The Strong Ultra Short Term Income Fund, managed by Strong Capital Management, has slipped into the No. 1 spot for funds holding ABS, according to numbers from Thomson Financial BondWatch. By TF's tally, which measures portfolio size by par value, Strong's fund holds approximately $1.5 billion in ABS, and another $2.9 billion in MBS and CMOs.

According to portfolio manager Tom Sontag, securitized products account for nearly 70% of the fund, though the market value of the assets is less than TF's par value assessment. The fund's total market value is approximately $3.3 billion, $700 million of which is ABS. Ultra Short Term Income Fund returned 4.26% in 2001, with a five-year average of 5.82%.

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