The Sub-Fund invests at least 67% of assets in bonds, and may invest up to 15% of assets in below-investment-grade securities. There are no currency constraints on these investments. The Sub-Fund makes use of derivatives to reduce various risks, for efficient portfolio management and as a way to gain exposure (long or short) to various assets, markets or other investment opportunities (including derivatives which focus on credit, interest rates and foreign exchange). The SubFund may use credit derivatives (up to 40% of net assets).