The objective of the fund is to deliver a greater total return than the Bank of England's Base Rate + 2%, after fees, over any three-year period by investing with our Liquidity Equity Diversifiers (LED) framework. The fund aims to deliver this return with no more than one-third of the volatility of the FTSE Developed stock market index. To meet the objective, the fund manager will invest globally in government and corporate bonds with no restriction on their credit quality, equities, collective investment schemes, and structured products. Up to 10% of the fund can be invested directly in contingent convertible bonds. Derivatives may be used by the fund for investment purposes, efficient portfolio management, and hedging. The use of derivatives for investment purposes may increase the volatility of the fund’s Net Asset Value and may increase its risk profile.