AZ Bond - Frontier Markets Debt A-AZ FUND (Euro non Hedged - ACC)/  LU2458359069  /

The Sub-fund is Feeder of the "AZ Fund 3 - AZ Bond - Frontier Markets Debt" Sub-fund (the Master). The Feeder shall permanently invest at least 85% of its assets in the MASTER (USD) class of said Master. The objective, investment policy and risk profile of the Feeder and the Master are similar. The Master's investment objective is to achieve long-term capital growth by actively investing, directly and/or indirectly (through debt securities classed as "Global Depositary Notes" (GDN)), at least 60% of its net assetsin a diversified portfolio of debt securities issued by governments, supranational institutions and governmental authorities of frontier market countries. The securities in which the Master invests are traded on both local frontier markets (provided that they are classified as regulated markets) and international regulated markets. Frontier market issuers are generally rated as sub-investment grade by rating agencies. Less frequently, they are graded as distressed, i.e. CCC+ (or the alphanumeric equivalent) or lower. Consequently, the Master may invest up to 100% of its net assets in debt securities with a sub-investment grade rating, up to 20% of its net assets in distressed securities (including defaulted securities) and up to 15% of its net assets in defaulted securities. The Master may also invest up to 10% of its net assets in debt securities and money market instruments issued by governments, supranational institutions or governmental authorities of emerging countries that are not classified as frontier market countries. The Master"s prospectus provides that, in exceptionally unfavourable market conditions (such as the 9/11 attacks or the collapse of Lehman Brothers in 2008), on a temporary basis and for as long as is strictly necessary, the Sub-fund may invest up to 100% of its net assets in cash, bank deposits and/or money market instruments, if justified by the interests of investors.

The Sub-fund is Feeder of the "AZ Fund 3 - AZ Bond - Frontier Markets Debt" Sub-fund (the Master). The Feeder shall permanently invest at least 85% of its assets in the MASTER (USD) class of said Master. The objective, investment policy and risk profile of the Feeder and the Master are similar. The Master's investment objective is to achieve long-term capital growth by actively investing, directly and/or indirectly (through debt securities classed as "Global Depositary Notes" (GDN)), at least 60% of its net assetsin a diversified portfolio of debt securities issued by governments, supranational institutions and governmental authorities of frontier market countries.