The management strategy is discretionary and unconstrained by the benchmark index. The Fund invests in a portfolio composed of at least 70% of its net assets, excluding cash, in bonds that have been the subject of a public offering within the Union; in bills, similar treasury bonds, and bonds guaranteed by a State of the Union; in transferable securities representing debt securities issued by the Member States of the Union; and in transferable securities issued on the money market. Notwithstanding the aforementioned provisions, and if exceptional market conditions so justify, the fund may temporarily invest its net asset value exclusively in:

• cash or cash equivalents;
• Term deposits with financial institutions;
• Debt securities and money market instruments traded on a regulated market.