The prospectus states the Fund seeks total return. Under normal circumstances it invests at least 80% of net assets, plus borrowings for investment purposes, in credit-related instruments across liquid and illiquid assets: corporate debt (focus on subordinated and senior debt of banks and diversified financials), agency and non-agency RMBS, CMBS, CLOs, CDOs, CMOs, ABS, residential loans and mortgages, municipal securities, and linked derivatives. It may invest without limit in below-investment-grade instruments and will concentrate (25% or more of total assets) in RMBS and CMBS.