Fund Description

The fund invests at least 80% of net assets (plus any investment borrowings) in a diversified portfolio of securitized assets, including mortgage-backed and other asset-backed securities, such as residential and commercial asset-backed securities and asset-backed securities related to automobiles, credit cards, home equity loans, manufactured housing and utilities. It buys investment-grade securities (or unrated deemed comparable) and may purchase securities rated AAA or Aaa at the time of purchase, and may hold downgraded securities. It may use TBA contracts, buybacks and dollar rolls, applies bottom-up fundamental research, and may use derivatives and trade frequently.