The objective of the sub-fund is to offer investors, by means of an active portfolio management, exposure to debt securities of issuers worldwide. The sub-fund invests mainly in fixed or floating rate bonds and/or other debt securities (including, but not limited to, perpetual notes and structured products), denominated in any currency and issued by (public and/or private) issuers worldwide. The majority of these transferable securities or, failing this, the issuers, must have a minimum rating of BBB-/Baa3 ('investment grade') on the scales used by S&P and Moody's rating agencies.