# Objectives and investment policy
The investment objective of the Fund is to seek to maximize total return by investing primarily in a portfolio of corporate debt securities, both fixed and floating rate, denominated in US Dollars.
The investment manager will actively select, purchase and sell securities with the aim of meeting the investment objectives of the Fund. The relative duration of the Fund will generally be within +/- 2 years of the duration of the Barclays US 1-5 year Corporate Index.
Investments will include, but not be limited to, debt securities of U.S. and non-U.S. issuers. This may include issuers in emerging market countries up to a maximum of 20%.
Investments will be primarily denominated in US Dollars, however, investments may be denominated in other currencies, including emerging market currencies.
The Fund will invest primarily in investment grade debt securities issued by corporations but may also invest in debt securities issued by government agencies and supranationals.
The Fund may also invest in money-market securities and agency mortgage-backed securities.
The Fund may use derivatives with the aim of managing interest rate and currency risk more efficiently.
The Fund may also use derivatives for both hedging purposes and for taking investment positions. These may include short positions where the Fund seeks to benefit from the sale of an asset that it does not physically own.
Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 12 months.
Your shares are accumulating, meaning that income and gains of the Fund will be reinvested to increase the value of the Fund.
Your shares are denominated in US Dollars, the Fund’s base currency. Typically, assets held by the Fund which are denominated in a currency other than the base currency may be hedged or substantially hedged to the base currency.
Your shares can normally be bought and sold on any business day, being a day on which banks are open for business in Ireland, the UK and the US.
The Fund is actively managed with reference to the Bloomberg Barclays US Corporate Bond Index 1-5yr (the “Index”). The Index is used (i) as a universe from which to select or hold securities; and (ii) to measure performance of the Fund. The investment manager has discretion over the composition of the portfolio of the Fund and may select securities not included in the Index. However, in normal market circumstances, it is expected that a significant portion of the Fund’s constituents will also be Index constituents and deviations from the Index may be limited. Whilst the investment manager does not employ a defined strategy to align with a benchmark during periods of volatility, it will take account of market environment and perceived risks at any given time and will employ its investment discretion as described in the investment policy accordingly.
For more information about the investment policy of the Fund, please see the section of the prospectus titled “Investment Objectives and Policies”.

Translation (ENFR, 2021-10-01):
# Objectifs et politique d’investissement
L'objectif d'investissement du Compartiment est de chercher à maximiser le rendement total en investissant principalement dans un portefeuille de titres de créance de sociétés, à taux fixe et variable, libellés en USD.
Le gestionnaire d'investissement sélectionnera, achètera et vendra activement des titres dans le but d'atteindre les objectifs d'investissement du Compartiment. La duration relative du Compartiment sera généralement comprise dans la fourchette +/- 2 ans de la duration de l'indice Barclays US 1-5 year Corporate Index.
Les investissements comprendront, mais sans y être limité, des titres de créance d'émetteurs américains et non américains. Ceci peut comprendre des émetteurs des marchés émergents à hauteur de 20 % maximum.

## Les investissements seront principalement libellés en USD, mais des investissements peuvent être libellés dans d'autres devises, y compris celles des marchés émergents.
Le Compartiment investira principalement dans des titres de créance de notation investment-grade émis par des sociétés mais peut également investir dans des titres de créance émis par des organismes publics et des organisations supranationales.

## Le Compartiment peut également investir dans des titres des marchés monétaires et dans des titres adossés à des créances hypothécaires d'agences gouvernementales.

## Le Compartiment peut utiliser des instruments dérivés dans le but de gérer plus efficacement le risque de taux d'intérêt et de change.
Le Compartiment peut également utiliser des instruments dérivés à des fins de couverture et pour prendre des positions d'investissement. Ces dernières peuvent comprendre des positions courtes où le Compartiment cherche à tirer avantage de la vente d'un actif qu'il ne détient pas physiquement.

## Recommandation : ce Compartiment peut ne pas convenir aux investisseurs qui