At least two thirds of the sub-funds net assets will be invested in: bonds and equivalent securities denominated in currencies of OECD member States, and/or issued by or guaranteed by an OECD member State, government agencies or local authorities established in an OECD member State, and at the time of their acquisition, having a long-term investment grade rating (i.e. minimum Baa3/BBB- granted by at least one of the three leading ratings agencies, i.e. Moodys, S&P & Fitch)