Fund Description

The fund invests primarily in U.S. dollar-denominated fixed income securities the advisor believes are undervalued, typically including corporate bonds, U.S. government securities and mortgage-backed securities. Under normal circumstances, at least 80% of net assets (including borrowings for investment purposes) are invested in fixed income investments, including fixed income securities and shares of other registered investment companies that invest primarily in fixed income securities, with 60 days' notice provided for policy changes. The advisor emphasizes appreciation potential, reviewing maturity, yield and ratings, analyzing issuer conditions, and targeting portfolio mix and price appreciation. The fund may buy fixed income of any credit quality, maturity, yield, sector, or issuer size, including unlimited high-yield or junk bonds. It may also hold cash or cash equivalents, potentially significantly and for extended periods.