A Sub-Fund invested, at least two-thirds (2/3rds) of its assets, in bonds, other fixed or floating-rate debt securities and short-term debt securities of non-governmental issuers denominated in EUR and graded either BBB, BB or equivalent by the rating agencies. Up to one-third (1/3rd) of the Sub-Fund's assets may be invested in: debt securities of governmental issuers, debt securities denominated in other currencies (including emerging market currencies), debt securities graded above BBB or below BB but not lower than B, or of equivalent quality in the opinion of the Investment Manager, Coco Bonds and/or in Cash and Cash Equivalents