AZ Bond - Patriot A-AZ FUND USD (ACC)/  LU1232073434  /

The Sub-fund's investment objective is to achieve regular returns and medium and long-term capital growth. The Sub-fund aims to achieve its investment objective by actively managing a diversified portfolio invested at least 70% in debt securities issued by the Italian government, supranational institutions or Italian governmental authorities and/or companies which have their head office and/or do the majority of their business in Italy. The Sub-fund invests up to 30% of its net assets in debt securities with a sub-investment grade rating at the time of purchase. If the debt securities issued by the Italian government receive a sub-investment grade rating, the investment limit for debt securities and other similar securities with a sub-investment grade rating will be changed to 100% of the Sub-fund's net assets. The Sub-fund may also invest up to 20% of its net assets in debt securities issued by governments, supranational institutions or governmental authorities of European countries other than Italy and/or companies headquartered outside Italy. The Sub-fund is not permitted to invest in emerging markets. The Sub-fund may also invest up to 30% of its net assets in hybrid/subordinated bonds issued by financial and non-financial institutions andup to 10% of its net assets in CoCo bonds. The Sub-fund uses the main derivative financial instruments for investment purposes in order to implement its investment policy and/or for hedging purposes. The fund aims at maintaining a leverage effect lower than 150%, calculated on the total of all derivative financial instruments' notional amounts. The Sub-fund is actively managed. The 60% Bloomberg Italian Issuers Total Return EUR + 40% Bloomberg Italy Corporate Total Return EUR is solely used for the purpose of the fulcrum adjustment.

The Sub-fund's investment objective is to achieve regular returns and medium and long-term capital growth. The Sub-fund aims to achieve its investment objective by actively managing a diversified portfolio invested at least 70% in debt securities issued by the Italian government, supranational institutions or Italian governmental authorities and/or companies which have their head office and/or do the majority of their business in Italy. The Sub-fund invests up to 30% of its net assets in debt securities with a sub-investment grade rating at the time of purchase. If the debt securities issued by the Italian government receive a sub-investment grade rating, the investment limit for debt securities and other similar securities with a sub-investment grade rating will be changed to 100% of the Sub-fund's net assets.