The Sub-Fund is actively managed in reference to a benchmark. The ML EMU Corporate 1-10Y (the "Benchmark") is used for performance comparison and internal risk monitoring purposes only, without implying any particular constraints to the Sub-Fund's investments. Bond issuers represented in the portfolio of the Sub-Fund will generally be similar to those of the Benchmark, however the Investment Manager has discretion to select issuers that are not part of the Benchmark universe. The Sub- Fund"s holdings are therefore expected to deviate materially from the Benchmark. The Sub-Fund aims to generate income and capital growth over the long term. It mainly invests worldwide in EUR denominated bonds, other fixed or floating rate debt securities and short-term debt securities of corporate issuers.