SECU

The fund assets will be invested in securitized assets and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such assets. For purposes of the Fund's 80% policy, "securitized assets" include instruments such as asset- backed securities; commercial and residential mortgage-backed securities issued or guaranteed by the U.S. Government, various agencies of the U.S. Government or various instrumentalities that have been established or sponsored by the U.S. Government, including to-be-announced ("TBA") securities; commercial and residential mortgage- backed securities issued by banks and other financial institutions; collateralized loan obligations ("CLOs"); collateralized mortgage obligations ("CMOs"); and loans backed by consumer receivables and commercial or residential real estate. The Fund will concentrate its investments (i.e., invest at least 25% of its total assets) in non-agency mortgage-backed securities and may invest in other non-agency securities issued by banks and other financial institutions. The non-agency mortgage-backed securities in which the Fund will invest may be rated below investment grade or securities determined by Fund management to be of similar quality.