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USFI's diverse portfolio focuses on the broad USD-denominated, investment grade fixed income space. The fund consists of mortgage- and asset-backed securities, municipal and corporate bonds, convertibles and non-convertibles, bankers acceptance, deposit certs, and commercial papers. The fund has no maturity limit but takes an active approach to duration management, aiming to maintain a dollar-weighted average portfolio duration of 1 to 10 years. In seeking total return, the fund targets underrated securities through its value-oriented approach. The selection process combines top-down macroeconomic analysis and bottom-up fundamental research to gain geopolitical and demographic insights. To add, qualitative and quantitative models are also utilized. Based on these analyses, only undervalued securities are considered. The fund actively trades and may invest in CLOs, cash, and cash equivalents as well as derivatives to enhance returns, increase liquidity, and/or hedge risks.