# The Algebris Financial Credit Fund (the Fund) aims to achieve a high level of income and modest capital appreciation.
The Fund intends to invest in the financial sector globally, primarily in debt securities (for example, government bonds and corporate bonds) with fixed and variable interest rates, which may be rated investment or below investment grade.
The Fund is actively managed without reference to any benchmark meaning that Algebris (UK) Limited (the Investment Manager) has full discretion over the composition of the Fund’s portfolio, subject to the stated investment objectives and policies.
The Fund may also invest in convertible securities (bonds that can be converted into shares), hybrid securities (instruments that combine the characteristics of bonds and shares), preference shares, contingent convertible instruments (CoCo-Bonds) (bonds that can be converted into shares or their principal amount may be written down if a pre-specified trigger event occurs), subordinated debt and exchange traded funds (ETFs) (securities that track an index, a commodity or a basket of assets like an index fund, but trades like a stock on an exchange). During times of high levels of market movements (volatility) the Fund may invest substantially in deposits. The Fund does not intend to invest directly in ordinary shares, however may acquire and hold ordinary shares where such ordinary shares are acquired by way of conversion from another security held by the Fund.
The Fund may also enter into financial derivative instruments (FDI) for hedging and efficient portfolio management purposes and not for speculative or investment purposes, including options (securities
that give the right to buy or sell another asset), swaps (an instrument that swaps the performance of one asset for another), forward contracts (contracts to exchange foreign currencies at an agreed date in the future) and futures (contracts to exchange a predetermined quantity of another asset at a certain price on a certain future date). In addition, certain financial instruments such as convertible securities and CoCo-Bonds may have embedded leverage or embed a derivative component. The Fund may invest in these securities for speculative or investment purposes.
The Fund’s base currency is Euro and the Fund may use currency hedging (the technique of buying or selling currencies to minimise fluctuations in non-Euro currency investments resulting from foreign exchange movements). There is no guarantee that this will be successful.
Investment in the Fund may be suitable for investors with a medium to long term investment horizon. For full investment objectives and policy details, please refer to the section entitled “ Investment Objectives and Policy” in the supplement for the Fund (the Supplement).

## Dealing
You can buy or sell shares daily (but not on weekends or bank holidays in the UK or Ireland). Orders to buy and sell can be made by submitting a request by 12.00p.m. (Irish time), one business day in advance, to the administrator, BNP Paribas Fund Administration Services (Ireland) Limited.

## Distribution Policy

Translation (ENES, 2022-11-28):
# El Algebris Financial Credit Fund (el Fondo) tratará de conseguir un ele- vado nivel de ingresos y una apreciación moderada del capital.
El Fondo pretende invertir en el sector financiero a nivel mundial, princi- palmente en títulos de deuda (por ejemplo, bonos gubernamentales y corporativos) con tipos de interés fijo y variable, que podrán tener una calificación de grado de inversión o inferior.
El Fondo se gestiona de manera activa sin hacer referencia a ningún va- lor de referencia, lo que significa que Algebris (UK) Limited (el Gestor de inversiones) tiene plena discreción sobre la composición de la car- tera del Fondo, con sujeción a los objetivos y políticas de inversión es- tablecidos.
El Fondo también podrá invertir en títulos convertibles (bonos que pue- den convertirse en acciones), títulos híbridos (instrumentos que combi- nan las características de los bonos y las acciones), acciones preferen- tes, instrumentos convertibles contingentes (Bonos CoCo) (bonos con- vertibles en acciones o cuyo importe principal puede amortizarse pro- gresivamente si se materializa una condición desencadenante previa- mente establecida), deuda subordinada y fondos negociados en bolsa (ETF) (valores que replican un índice, una materia prima o una cesta de activos, como un fondo indexado, pero que se negocian como acciones en una bolsa de valores). En las épocas de elevados niveles de movi- mientos en el mercado (volatilidad), el Fondo podrá invertir de manera sustancial en depósitos. El Fondo no pretende invertir directamente en acciones ordinarias, sin embargo, podrá adquirir y poseer acciones or- dinarias cuando esas acciones ordinarias hayan sido adquiridas me- diante la conversión de otro título poseído por el Fondo.