Anlageziel

The Sub-Fund is actively managed. The JP Morgan JACI Non-Investment Grade Total Return Index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund's investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies over time but their weighting is expected to differ materially. The performance of the Sub-Fund may deviate materially from that of the index. The Sub-Fund invests primarily in (i) bonds, other fixed or floating-rate debt securities, convertible bonds, bonds with attached warrants on transferable securities and short-term debt instruments graded below BBB- or equivalent by the rating agencies.