Fund Description

The fund seeks to invest at least 80% of net assets plus borrowings in securitized assets and derivatives providing exposure to such assets or related market risk factors. It invests at least 25% of total assets in mortgage-related securities, including agency or privately issued mortgage-backed securities, CMOs, real estate loans, dollar rolls, stripped mortgage-backed securities and CMO residuals, and may hold ABS, CDOs, CLOs, CMOs, commercial and residential mortgage loans, and consumer loans, including subprime-related pools. The fund may use repurchase and reverse repurchase agreements and derivatives-options, futures, swaps and foreign currency transactions-for hedging, return enhancement or leverage, and may invest across investment grade, non-investment grade and unrated securities, with active and frequent trading.