First, major shifts in portfolio strategy are driven by longer-term or secular trends. Third, an emphasis is placed on adding value through multiple, diversified strategies. To ensure consistent performance, management normally keeps duration within a moderate range and utilizes all major sectors of the fixed-income market. The Fund may or may not have an additional income or short-term capital gain distribution in December to avoid federal excise tax liability. The Fund will make a distribution in October if it qualifies as a Personal Holding Company.
Past performance is no guarantee of future results.
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