The Sub-Fund invests mainly in a broad range of below Investment Grade debt and debt-related instruments denominated in any OECD currency and issued by companies, governments, local authorities and international public bodies or supranational bodies as well as Money Market Instruments in order to achieve its investment goals and/or for treasury purposes and/or in case of unfavourable market conditions and Credit Institution Deposits in order to achieve its investment goals and/or for treasury purposes and/or in case of unfavourable market conditions. The Sub-Fund may also invest in Investment Grade debt and debt-related instruments denominated in euro, USD or any other currency. The Sub-Fund has maximum flexibility to invest in a broad range of sectors and in any geographical region including Emerging Markets. The Sub-Fund"s investments may include, but are not limited to, subordinated bonds, senior bonds, preferred securities, perpetual bonds and convertible securities such as corporate hybrid bonds (up to 20% of its assets) and contingent convertible bonds (up to 10% of its assets). The maturity or call date of the bonds will generally be compatible with the Sub-Fund"s Maturity Date. The Sub- Fund may invest up to 20% of its assets in callable bonds maturing after the Maturity Date provided they have a first call date before the Sub-Fund"s Maturity Date.