AZ Fund 1 - AZ Bond --Hybrid Bond A-AZ Fund USD Acc

Objectives The Sub-fund’s investment objective is medium- and long-term capital growth. Investment policy The Sub-fund invests between 70% and 100% of its net assets in hybrid and/or subordinated bonds issued by financial and/or non-financial companies with registered offices in developed countries. The Sub-fund invests at least 50% of its net assets in debt securities that have an investment grade rating at the time of acquisition. The Sub-fund may also invest up to 20% of its net assets in contingent convertible bonds (CoCo bonds). The Sub-fund may also invest up to 20% of its net assets in bonds issued by issuers in emerging countries. The Sub-fund aims to maintain an overall ESG (Environmental, Social and Governance) rating of at least BBB for its portfolio, calculated on the basis of ESG ratings awarded by MSCI ESG Research to each of the securities it holds. More information on the Subfund’s ESG strategy is available in the Prospectus. The Sub-fund uses the main financial derivatives for investment purposes and/or to hedge against risks. Leverage calculated based on the sum of notionals method: maximum 200%. The Sub-fund is actively managed and is not managed in relation to a benchmark index. For the purpose of calculating the performance fee, the following benchmark is used: ICE BofA Euro Non-Financial Subordinated Index + GBP/EUR 3M Hedging Costs. Specific information on units You may request the sale of your units on a daily basis, except in certain circumstances (see the prospectus). The Sub-fund will distribute potential dividends to unitholders of the AINSTITUTIONAL GBP (DIS) class and reinvest potential dividends for unitholders of the A-INSTITUTIONAL GBP (ACC) class. The GBP class is hedged against the Sub-fund’s currency, the euro. This unit class is reserved for institutional investors. Recommendation: this Sub-fund may not be appropriate for investors who plan to withdraw their money within five years. Definitions Actively managed Sub-fund: a Sub-fund for which the manager has the flexibility to select the securities that make up the portfolio, in line with the objectives and investment policy laid out.