The investment seeks current income.
The fund invests primarily in asset-backed fixed income securities, including securities backed by assets such as credit card receivables, student loans, automobile loans and residential and commercial real estate. It may allocate its assets so as to focus on particular types of asset-backed fixed income securities. The fund may invest, without limitation, in corporate debt securities of any quality and maturity, including junk bonds, and securities that are not rated by any rating agencies.
The investment seeks to purchase undervalued fixed-income assets and achieve investment returns through interest income and potential capital appreciation.
The fund invests at least 80% of its net assets in fixed-income instruments. "Fixed-income instruments" include corporate, government and municipal bonds, asset-backed and mortgage-backed securities and other fixed-income instruments issued by various U.S. government, municipal or private-sector entities. The fund will invest in fixed-income instruments guaranteed by, or secured by collateral that is guaranteed by, the U.S. government, its agencies, instrumentalities or sponsored corporations.