The Sub-Fund primary objective is to build a buy and maintain portfolio set up for a period ending in the course of the year 2021 (hereafter
referred as “the Term”).
The Sub-Fund invests, at least 50% of its assets, in bonds, other fixed or floating-rate debt securities and short-term debt securities of corporate
or governmental issuers denominated in any OECD currencies and graded either BB, B, CCC or equivalent by the rating agencies described in
paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. Up to 50% of the Sub-Fund’s assets may be invested in (i) debt
securities denominated in other currencies (including Emerging Market currencies), (ii) debt securities graded above BB, or of equivalent quality in
the opinion of the Investment Manager, and/or in (iii) Coco Bonds (which may represent up to 10% of the Sub-Fund's assets).