Investment Objective The Sub-Fund seeks to achieve a mix of income and capital growth by investing mainly in investment grade and high yield debt securities in Euros, over a medium term period. Investment Policy The Sub-Fund is actively managed in order to capture opportunities in the Euro investment grade and high yield market. The following investment decisions are undertaken after comprehensive macroeconomic and microeconomic analysis of the market: sector allocation geographical allocation credit curve positioning (the credit curve illustrates the relationship between investment term and credit yield) issuer selection instrument selection The Sub-Fund invests: at least two thirds of its total assets in Euro denominated corporate and government bonds issued in OECD countries, with 30% maximum of its total assets rated between BB+ and B- by Standard & Poor’s or equivalent rating by Moody’s or Fitch (the arithmetic average of available ratings from Standard & Poor's, Moody's and Fitch will be considered). In case of downgrade below B- by Standard & Poor's or equivalent rating by Moody's or Fitch (the lowest rating will be considered), securities will be sold within 6 months up to one third of its total assets in money market instruments up to one quarter of its total assets in convertible securities up to one tenth of its total assets in equity and equity related instruments The Sub-Fund will not invest in securities rated CCC+ or below by Standard & Poor's or equivalent rating by Moody's or Fitch (the lowest rating will be considered). The selection of credit instruments is not exclusively and mechanically based on their publicly available credit ratings but also on an internal credit or market risk analysis. The decision to buy or sell assets is also based on other analysis criteria of the Investment Manager. Within the limit of 200% of the Sub-Fund’s net assets, the investment strategy may be achieved by direct investments and/or through derivatives, especially by entering into Credit Default Swaps. Derivatives may also be used for hedging purposes. Income For Capitalisation share classes (Cap), the dividend is reinvested. For Distribution share classes (Dis), the dividend is distributed. Sub-Fund Currency The reference currency of the Sub-Fund is EUR. Investment Horizon This Sub-Fund may not be suitable for investors who plan to withdraw their contribution within 3 years. Processing of subscription and redemption orders The subscription, conversion or redemption orders must be received by the Registrar and Transfer Agent on any Valuation Day no later than 3 p.m. Luxembourg time. Orders will be processed at the Net Asset Value applicable to such Valuation Day. The investor's attention is drawn to the existence of potential additional processing time due to the possible involvement of intermediaries such as Financial Advisers or distributors. The Net Asset Value of this Sub-Fund is calculated on a daily basis.