The Investment Objective of the Fund in respect of each class is to achieve a positive return in the long term, which it seeks to achieve by investing globally, and without restriction, in government, corporate and convertible bonds and short-term securities and debt derivatives. The average portfolio duration of this Fund normally varies from one to eight years, based on the Investment Manager's forecast for interest rates. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. The Fund may invest in a diversified pool of corporate, government and convertible fixed income securities of varying maturities. The Fund may invest in both investment grade securities and high yield securities. Leverage is in the form of borrowing from the Custodian at interest rates which are agreed for short term periods (usually one week). It is utilized in order to create an opportunity for increased after-tax total return for the Fund. The Fund has a hedge/fixed income arbitrage investment approach. The Fund pursues also a bottom up strategy. Further investment approaches which are included in the trading strategy are: Diversified, Discretionary, Relative Value, Fundamental and Opportunistic investment approach.