The fund seeks total return and to provide current income by investing in companies in the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in institutional preferred securities and income-producing More

The fund seeks total return and to provide current income by investing in companies in the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in institutional preferred securities and income-producing debt securities.

Preferred securities are a type of equity security that have preference over common stock in the payment of distributions and the liquidation of a company’s assets, but are generally junior to all forms of the company’s debt, including both senior and subordinated debt.

In selecting securities for the portfolio, the team focuses on securities representing the best relative value.

The team combines a bottom-up and top-down approach to security selection that encompasses three significant areas of analysis, such as credit fundamentals; relative value; and technical aspects of the securities.

These may include interest rate sensitivity, call features, maturities, trading volumes, liquidity and pricing inefficiencies.

As part of the bottom-up analysis, the team focuses on individual security analysis, idiosyncratic risks, credit fundamentals and opportunistic trading.

The top-down analysis focuses on sector and industry analysis, duration and interest rate analysis, capital structure positioning and systemic risks.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest in preferred securities issued by real estate investment trusts.

The fund may also invest in retail preferred securities.

Additionally, the fund may invest in Income Securities that have certain characteristics similar to preferred securities.

The fund may also invest in floating-rate and fixed-to-floating rate securities as well.

In addition, the fund may invest in U.S. and non-U.S. debt and equity securities that are traded over-the-counter or are listed on an exchange.

The fund may also invest U.S. dollar-denominated depositary receipts and U.S. dollar-denominated foreign securities.