Permitted Investments and Concentration Rules. The sub-fund invests at least two thirds of its assets, less its cash and cash equivalents, in debt instruments (incl. convertible bonds, convertible notes and warrant-linked bonds), notes or similar fixed-rate or floating-rate debt securities and similar instruments, issued or guaranteed by "emerging market" debtors or debtors who carry on their business primarily in "emerging markets". "Emerging markets" are all markets included in the JPM Emerging Markets Bond Index as well as other countries which are at a similar stage of economic development or which are establishing new capital markets. The investments are diversified globally. In addition, the sub-fund may invest up to a third of its assets (less cash and cash equivalents) in debt securities and instruments (debentures, fixed-rate securities, bonds, notes and others) not complying with the requirements of its specific investment policy, in equity securities and instruments (shares, profit sharing certificates participatory certificates, etc.) of issuers all over the world, in convertible bonds, convertible notes and warrant-linked bonds of issuers all over the world and in investment undertakings. The total share of investments into units of other investment undertakings for transferable securities and comparable investment undertakings may not exceed 10% of the assets of the fund. The sub-fund may invest up to 25% of its assets in convertible and warrant-linked bonds and up to 10% in shares and other equity securities and instruments. Investments may be denominated in currencies other than the reference currency of the respective unit class.
Permitted Investments and Concentration Rules. The sub-fund invests at least two thirds of its assets, less its cash and cash equivalents, in debt instruments worldwide (incl. convertible bonds, convertible notes and warrant-linked bonds), notes or similar fixed-rate or floating-rate debt securities and similar instruments, issued or guaranteed by companies with low credit quality in the public or private sector as well as investment undertakings for transferable securities and comparable investment undertakings which invest the bulk of their assets in accordance with the policy of this sub-fund. The total share of investments into units of other investment undertakings for transferable securities and comparable investment undertakings may not exceed 10% of the assets of the sub-fund. Companies are considered to have "low credit quality" if they are rated BB or lower by the international rating agency Standard & Poor's or have a similar rating of another rating agency or have no rating. In addition, the sub-fund may invest up to a third of its assets (less cash and cash equivalents) in debt securities and instruments (debentures, fixed-rate securities, bonds, notes and others) not complying with the requirements of its specific investment policy, in equity securities and instruments (shares, profit sharing certificates participatory certificates, etc.) of issuers all over the world, in convertible bonds, convertible notes and warrant-linked bonds of issuers all over the world, in warrants on the permitted investments and in investment undertakings. The total share of investments into units of other investment undertakings for transferable securities and comparable investment undertakings may not exceed 10% of the assets of the sub-fund. The sub-fund may invest up to 25% of its assets in convertible and warrant-linked bonds and up to 10% in shares and other equity securities and instruments. Investments may be denominated in currencies other than the reference currency of the respective unit class.
Permitted Investments and Concentration Rules. To achieve its investment objective, the Sub-Fund makes the following investments:
