# 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 (ENDE, 2022-02-21):
# Anlageziele und Anlagepolitik
## Der Fonds strebt eine Maximierung der Gesamtrendite an, indem er vorwiegend in ein Portfolio aus auf US-Dollar lautende Unternehmensanleihen mit fester und variabler Verzinsung investiert.
Der Anlageverwalter nimmt eine aktive Auswahl von Wertpapieren vor und kauft und verkauft diese mit dem Ziel, die Anlageziele des Fonds zu erreichen. Die relative Laufzeit des Fonds liegt in der Regel innerhalb von +/- 2 Jahren des Barclays US 1-5 Year Corporate Index.

## Die Investitionen betreffen u.a. Schuldtitel von US- und Nicht-US-Emittenten. Emittenten aus Schwellenländern können bis zu 20% dieser Anlagen ausmachen.

## Die Anlagen lauten vorwiegend auf US-Dollar, können jedoch auch auf andere Währungen, einschließlich Schwellenländerwährungen, lauten.
Der Fonds investiert überwiegend in Unternehmensanleihen mit Investment Grade (hohes Bonitätsrating), kann aber auch in von staatlichen Behörden und supranationalen Körperschaften begebene Schuldtitel investieren.

## Darüber hinaus kann der Fonds in Geldmarktinstrumenten sowie hypothekarisch besicherten Wertpapieren staatlicher Stellen anlegen.

## Der Fonds kann Derivate mit dem Ziel verwenden, Zins- und Währungsrisiken effektiver zu verwalten.
Außerdem kann der Fonds Derivate sowohl zu Sicherungszwecken als auch zum Eingehen von Anlagepositionen einsetzen. Dazu können Short- Positionen gehören, bei denen der Fonds sich bemüht, Gewinne aus dem Verkauf eines Vermögenswerts zu erzielen, der sich nicht in seinem physischen Besitz befindet.

## Hinweis: Entsprechend ist dieser Fonds gegebenenfalls nicht für Anleger geeignet, die ihr Geld innerhalb von 12 Monaten wieder aus dem Fonds zurückziehen möchten.