The Sub-Fund is actively managed by reference to and seeks to outperform (after applicable fees) the euro short-term rate (STR) Index (theBenchmark) over a recommended holding period of at least 1 year without targeting a particular level of outperformance. There is no benchmark used as a reference for portfolio construction. The Benchmark may only serve as a reference indicator for assessing the Sub-Fund's performance. The active investment process combines fundamentally-driven top-down and bottom-up strategies to build a diversifi ed portfolio of high-quality, short-duration fi xed income securities.