objective or to attempt to hedge some of the Funds investment risk. The Fund may borrow to the maximum extent permitted by applicable law, which generally means that the Fund may borrow up to one-third (33 1/3%) of its total assets. The Fund may also invest in repurchase agreements and borrow through reverse repurchase agreements. The Fund may allocate to sectors described above by investing in other investment companies, including but not limited to, other open-end or closed-end investment companies and exchange-traded funds (ETFs). The allocation amount may be limited by tax considerations or other factors. 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. Duration is used to estimate the sensitivity of the securitys price to changes in interest rates. The longer the duration of the Funds portfolio, the more sensitive its market value will be to changes in interest rates. For example, if interest rates decline by 1%, the market value of a portfolio with a duration of ten would rise by approximately 10%. Conversely, if interest rates increase by 1%, the market value of the portfolio would decline by approximately 10%. The Funds portfolio managers may sell an investment to satisfy redemption requests, when an investment no longer satisfies the Funds investment criteria as described above, or when a more attractive investment opportunity becomes available. Show less