Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in commercial mortgage-backed securities (CMBS). The Fund intends to invest at least 80%, and generally expects to invest at least 90% of its net assets in CMBS with a AAA rating (or equivalent) at the time of purchase, as determined by at least one nationally recognized statistical rating organization (NRSRO). The Fund will not invest in CMBS with a rating below A- (or equivalent) at the time of purchase. However, after purchase, a CMBS may have its rating reduced below the minimum rating required by the Fund for purchase. In such cases, the Fund will consider whether to continue to hold the CMBS. In the case of a split rating on a security between one or more of the NRSROs, the Fund will consider the highest rating. The Fund seeks to achieve its objective by investing in a portfolio of CMBS. CMBS typically represent an interest in a pool of commercial mortgage loans in the form of fixed and floating rate securities. The Fund will invest primarily in non-agency CMBS. The Fund may also invest in restricted CMBS and interest or principal only CMBS. The investment advisor determines which investments to buy and sell by employing a relative value approach, pursuant to which it judges each security's risk-versus-reward characteristics against other securities. At the core of its investment process, the investment advisor utilizes quantitative and qualitative methods to assess risks and opportunities in seeking to deliver superior risk-adjusted returns.