## Investment Policy
The Fund invests at least 51% of its assets in the following ABS investment classes: (i) securities that represent a participation in securitised debt, mainly comprising lease agreements, credit card agreements, consumer loans and loans and advances to public-sector obligors, as well as other types of credit (ABS in the narrower sense); (ii) securities issued in relation to mortgages (mortgage backed securities MBS), subdivided into residential (RMBS) and commercial property (CMBS); (iii) securities comprising ABS that are broken down into tranches correlating with different, separate collateral cash flows (collateralised obligations). These are primarily divided into collateralised mortgage obligations (CMO), collateralised loan obligations (CLO) and collateralised debt obligations (CDO).
The sub-fund may also invest in the following assets: (i) fixed and floating- rate securities, debt securities and claims, including contingent convertible capital bonds (CoCo bonds), enhanced capital notes (ECNs), which may be converted into equity (shares) depending on specific circumstances regarding the prescribed minimum capital, as well as hybrid bonds,
subordinated bonds and money market instruments, in all freely convertible currencies, that are issued or guaranteed by issuers from recognised countries; (ii) shares and other equity securities and rights of companies worldwide; (iii) sight deposits and callable deposits; (iv) units of other UCITS or UCIs, including ETFs (together: target funds) within the meaning of and subject to the limitations of Section 5 of the General Part (no more than 10% of the assets).

Translation (ENIT, 2023-03-07):
## Politica d'investimento
Il Fondo investe almeno il 51% del patrimonio nei seguenti strumenti appartenenti alla categoria "ABS": (i) titoli rappresentativi di partecipazioni in crediti cartolarizzati, composti principalmente da contratti di leasing, di carte di credito, di credito al consumo, da crediti nei confronti di emittenti pubblici e da crediti di altra natura (ABS in senso stretto); (ii) titoli emessi in relazione a prestiti ipotecari (mortgage-backed securities, "MBS"), relativi a immobili sia privati (RMBS) che commerciali (CMBS); (iii) titoli composti da ABS, ossia suddivisi in tranche correlate a flussi di cassa collaterali distinti (c.d. Collateralised Obligations). In particolare, questi ultimi si suddividono in Collateralised Mortgage Obligations (CMO), Collateralised Loan Obligations (CLO) e Collateralised Debt Obligations (CDO).
Il Fondo può inoltre investire nei seguenti strumenti: (i) titoli a tasso fisso o variabile, titoli e diritti di credito, inclusi Contingent Convertible Bond (c.d. "CoCo bond"), Enhanced Capital Notes (ECN), che in determinate circostanze relative al capitale minimo richiesto possono essere convertite in capitale proprio (azioni), nonché obbligazioni ibride, obbligazioni subordinate e strumenti del mercato monetario denominati in qualsiasi valuta liberamente convertibile ed emessi o garantiti da emittenti di paesi
riconosciuti; (ii) azioni e altri titoli e diritti di partecipazione di società di tutto il mondo; (iii) depositi a vista e depositi rimborsabili; (iv) quote di altri OICVM o OICR, inclusi ETF (collettivamente, i "Fondi target") ai sensi e conformemente ai limiti previsti dal cap. 5 della parte generale (complessivamente fino al 10% del patrimonio).