ARCM invests in a variety of investment-grade fixed income securities with maturities less than 2 years. The fund may hold US government, corporate, municipal, and agency-issued securities rated Baa- or higher. In selecting securities, the sub-advisor attempts to maximize income for the given level of credit risk and maturity. The aim is to provide higher return and yield than money market funds while maintaining a duration of 18 months or less. The fund may continue to hold securities that fall below investment-grade if determined to be in the best interest of the fund.