Investment Approach

The Fund aims to outperform the Bloomberg Euro Aggregate Treasury Index ("Index").

The Fund invests at least 90% of its total assets in Euro denominated fixed income (“FI”) securities (such as bonds) issued by, or giving exposure to, governments, government agencies of, and supranationals (e.g. the International Bank for Reconstruction and Development)domiciled in, or exercising the predominant part of their activity in, Europe and, when determined appropriate, money market instruments (i.e. debt securities with short-term maturities), deposits and cash. These FI securities and money market instruments will be investment grade (i.e. meet a specified level of credit worthiness) at the time of purchase.

The Fund is actively managed and the investment manager ("IM") has discretion to select the Fund's investments. In doing so, the IM will refer to the Index when constructing the Fund’s portfolio, and also for performance comparison and risk management purposes, as further described in the prospectus. The Fund is designed to provide investors with achievement of the investment objective by typically taking a low to conservative level of active risk relative to the Index, in order to seek a commensurate active return in excess of applicable management fees over the short term (i.e. up to 3 years). The IM is not bound by the components or weighting of the Index and may also use its discretion to invest in securities not included in the Index. However, the level of active risk taken by the Fund may limit the extent to which the portfolio holdings will deviate from the Index.