The prospectus states the Fund seeks to maximize total return. Under normal conditions it invests at least 80% of net assets in securitized bonds: ABS, CMBS, RMBS, CMOs and agency and non-agency MBS. Holdings may be of any credit quality, including below investment grade, distressed and defaulted securities, in any tranche including subordinate and residual positions, with up to about 10% non-U.S. issuers and no limit on illiquid securities. The Adviser uses bottom-up analysis of credit, prepayment, interest-rate risk and deal structure. Borrowing is permitted to the 1940 Act limit; none was outstanding at 12/31/2025 or 6/30/2026.