Top Grade Bonds.
The objective of this product is to apply active bond portfolio management techniques in a low risk, high quality portfolio diverse AA-rated or better Government and Sovereign bonds in a single currency.

Investment Grade Bonds.
The objective of this product is to apply the same active management techniques as with our Top Grade product but extending down the credit spectrum into the BBB or better corporate bonds area of the market. According to historical statistics form Merrill Lynch, this strategy has added about one-third of one percent additional annual return above a Top Grade strategy.

High Yield Bonds.
This product is suitable for investors aware of the default isk inherent in lower quality borrowers. While the Merrill Lynch High Yield Index has generated about one percent additional annual total return above the Merrill Lynch Investment Grade Index over the past 10 years, there can be no assurance that such results will continue, particularly since the period was virtually without an economic recession. Nonetheless, a well diversified portfolio of well-selected B-rated of better corporate bonds issued from companies located in the G7 markets can produce an attractive return profile over a medium-term investment horizon.

Emerging Market Bonds.
This product is suitable for investors who understand the benefits and weaknesses of investing in higher risk regions of the world. We note that since 1991 the Merrill Lynch Emerging Market Index has generated approximately five percent additional annual return above Merrill's High Yield Index. Obviously , as global bond market yields converge, this sort of extraordinary return is no longer possible. Nevertheless, selective investing in emerging market bonds can leas to superior total return results.

Dynamic Bonds.
This product is an active combination of the four above described segments with a minimum exposure to the Top/Investment Grade segments of 50%. This product is suitable for investors seeking an actively managed exposure to the higher yielding bond market segments while simultaneously reducing the overall risk profile of the portfolio.