The Sub-Fund aims to generate returns by investing mainly in Euro-denominated bonds. The average lifetime of the portfolio will not exceed three years. Measured over a period of several years this Sub-Fund aims to beat the performance of the Index as listed in the Appendix II of the Company’s Prospectus. The Index is a broad representation of the SubFund’s investment universe. The Sub-Fund can also include investments into bonds that are 
not part of the Index universe. The Sub-Fund uses active management to invest in short term fixed income instruments such as Government  (guaranteed) bonds, bonds with variable interest rates and corporate bonds, with deviation limits maintained relative to the Index.

The Sub-Fund’s investments can therefore materially deviate from the Index. The Sub-Fund seeks to add value by forming a view on the evolution of interest rates, acting on that view and selectively taking positions in attractively priced credit instruments. Fixedincome Transferable Securities and/or Money Market Instruments issued or guaranteed by the governments of the Netherlands, Germany, Italy, Spain, Belgium and/or France, and their  local public authorities may represent more than 35% of the net asset value of the SubFund, provided such exposure does comply with the principle of risk spreading described in Art. 45 (1) of the Law of 2010. The Sub-Fund may also invest on an ancillary basis in other Transferable Securities (including warrants on Transferable Securities up to a maximum of 10% of the Sub-Fund’s net assets), Money Market Instruments, Rule 144 A securities, units of UCITS and other UCIs and deposits as described in Chapter III “Investment restrictions”, section A “Eligible investments” of Part III of this prospectus. However, investments in UCITS and UCIs may not exceed a total of 10% of the net assets. Where the Sub- Fund invests in warrants on Transferable Securities, note that the Net Asset Value may fluctuate more than if the Sub-Fund were invested in the underlying assets because of the higher volatility of the value of the warrant. The Sub-Fund may hold bank deposits at sight, such as cash held in current accounts with a bank accessible at any time. Such holdings may not exceed 20% of the Sub-Fund's net assets under normal market conditions. Investments in Money Market Instruments and cash equivalents are for the purpose of achieving the Sub-Fund’s investment objective.