The fund mainly invests, directly or through derivatives, in European bonds. Specifically, the fund invests at least two thirds of total assets in debt securities that are issued or guaranteed by supranationals, sovereigns, sub-sovereigns, government owned or government guaranteed agencies in Europe or that are denominated in European currencies or in European covered bonds or covered bonds that are denominated in European currencies. The fund also invests at least one third of total assets in debt securities with a rating of AAA/Aaa or lower, but not lower than A-/A3, or equivalent. The funds modified duration is between -0.5 and +4.