New Millennium - Augustum High Quality Bond D

· The objective of the Sub-Fund is to achieve higher results than those generally offered by money market instruments while maintaining a low risk level; · Through discretionary decisions, the Sub-fund invests in bonds, both fixed and floating rate, mainly denominated in EUROs and issued essentially by government issuers belonging to the G8 and by supranational issuers; the investment in securities with no rating or with rating lower than “investment grade” is not allowed; · The investment in corporate bonds or bonds issued by government issuers not belonging to G8 is limited to 20% · Exchange rate risk is limited to 20% of the net asset value thanks to the hedging against the Euro of the main currency positions; · Derivative instruments, which are financial contracts whose value depends on the market price of a reference asset, can be used also for investment purposes provided that the total commitment does not exceed, at any moment, 50% of net asset value; the investment in credit derivative instruments (i.e..Credit Default Swaps, Credit Spread Derivatives that allow two parties to exchange the credit risks specific to some issuers) is allowed too; · A wide degree of discretion is allowed with respect to the benchmark which is made of: - 40% JP Morgan Cash Index Euro Currency 3 months; - 40% JP Morgan EMU Bond Index 1-3 yrs ; - 20% JP Morgan Global Govt Bond EMU LC. · Investors may redeem their shares on any business day for Luxembourg banks; · All income is, normally, reinvested