The Prospectus states the Fund seeks total return by investing primarily in income-producing instruments: CMBS, RMBS and other ABS, CLO and CMO tranches, whole and mezzanine mortgage loans, and corporate and bank debt. It concentrates 25% or more of assets in mortgage-related assets and may hold junior, residual and equity tranches without limit, at any credit quality including distressed. It may act as a securitization sponsor, invest through subsidiaries and commercial real estate loan joint ventures, borrow up to one-third of total assets, and use derivatives to hedge or speculate.