Strategy. Under normal conditions, the Fund primarily invests in a diversified portfolio of fixed-income securities. The Funds fixed income securities will consist principally of high-yield corporate debt securities (sometimes referred to as junk bonds), bank debt (including loan assignments and participations), convertible debt, and U.S. Government securities. The Fund may also invest in investment grade corporate debt securities, as well as the debt of foreign companies. Foreign companies, or non-U.S. companies, are companies domiciled or headquartered outside of the U.S., or whose primary business activities or principal trading markets are located outside of the U.S. High yield securities typically pay high current interest. They also offer the potential for capital appreciation when purchased at a discount to par value or when … Show more… Under normal conditions, the Fund primarily invests in a diversified portfolio of fixed-income securities. The Funds fixed income securities will consist principally of high-yield corporate debt securities (sometimes referred to as junk bonds), bank debt (including loan assignments and participations), convertible debt, and U.S. Government securities. The Fund may also invest in investment grade corporate debt securities, as well as the debt of foreign companies. Foreign companies, or non-U.S. companies, are companies domiciled or headquartered outside of the U.S., or whose primary business activities or principal trading markets are located outside of the U.S. High yield securities typically pay high current interest. They also offer the potential for capital appreciation when purchased at a discount to par value or when favorable company-specific events occur. The Funds investment advisor performs deep fundamental credit analysis in selecting debt securities for the Fund, and the Funds holdings will not be limited by credit quality, sector, or geography. The Funds investments in debt instruments will not be limited in duration, but typically will be in securities having a duration of two to six years at the time of purchase. Duration is a measure of a debt securitys price sensitivity taking into account a debt securitys cash flows over time. For example, a security with a duration of five years would likely drop five percent in value if interest rates rose one percentage point. In addition, the Fund may invest in equity securities, consisting principally of dividend-paying common stock or preferred stock. The Fund will typically seek dividend-paying equity and preferred securities that it believes are undervalued based on internal appraisals of such securities intrinsic values. The Fund typically determines the intrinsic value of a company to be the present value of a companys expected future stream of free cash flows discounted by an appropriate discount rate. After estimating the intrinsic value of the business as a whole, the Fund adjusts for debt, cash, and other potential capital (such as minority interest) to arrive at an estimate of the equity securitys intrinsic value. If a dividend paying common stock or preferred stock stops paying dividends after its purchase by the Fund, the Fund would not be required to sell the security. The Adviser may shift the Funds assets among various types of income-producing securities based upon changing market conditions and its own credit analyses to determine the creditworthiness and potential for capital appreciation of a security. In certain market conditions, the Adviser may determine that it is appropriate for the Fund to hold a significant cash position for an extended period. The Fund expects that it may maintain substantial cash positions when the Adviser determines that such cash holdings, given the risks the Adviser believes to be present in the market, are more beneficial to shareholders than investment in additional securities. Show less