Strategy. The Fund pursues its investment objective by seeking to outperform the broader high yield market over a complete credit cycle. The credit cycle is a cyclical event that generally occurs over a several year timeframe as access to credit increases or decreases for borrowers. The Fund seeks to achieve its objective mainly by investing in U.S. dollar-denominated high yield fixed income securities. The Fund intends to invest its assets primarily in high yield fixed income securities that are rated below investment grade. The portfolio will predominantly consist of fixed income securities rated B or BB by some or all relevant independent rating agencies, including Moodys Investors Service, Standard and Poors Rating Services and Fitch Ratings. High yield fixed income securities … Show more… The Fund pursues its investment objective by seeking to outperform the broader high yield market over a complete credit cycle. The credit cycle is a cyclical event that generally occurs over a several year timeframe as access to credit increases or decreases for borrowers. The Fund seeks to achieve its objective mainly by investing in U.S. dollar-denominated high yield fixed income securities. The Fund intends to invest its assets primarily in high yield fixed income securities that are rated below investment grade. The portfolio will predominantly consist of fixed income securities rated B or BB by some or all relevant independent rating agencies, including Moodys Investors Service, Standard and Poors Rating Services and Fitch Ratings. High yield fixed income securities include high yield corporate bonds, senior loans, convertible bonds, preferred stock, and other types of debt instruments (including, without limitation, unregistered (Rule 144A) securities, floating and variable rate securities and other restricted fixed income securities to the extent permitted by the Investment Company Act of 1940, as amended (the 1940 Act)). In addition, the Fund may also hold positions in equity or other assets that the Fund receives as part of a reorganization process of a high yield issuer until such time as the Adviser believes that a disposition is most advantageous. The Fund does not have any maturity or duration requirements. In making these investments, the Adviser seeks to purchase instruments that the Adviser believes are undervalued and offer a compelling risk/reward ratio. Specifically, the Advisers investment process attempts to exploit inefficiencies in the high yield credit markets by adhering to a disciplined, bottom-up, fundamentally-oriented investment process with an emphasis on downside protection. The foundation of this investment process is to derive an accurate, real-time valuation of a target company, and only invest in securities of that companys capital structure that offer a significant margin of safety coupled with strong total return potential. No single factor considered is determinative in the selecting a security. By utilizing such a fundamental, bottom-up approach to investing, the Adviser seeks to add value first and foremost through security selection. Although the Fund is not limited in the number of securities in which it can invest, the Adviser intends to manage a relatively concentrated portfolio typically comprising between 60-120 issuers. The Fund has adopted an investment policy providing that under normal circumstances, the Fund will invest at least 80% of the value of its assets (net assets plus the amount of any borrowings for investment purposes) in U.S. dollar-denominated high yield fixed income securities rated below investment grade by at least one independent rating agency such as Moodys Investors Service, Standard and Poors Rating Services and Fitch Ratings (or, if unrated, are otherwise determined to be of similar quality by the Adviser). Show less