FC W Pen-Macquarie TTR Income Opps

The option predominantly provides exposure to a range of domestic and global investment grade floating and fixed rate instruments, asset-backed securities, and cash. The option may have opportunistic exposure to other fixed income sectors and instruments. Interest rate risk will generally be hedged through the use of derivatives. The option is generally hedged to Australian dollars, however exposure to emerging markets debt issued in the local currency of the debt will generally be unhedged. Small active currency positions may also be taken.