Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities of U.S. issuers. This investment policy can be changed by the Fund upon 60 days prior written notice to shareholders. The Fund primarily invests in investment-grade fixed income securities with an average portfolio duration that is within 10% of the Funds benchmark, the Bloomberg US Credit Index. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a securitys price to changes in interest rates. The Adviser considers investment grade fixed income securities to be those rated as BBB or Baa or above by Moodys Investors … Show more… Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities of U.S. issuers. This investment policy can be changed by the Fund upon 60 days prior written notice to shareholders. The Fund primarily invests in investment-grade fixed income securities with an average portfolio duration that is within 10% of the Funds benchmark, the Bloomberg US Credit Index. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a securitys price to changes in interest rates. The Adviser considers investment grade fixed income securities to be those rated as BBB or Baa or above by Moodys Investors Services Inc. (Moodys), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch). For purposes of the Funds 80% policy, fixed income securities include securities issued or guaranteed by the U.S. Government and its agencies or instrumentalities, municipal bonds, corporate bonds, supra-national issuers, asset-backed securities and mortgage-backed securities. The Fund may also invest in derivative instruments, such as futures and swaps, to assist in managing duration and yield curve exposure relative to the Funds benchmark index. Although the Fund invests primarily in investment-grade securities, the Fund may hold securities that are rated below investment grade (high yield or junk bonds). From time to time, the Fund may focus its investments in a particular sector, such as the industrials or financials sector. The Advisers process for constructing the Funds portfolio combines top-down thematic considerations and bottom-up security selection, leveraging the Advisers in-house credit analysts, strategists and economists to screen the Funds investment universe and emphasize investment themes and securities that the Adviser believes have the most value and reflect the management teams highest conviction. The Adviser performs in depth fundamental analysis in the security selection process and emphasizes the following areas of focus in the research process: developing proprietary earnings models, forecasting free cash flow, analyzing asset valuations, and meeting with management. Ultimately, the Adviser seeks to: i) identify strong and stable management teams; (ii) align with shareholder, bondholder and management interests; (iii) ensure there are minimal risks that could cause significant changes in valuation; and (iv) identify structural features that provide downside protection in periods of lower liquidity. The Adviser may sell a security when there is a change in (i) the relative valuation of a security; (ii) the Advisers assessment of a particular sector, and/or (iii) the Advisers analysis of the credit or risk/return of a security. Show less