Fund Description

The fund invests at least 80% of net assets in bonds and other fixed-income instruments, including corporate, government and municipal bonds, and asset-backed and mortgage-backed securities. It may hold substantial RMBS and CMBS (including agency and non-agency), including prime, subprime and Alt-A sectors. Holdings may also include CDOs/CLOs, consumer and commercial ABS, stripped mortgage-related securities, floating or inverse floaters, investment-grade and high-yield bonds, REITs, ETFs and other fixed-income or equity investments, plus futures, options and swaps. The adviser uses a value-oriented process focused on interest rate and credit risk, with a target weighted average duration of 1-10.