About: The Fund seeks to achieve its investment objective by investing primarily in a diverse portfolio of mortgage-backed securities, consisting primarily of non-agency residential mortgage-backed securities and commercial mortgage-backed securities. MBS represent interests in diversified pools of residential or commercial mortgage loans, and typically take the form of pass-through securities or collateralized mortgage obligations. The Fund will seek to select MBS that, in the judgment of the Funds portfolio management team, represent an undervalued investment opportunity with favorable total return potential. This evaluation is based upon multiple factors, including rigorous analysis of the credit performance of the mortgage loan portfolios underlying the MBS; security structure characteristics such as the priority of payment, credit enhancement and default patterns of underlying loans; and the relative financial strength of the mortgage loan servicer. To implement its strategy, the Fund intends to invest in MBS directly, and indirectly through a separate investment as a limited partner in a private feeder fund. The Feeder PPIP Fund will invest alongside the UST in a master fund that has been organized to invest directly in MBS and other assets eligible for purchase under PPIP.
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