BL Bond Euro

Investment objective and policy

The fund invests mainly in fixed income, variable income and convertible bonds denominated in euro or issued by top-quality issuers in the euro zone. Its key objective is to achieve a regular income.

Management report - 2nd quarter 2010

The second quarter of 2010 saw first-grade sovereign bond yields reach historically low levels following the public debt crisis in Greece, which eventually turned into a crisis on the euro. Bonds from euro zone countries in relatively better economic health were lifted by the markets' increased aversion to risk. German bonds were the major beneficiaries of the general flight to quality following concerns about the state of the peripheral economies (Greece, Portugal and Spain). The ECB left its key interest rate unchanged at 1%. Moreover, following the first bail-out of Greece, the euro zone member states decided to set up a stabilisation fund of over EUR 400bn. Announcements designed to restore investor confidence and the credibility of banking system included a loan package worth EUR 750bn, the decision by the ECB to buy government debt and numerous austerity plans.

General information

Net Asset Value
Calculated	Every business day
NAV class B capitalisation shares (07/09/2010)	1 026,49 EUR
NAV class A capitalisation shares (07/09/2010)	270,32 EUR
Latest dividend	10,05 EUR
Date of last dividend payment	---
CODES	Internal capitalisation code : 1061282000 Internal distribution code : 1061266000 ISIN capitalisation code : LU0093570769 ISIN distribution code : LU0093570686 WKN capitalisation code : 989647 WKN distribution code : 937800 SICOVAM capitalisation code : 959301 SICOVAM distribution code : 959300
Net assets (million)	212,99 EUR
Launch date	16/09/1988