So investiert der AZ Fund 1 Bond Target 2021 Equity Options A-AZ Fund EUR Acc Fonds: In the period between Initial Investment Period end (i.e., 3 months from the date of launch of the Sub-fund, unless exceptions specified in Appendix II concerning the subscription and conversion lists apply) and the "target date" of 31 December 2017, with a view to generating a positive return, the Sub-fund shall normally invest in a portfolio including mainly bonds with a residual life in line with the "target date" and secondarily perform a dynamic management of the equity items. The Sub-fund may therefore hold government and supranational bonds in its portfolio as well as corporate bonds with high credit ratings (investment grade) and – to a limited extent – below the investment grade. The Sub-fund is not subject to any restrictions in terms of geographical area or currency denomination.