Strategy. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in fixed income securities that are rated investment grade or better (i.e., securities rated in the top four ratings categories by independent rating organizations such as Standard & Poors Ratings Group (S&P) and Moodys Investors Service, Inc. (Moodys) or another nationally recognized statistical rating organization (NRSRO), or determined to be of comparable quality by the Adviser or sub-adviser if the security is unrated). In addition, the Fund may invest up to 20% of its net assets, measured at the time of purchase, in high-yield debt securities that are rated BB+ or lower by a NRSRO, or, if unrated, securities … Show more… Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in fixed income securities that are rated investment grade or better (i.e., securities rated in the top four ratings categories by independent rating organizations such as Standard & Poors Ratings Group (S&P) and Moodys Investors Service, Inc. (Moodys) or another nationally recognized statistical rating organization (NRSRO), or determined to be of comparable quality by the Adviser or sub-adviser if the security is unrated). In addition, the Fund may invest up to 20% of its net assets, measured at the time of purchase, in high-yield debt securities that are rated BB+ or lower by a NRSRO, or, if unrated, securities deemed by the Adviser or a sub-adviser to be of comparable quality). Such securities are considered to be below investment grade and are also known as junk bonds. The lowest rating for any high-yield debt security in which the Fund may invest is CCC+ by a NRSRO. In the event a security is split rated by two or more NRSROs, the higher rating will be used to determine credit quality. The Fund may invest in fixed income securities with a range of maturities, from short-term obligations carrying maturities of less than one year to long-term obligations carrying maturities of more than 20 years. It is expected that the weighted average maturity of the securities in the Fund will closely approximate the weighted average maturity of the Bloomberg U.S. Aggregate Bond Index. The Fund intends to invest in the following types of fixed income securities: U.S. Government and U.S. Agency Obligations U.S. Treasury obligations and other stripped securities mortgage-backed securities asset-backed securities U.S. and foreign corporate debt municipal securities obligations of international agencies or supranational entities zero-coupon, pay-in-kind or deferred-payment securities when-issued securities delayed-delivery securities custodial receipts high-yield debt securities emerging markets debt convertible securities The Fund may invest up to 20% of its net assets in fixed income securities issued by foreign corporations and foreign governments, including corporations and governments in emerging markets that are denominated in a currency other than the U.S. dollar. The foreign fixed income securities in which the Fund invests may have maturities of any length, and may be investment grade, non-investment grade or unrated. In addition to direct investments in fixed income securities, at any time the Fund may seek to achieve its investment objective by allocating up to 100% of its assets among shares of different exchange-traded funds (ETFs) that invest in fixed income securities that are rated investment grade or better by Moodys, S&P or another NRSRO. The Manager of Managers Approach. The Adviser is responsible for developing, constructing and monitoring the asset allocation and portfolio strategy for the Fund and may actively manage a portion of the Funds portfolio. The Adviser believes that an investments reward and risk characteristics can be enhanced by employing multiple sub-advisory firms, with complementary styles and approaches, who manage distinct segments of a market, asset class or investment style for the Fund. In managing the Fund, the Funds sub-advisers generally rely on detailed proprietary research. The sub-advisers focus on the sectors and securities they believe are undervalued relative to the market. The Funds sub-advisers will trade the Funds portfolio securities actively, and may experience a high portfolio turnover rate. In selecting individual securities for investment, the Funds sub-advisers typically: use in-depth fundamental research to identify sectors and securities for investment by the Fund and to analyze risk; exploit inefficiencies in the valuation of risk and reward; look to capitalize on rapidly shifting market risks and dynamics caused by economic and technical factors; and consider the liquidity of securities and the portfolio overall as an important factor in portfolio construction. The Funds sub-advisers generally sell securities in order to take advantage of investments in other securities offering what the sub-adviser believes is the potential for more attractive current income or capital gain or both. Show less