The Sub-Fund aims to provide total return over the long term from a combination of income and capital growth by investing predominantly in an actively managed portfolio of mortgage-related fixed income instruments of varying maturities. The Bloomberg US Mortgage Backed Securities (MBS) Inde broadly representative of the investments which the Sub-Fund may make and is used for performance comparison purposes only. The Sub-Fund is actively managed and does not seek to replicate the composition or performance of an index. Under normal circumstances, the Sub-Fund will invest at least 80% of its net assets in a portfolio of mortgage-related fixed income instruments of varying maturities and at least 80% of its net assets in mortgage-related fixed income instruments, being MBS and CMOs, issued by the U.S. government and its agencies. Mortgage-related fixed income instruments include residential and commercial mortgage-backed securities ("MBS"), collateralized mortgage obligations ("CMOs"), stripped mortgage-backed securities, mortgage pass-through securities, credit risk transfer securities ("CRTs"), and To be Announced (or "TBA") commitments. Investments in mortgage-related fixed income instruments other than those issued by the U.S. government and its agencies will be limited to 10%. Included in this aggregate 10% limit are CRTs and non-agency CMOs. Investments in any other types of asset-backed securities will be limited to 10% of the Sub-Fund's net assets. This may include assets backed by car loans, credit cards, equipment leases and consumer loans. Investments in Reg-S and Rule 144A Securities will be limited to 20% of the Sub-Fund's net assets. In addition to its investments in mortgage-related fixed income instruments, the Sub-Fund will from time to time also invest in certain other fixed-income securities, typically fixed or floating rate grade corporate bonds and/or hold cash and cash-equivalents. The Sub-Fund will invest at least 80% in securities rated investment grade. The Sub-Fund may also invest in lower-rated securities The Sub-Fund invests only in U.S. dollar denominated securities.