# OBJECTIVE AND INVESTMENT POLICY
## Objective

## The fund’s objective is total return, measured in U.S. dollars.

## Investment Policy
The fund invests in a combination of equity securities and debt instruments of issuers located in developed and emerging market countries. Historically the fund has invested approximately 60% of its assets in equity securities and 40% of its assets in debt instruments, but these allocations may vary generally between 50% and 75% in equity securities and 25% and 50% in debt instruments. The fund generally focuses its equity investments in larger value companies, and normally invests a portion of its assets in income- producing equity securities. A segment of the fund's equity investments is selected based on blending the results of fundamental analysis and quantitative research to create a blended rating for an issuer. The fund generally focuses its debt investments in corporate, government, and mortgage backed debt instruments. The fund invests substantially in investment grade debt instruments. The Investment Manager may consider environmental, social and governance (ESG) factors in its fundamental investment analysis alongside other factors. The fund falls within Article 6 of the Regulation (EU) 2019/2088 of 27 November 2019 on sustainability- related disclosures in the financial sector ("SFDR") and does not promote an environmental or social characteristic, or have sustainable investment as its objective. The fund may use derivatives for hedging and/or investment purposes but will not primarily use derivatives to achieve the fund's investment objective.
The fund’s custom blended benchmark is indicated for performance comparison only. Although the fund’s investments will generally be represented in the benchmark, components are likely to be weighted differently from the benchmark and the fund is likely to invest outside of the benchmark to take advantage of attractive investment opportunities. The fund is actively managed within its objective and the investment strategy will not restrict the extent to which portfolio holdings may deviate from the benchmark. It is expected that the fund's deviation from the benchmark will be significant.

## Distributions

## Income will not be distributed to shareholders but reflected in the assets of the fund.

## Redeeming Shares

## You may sell your shares on each business day when banks in Luxembourg are open for normal business and the New York Stock Exchange is open for trading.

## Terms to Understand

## Equity securities represent an ownership interest, or the right to acquire an ownership interest, in a company or other issuer.

## Debt instruments represent obligations of corporations, governments, and other entities to repay money borrowed.

## Derivatives are financial contracts whose value is based on the value of one or more underlying indicators or the difference between underlying indicators.

Translation (ENES, 2022-02-16):
# OBJETIVO Y POLÍTICA DE INVERSIÓN
## Objetivo

## El objetivo del fondo es la rentabilidad total, medida en dólares estadounidenses.

## Política de inversión
El fondo invierte en títulos de renta variable combinados con instrumentos de deuda de emisores ubicados en países con mercados desarrollados y emergentes. Históricamente, el fondo ha invertido más o menos el 60% de sus activos en títulos de renta variable y el 40% en instrumentos de deuda, aunque estas asignaciones pueden variar generalmente entre el 50 y 75% en los primeros y el 25 y 50% en los segundos. Por lo general, el fondo centra sus inversiones en renta variable en empresas de valor de gran tamaño y, normalmente, invierte una parte de sus activos en títulos de renta variable que generan rendimientos. Se selecciona un segmento de las inversiones en renta variable del fondo a partir de los resultados del análisis fundamental combinados con una investigación cuantitativa con el fin de crear una calificación mixta para un emisor. El fondo suele concentrar sus inversiones de deuda en instrumentos de deuda corporativa, deuda pública y valores con garantía hipotecaria. La mayoría de la inversión del fondo se destina a instrumentos de deuda de grado de inversión. La Gestora de inversiones puede tener en cuenta criterios ambientales, sociales y de gobernanza (ESG, por sus siglas en inglés) en su análisis fundamental de inversión, además de otros factores. El fondo se enmarca dentro del artículo 6 del Reglamento (UE) 2019/2088 de 27 de noviembre de 2019, sobre la divulgación de información relativa a la sostenibilidad en el sector financiero (el «SFDR») y no promueve características ambientales o sociales, ni tiene como objetivo una inversión sostenible. El fondo puede emplear derivados con fines de cobertura y/o inversión, aunque no recurrirá a ellos como estrategia principal para alcanzar su objetivo de inversión.