The investment objective of the Fund is to seek to maximise total return, consistent with prudent investment management. The Fund will seek to achieve its investment objective by investing in an actively managed portfolio of Fixed Income Securities of which at least 80% will be invested in Covered Bonds in accordance with the policies set out below. Covered Bonds are securities issued by a financial institution and backed by a group of loans residing on the balance sheet of the financial institution known as the “cover pool”. The assets in the pools can consist of high quality private mortgage loans or public sector loans or a mix of the two. The Fund will seek to apply the Investment Advisor’s total return investment process and philosophy in its selection of investments.