Investment Philosophy

Objective & Policies

The Fund’s non-fundamental investment objective is total return. The Fund may seek to achieve this objective from growth of capital and from income in any security type and in any industry sector, although there is no limitation on the percentage or amount of the Fund’s assets which may be invested for growth of capital or income. Accordingly, at any time the investment emphasis may be placed solely or primarily on growth of capital or solely or primarily on income. There can be no assurance that the Fund will achieve this investment objective of total return, which will depend primarily on the ability of the Investment Manager to predict correctly the direction of financial markets, economic patterns and trends, and similar factors.

The Fund invests in securities of issuers that the Investment Manager considers to have attractive fundamental and technical attributes for potential total return. The Fund exercises a flexible strategy in the selection of securities, and is not limited by the issuer’s location, size, or market capitalization. The Fund may invest in equity and fixed income securities of new and seasoned U.S. and foreign issuers, including securities convertible into common stock, debt securities, futures, options, derivatives, and other instruments. The Fund also may employ aggressive and speculative investment techniques, such as selling securities short and borrowing money for investment purposes, a practice known as “leveraging” and may invest defensively in short term, liquid, high grade securities and money market instruments. There is a risk that these transactions sometimes may reduce returns or increase volatility. In addition, derivatives, such as options and futures, can be illiquid and highly sensitive to changes in their underlying security, interest rate or index, and as a result can be highly volatile. A small investment in certain derivatives could have a potentially large impact on the Fund’s performance. The Fund may invest in debt securities rated below investment grade, commonly referred to as junk bonds, as well as investment grade and U.S. Government securities. Generally, investments in securities in the lower rating categories or comparable unrated securities provide higher yields but involve greater price volatility and risk of loss of principal and interest than investments in securities with higher ratings.