BPI GIF - High Income Bond Fund I/  LU0220378110  /

The investment objective of the Sub-Fund is to provide investors with an high current income through a diversified portfolio based on the acquisition of fixed income securities, with no currency restriction, and oriented to the acquisition of debt securities or similar securities and preferred stock with a main focus on issuing entities which are rated below investment grade, as assigned by international rating companies, and on entities which, although unrated, are considered of comparable credit quality. The Sub-Fund will have no restriction in terms of geographical asset allocation. The Sub-Fund will not invest in common units. The Sub- Fund investment policy will be oriented to have 50% of its net asset value invested in these assets. The Sub-Fund will not enter into Securities Financing Transactions ("SFTs"). The Sub-Fund will not enter into total return swaps. To achieve its investment goals, for treasury purposes and/or in case of unfavorable market conditions, the Sub-Fund may also invest in money market instruments and transferable securities on an ancillary basis. The Sub-Fund may also hold ancillary liquid assets, such as cash in bank deposits at sight held in current accounts with a bank accessible at any time, for up to 20% of its net assets which may only go beyond the 20% limit in case of exceptionally unfavorable market conditions as further described in the prospectus. The Units are capitalisation units, which aim at accumulating the net income which is subsequently reflected in the net asset value per Share, and therefore the income arising from the Sub-Fund is not distributed. The Units may be subscribed and redeemed upon demand on each Luxembourg banking day.

The investment objective of the Sub-Fund is to provide investors with an high current income through a diversified portfolio based on the acquisition of fixed income securities, with no currency restriction, and oriented to the acquisition of debt securities or similar securities and preferred stock with a main focus on issuing entities which are rated below investment grade, as assigned by international rating companies, and on entities which, although unrated, are considered of comparable credit quality. The Sub-Fund will have no restriction in terms of geographical asset allocation. The Sub-Fund will not invest in common units. The Sub- Fund investment policy will be oriented to have 50% of its net asset value invested in these assets. The Sub-Fund will not enter into Securities Financing Transactions ("SFTs").