The fund primarily invests in a diversified international portfolio of government and corporate bonds of high quality (with a rating of AAA to BBB-) from both developing and emerging markets, denominated in various currencies. Other than directly investing in government and corporate bonds, the fund may also invest in corporate bonds with a higher risk and therefore with a higher interest rate (so called high yield bonds, with a quality rating lower than BBB), in asset- backed securities (a security whose value and income payments are derived from and collateralized - or "backed" - by a specified pool of underlying assets), in mortgage-backed securities (a security whose value and income payments are derived from and collateralized - or "backed" - by mortgages) and/or in foreign currencies. Measured over a period of several years we aim to beat the performance of the benchmark Barclays Global Aggregate hedged (EUR). The investment decisions are based on our view on interest rate developments, extensive analysis of the macro economy, the market situation and on data from our models. In order to control the risk in the fund, we apply strict risk monitoring measures. The fund is intended for investors capable of assessing the risks should consider investing in this fund.