The investment objective of the Sub-Fund is to provide long-term returns similar to global equities with substantially lower volatility by investing primarily in convertible securities of global corporate issuers. Convertible securities are "hybrid" securities that possess both fixed income and equity characteristics. A properly selected convertible security offers the ability to participate in a substantial portion of the underlying common stock's advances while being sheltered from a significant portion of its decline. In addition, a convertible security often provides a current yield in excess of the dividend yield on the underlying common stock. Convertible securities also tend to exhibit a much lower degree of interest rate sensitivity than traditional fixed income securities and have a different set of performance drivers. The focus in portfolio construction is identifying structurally attractive convertibles with an emphasis on balanced profiles. Such convertibles exhibit return properties that are projected to capture a substantial portion of any rise in the underlying common stock while providing meaningful downside protection should the underlying stock decline. The Investment Manager believes in maintaining a well-diversified portfolio by issuer, sector/industry and geography consistent with the universe of global convertible securities. In addition, the compositional and structural characteristics of the global convertible market can vary significantly by region. Accordingly, the Investment Manager uses its portfolio management, trading, risk management and fundamental research abilities to pinpointing the best opportunities in optimizing the Sub-Fund's overall risk/return profile.