Strategy. Under normal market conditions, the Total Return Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in mortgage-backed securities (MBS). MBS refers to a type of fixed income instrument that represents an interest in a pool of mortgages, including residential MBS (RMBS) and commercial MBS (CMBS), and includes securities issued by government sponsored entities (agency MBS). MBS, including RMBS and CMBS, include fixed and variable rate securities with underlying fixed or variable rate mortgage loans and securities issued by private entities (non-agency MBS). The weighted average maturity of the Funds MBS investments will generally range from between 1 and 10 years and the Fund may invest without limit in MBS that are rated below … Show more… Under normal market conditions, the Total Return Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in mortgage-backed securities (MBS). MBS refers to a type of fixed income instrument that represents an interest in a pool of mortgages, including residential MBS (RMBS) and commercial MBS (CMBS), and includes securities issued by government sponsored entities (agency MBS). MBS, including RMBS and CMBS, include fixed and variable rate securities with underlying fixed or variable rate mortgage loans and securities issued by private entities (non-agency MBS). The weighted average maturity of the Funds MBS investments will generally range from between 1 and 10 years and the Fund may invest without limit in MBS that are rated below investment grade ( i.e. , high yield or junk ratings). The Adviser considers securities to be of investment grade quality if they are rated BBB (or comparable) or higher by a nationally recognized credit rating organization including S&P Global Ratings (S&P) and Moodys Investors Service, Inc. (Moodys), or if unrated, determined by the Adviser to be of comparable quality. As part of the Funds agency RMBS investments, the Fund may invest in credit risk transfer securities. Credit risk transfer securities are fixed- or floating-rate unsecured general obligations issued from time to time by Freddie Mac, Fannie Mae or other government sponsored entities. The Fund may also invest in asset-backed securities. The Fund may also invest without limit in Rule 144A securities, may invest up to 50% of its total assets in when-issued securities, and may invest up to 10% of its total assets in other investment companies, including exchange-traded funds (ETFs). The Fund may utilize leverage ( i.e ., borrow against a line of credit) as part of the portfolio management process, subject to the limits of the Investment Company Act of 1940, as amended (the 1940 Act). The Adviser selects the Total Return Funds investments based on quantitative analysis, including bottom-up, loan-level credit analysis and structural stress-testing, as well as top-down macro qualitative analysis, including outlook for the economy, interest rates and real estate fundamentals. The Funds annual portfolio turnover rate will generally be 100% or greater. Show less