Item 8.01. Other Events.
Clarification of Investment Policy
Effective
The Fund may invest up to 35% of managed assets in non-mortgage related ABS, including but not limited to any asset that generates reliable cash flows including collateralized loan obligations ("CLOs") as well as pools of consumer auto loans, credit card receivables, aircraft leases and maintenance agreements, timeshare agreements, and solar photovoltaics. The Fund also considers catastrophe bonds, which are backed by a secured collateral account, to be ABS.
Regarding industry concentration, as a fundamental policy, the Fund concentrates its investments in mortgage-backed securities ("MBS") and expressly treats MBS as a single industry or group of industries. The Fund is not permitted to concentrate in other industries or groups of industries.
Because issuers of non-mortgage related ABS may be disparately impacted by
various developments in the markets for the underlying collateral and given the
economic similarities between non-mortgage related ABS securities based on
various underlying collateral types, for the purposes of this industry
concentration policy, effective
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