So investiert der AZ Fund 1 Institutional Target A-AZ Fund Acc Fonds: The Sub-fund shall direct its investments with a view to generating a positive return on a calendar year basis (from 1 January to 31 December), linked to interest and inflation trends. For this purpose, investments will mainly be directed towards bond market instruments with ratings at least of investment grade level. The Sub-fund may also hold Exchange – Traded Commodities (ETC) upon the condition that they are classed as transferable securities pursuant to article 2 of the Luxembourg Regulation of 8 February 2008 concerning some provisions included in the law dated 20 December 2002 and subsequent amendments.