The long-term investment objective is to achieve a performance slightly above that of the corresponding segment of the euro (EUR) short-term bond market. The fund invests at least 2/3 in debt securities issued by public authorities or private borrowers without geographical limitation. The fund may also invest to a limited extent in convertible and warrant issues, investment grade, Contingent Convertible Bonds and UCITS and UCIs (including ETFs). At least 2/3 of the investments are denominated in EUR. The average maturity of the portfolio will not exceed 5 years.