GMO Opportunistic Income Fund, Class III is an actively managed mutual fund focused on capital appreciation and current income through the **structured finance** universe. The strategy targets the most attractively priced segments across securitized credit—such as **asset-backed securities, commercial and residential mortgage-backed securities, collateralized loan obligations, student loans, and other niche ABS**—using a combination of top-down allocation and bottom-up security selection by GMO’s Structured Products team. The fund typically maintains a diversified book with a broad range of credit ratings and a relatively **short effective duration**, seeking to balance interest-rate sensitivity with credit-driven opportunities. By exploiting market segmentation, structural complexity, and pricing inefficiencies inherent in securitized markets, the fund aims to deliver a differentiated source of fixed income returns within a multi-sector credit framework. Its approach emphasizes risk-aware underwriting of underlying collateral, deal structures, and cash-flow dynamics, positioning the fund as a specialized solution for accessing securitized credit beyond traditional corporate and government bond exposures.