The Sub-Fund’s objective is to seek an annual rate of total return, before fund expenses, greater than the annual rate of total return of the Barclays 1-3 Year U.S. Government/Credit Bond Index (the "Benchmark Index"). The Investment Manager will attempt to keep the duration of the Sub-Fund’s portfolio substantially equal to the one of the Benchmark Index. The dollar-weighted average portfolio effective maturity of the Sub-Fund will normally be more than one year but less than three years during normal market conditions.
The Investment Manager invests at least 80% of its net assets in the following types of U.S. dollar-denominated debt obligations:
• U.S. government and other public-sector entities; and/or
• asset-backed and mortgage-backed obligations of U.S. and foreign issuers; and/or
• corporate debt of U.S. and foreign issuers.