| Under normal
market circumstances, the Fund invests at least 65% of its Managed Assets (as defined below) in MBS, including residential MBS (“RMBS”) and CMBS. As a fundamental policy, the Fund concentrates its investments in MBS and expressly treats
MBS as a single industry or group of industries.
“Managed Assets” mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund
liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements
for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.
Under normal market conditions:
• The Fund may invest up to 35% of its Managed Assets in non-mortgage related ABS, including but not limited to any asset that generates reliable cash flows including collateralized loan obligations (“CLOs”) as well as pools of consumer auto loans, credit card
receivables, aircraft leases and maintenance agreements, timeshare agreements, and solar photovoltaics.
• The Fund may investment up to 5% of its Managed Assets in
catastrophe bonds. |
|
Under normal
market circumstances, the Fund invests at least 50% of its Managed Assets (as defined below) in MBS, including residential MBS (“RMBS”) and CMBS. As a fundamental policy, the Fund concentrates its investments in MBS and expressly treats
MBS as a single industry or group of industries.
“Managed Assets” mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund
liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements
for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.
Under normal market conditions:
• The Fund may invest up to 50% of its Managed Assets in non-mortgage related ABS, including but not limited to any asset that generates reliable cash flows including collateralized loan obligations (“CLOs”) as well as pools of consumer auto loans, credit card
receivables, aircraft leases and maintenance agreements, timeshare agreements, and solar photovoltaics.
• The Fund may investment up to 5% of its Managed Assets in
catastrophe bonds. |
| N/A |
|
Under normal
circumstances, the Fund will invest at least 80% of its Assets (as defined below) in mortgage related assets (including MBS) and other income producing securities (including ABS, bonds, debt securities and other similar instruments.)
“Assets” mean the net assets
of the Fund plus the amount of any borrowings for investment purposes. |
