Dear Shareholder, The Company’s board of directors (the "Board") hereby informs you of the following changes to be made to the prospectus of the Company (the “Prospectus”):
1) Clarification of the investment policy
The first paragraph of the investment policy of the Sub-Fund will be clarified in order to include a concrete percentage of exposure to bonds and so to read as follows:
"The sub-fund invests mainly in bonds of any credit quality, including below investment grade bonds, and in any currency from OECD issuers.
Specifically, the sub-fund invests at least 75% of its net assets in fixed rate, floating rate or inflation-indexed debt securities and negotiable debt instruments.
" The investment policy will also be clarified to foresee that the sub-fund may invest up to 25% of its net assets in non-OECD countries and up to 20% its net assets in cash and cash equivalents.
The Sub-Fund’s modified duration has also been modified and may now vary from -3 to 7 (instead of -3 to 5).
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