The Fund will, under normal circumstances, invest at least 80 percent of its net assets, plus the amount of any borrowings for investment purposes, in mortgage-backed securities (MBS). For purposes of this 80 percent investment policy, the Adviser will select the Funds investments in mortgage-backed securities within a range of instruments across various asset classes, including agency and non-agency residential mortgage-backed securities (RMBS), agency and non-agency commercial mortgage-backed securities (CMBS), collateralized debt obligations (CDOs) that include a significant majority of residential or commercial mortgages; and collateralized mortgage obligations (CMOs).