Strategy. The Fund seeks to achieve its investment objective by applying a bottom-up, long-term global value investing philosophy across a broad range of asset classes. In a bottom-up approach, companies and securities are researched and chosen individually. While the Fund may hold investments in non-income producing securities, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) will be comprised of income producing securities. The Fund normally will invest in a range of income-producing equity securities of U.S. and non-U.S. companies, including common stocks that offer attractive dividend yields. The Funds equity securities include investments in common and preferred stocks, as well as rights and warrants to subscribe to common stock or … Show more… The Fund seeks to achieve its investment objective by applying a bottom-up, long-term global value investing philosophy across a broad range of asset classes. In a bottom-up approach, companies and securities are researched and chosen individually. While the Fund may hold investments in non-income producing securities, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) will be comprised of income producing securities. The Fund normally will invest in a range of income-producing equity securities of U.S. and non-U.S. companies, including common stocks that offer attractive dividend yields. The Funds equity securities include investments in common and preferred stocks, as well as rights and warrants to subscribe to common stock or other equity securities. The Fund may invest in initial public offerings (IPOs) and real estate investment trusts (REITs). The Fund obtains exposure to equity securities either directly or indirectly such as through participatory notes and depositary receipts. The Fund also normally will invest in a range of fixed income instruments from markets in the United States and multiple countries around the world such as high-yield instruments (commonly referred to as junk bonds), investment grade instruments, sovereign debt, loans and loan participations. The Fund maintains flexibility to have significant exposure to high-yield instruments in response to current market conditions. The Fund may invest in securities of any maturity or investment rating, as well as unrated securities, and will normally invest in hybrid securities that embody elements of both equity and fixed income securities such as preferred shares and convertible bonds. Pursuant to a value investing philosophy, the Fund seeks to invest in securities the portfolio managers believe provide a discount (or margin of safety) between a securitys price and what the portfolio managers believe to be the true value of the underlying business (which is sometimes referred to as intrinsic value). The portfolio managers examine economic, financial, and other qualitative and quantitative factors to evaluate a securitys value. In order to estimate the intrinsic value of a business, the portfolio managers will assess the overall quality of the business, including the competitive advantages that it enjoys, such as economies of scale, customer captivity, and access to scarce resources. This margin of safety approach is common to both equity and debt investments, as the Fund requires a similar buffer for buying common stock or for lending to an issuer through the purchase of its debt securities. The outcome of this analysis is then compared to the securitys current value to determine if it is over- or underpriced. The portfolio managers believe that investing when such a margin of safety is present can help reduce the likelihood of permanent loss of capital, as opposed to temporary losses due to shifting investor sentiment or other normal asset price volatility. Additionally, as part of the investment process, the portfolio managers consider financially material environmental, social and governance (ESG) factors to evaluate and monitor the securities in the Funds investment universe. The portfolio managers combine third-party data (sources may include Sustainalytics, ISS and/or MSCI) and internal ESG assessments in constructing the Funds portfolio. The portfolio managers believe there are long-term benefits in investing in companies with strong records for managing ESG risks, advancing sustainable development goals and applying good corporate governance. The Fund will seek to invest in companies that the portfolio managers believe have high quality management teams, strong balance sheets, and defensible businesses models; however, the valuation of the specific investment under consideration is the most important criterion. As a result, the Fund may invest in securities of issuers which do not encompass all or, in some cases, any of the above additional qualities beyond attractive valuation, if the portfolio managers believe the security is significantly undervalued and an exceptional margin of safety exists. As a multi-asset portfolio, the Fund invests in the various asset classes described herein and may shift its investments from one asset class to another. The portfolio managers decision to allocate incremental capital to a security in one asset class versus another is typically based on a bottom-up as opposed to a top-down assessment of asset class returns or macroeconomic predictions, relying on both quantitative and qualitative assessments, to determine which investments, in their opinion, provide the best risk-reward profile and/or render the portfolio more resilient. The portfolio managers believe that maintaining this flexible approach is critical to avoiding pockets of overvalued securities. The portfolio managers also seek to preserve flexibility across geographic areas and company size. As a result, the Fund may invest in securities of companies of any market capitalization or domicile. The portfolio managers anticipate that, under normal circumstances, the Fund will invest in a portfolio of between 30% and 70% common equity securities, with the balance of its assets invested in fixed income securities, hedging assets, and cash or cash equivalents. However, the portfolio managers maintain the ability to adjust the Funds allocations as needed to adapt the portfolio to various income, market, and valuation environments. In pursuing the Funds investment objective, under normal circumstances, at least 40% of the Funds investments will be in issuers located outside of the United States. If market conditions are deemed unfavorable the Fund reserves the right to invest as little as 30% of its assets in non-U.S. issuers. The Fund anticipates that it may enter into derivatives transactions and various other hedging assets that the portfolio managers believe will reduce the overall volatility of the Fund, protecting capital, in certain market environments. The Fund may also use hedging and derivative instruments to reduce certain risk exposures present in the Funds holdings. The Fund may also engage in short sales or take short positions for hedging or other investment purposes. As part of its investment strategy, the Fund may also invest in exchange-traded and over-the-counter derivative instruments, including interest rate, credit, index, and currency futures; currency, interest rate, total rate of return, and credit default swaps; currency, bond, and swap options; deliverable and non-deliverable currency forward contracts; bonds for forward settlement; options, including buying and selling puts and calls; and equity-linked notes. The Fund may invest in contingent securities structured as contingent convertible securities also known as CoCos. A contingent convertible security is a hybrid debt security either convertible into equity at a predetermined share price or written down in value based on the specific terms of the individual security if a pre-specified trigger event occurs (the Trigger Event), such as a decline in the issuers capital below a specified threshold or increase in the issuers risk-weighted assets. The Fund anticipates that it may invest up to 20% of its assets in CoCos. Show less