ZMSB aims to provide a high level of interest income by actively managing a diversified portfolio of government and corporate bonds around the globe, including emerging markets. The bond pool consists of both investment grade and non-investment grade bonds. Securities are selected using fundamental analysis of credit ratings as well as using quantitative and other research methods. ZMSB can invest up to 30% in underlying funds managed by issuer or one of their affiliates or associates. It can also use derivatives, such as options, futures, forward contracts, interest rate and credit defaults swaps for both hedging and non-hedging purposes. To provide additional income and manage volatility ZMSB may also enter into securities lending, repurchase and reverse repurchase transactions and short selling.