The average porfolio duration of the fund will normally vary within two years (plus or minus) of the Bloomberg Global Agg Treasury Index. The index provides a broad based measure of the global government fixed income markets. The fund will seek to achive returns in excess of the Index over the medium to long term after the deduction of all fees and expenses. The fund is considered to be actively managed in reference to the Index by virtue of the fact that it seeks to outperform the Index and the Index is used for duration measurment, calculating the global exposure of the fund using the relative VaR methodology and for performance comparison purposes.