The Fund aims to generate income and capital growth over the medium to longer term. To achieve the investment objective the Fund will invest globally, predominantly in government bonds and bonds issued by: local authorities, supra-nationals, agencies and companies. The bonds held may include emerging market, other non-sterling, investment grade and high yield bonds. The Investment manager aims to position the Fund to take advantage of the areas of the market they see as having the best return potential, which can change over time. The Fund may also invest in other financial instruments, including equities, warrants, money market instruments, deposits, cash and near cash and units in collective investments schemes, which may be managed by UBS. The Fund may use derivatives (financial instruments whose value is linked to an underlying asset or index) with the aim of increasing returns, reducing risks or minimising costs. Use of derivatives may be occasionally significant. The Fund may invest more than 35% of scheme property in government and public securities issued by a single issuer.