The investment objective of the Fund is to provide income and capital growth. The Fund seeks to achieve its objective by investing in fixed and floating rate securities worldwide. Whilst the Fund has the power generally to invest in the asset classes, it will invest at least 80% of its assets in Sterling denominated (or hedged back to Sterling) securities rated below investment grade by Standard & Poor’s (i.e. below BBB minus) or Moody’s (i.e. below Baa3) or an equivalent external rating agency under normal market conditions. The Fund will invest no more than 5% of its assets in a single below investment grade issue at the time of purchase of such issue. The Fund may satisfy this requirement by investing in unrated bonds or hybrid bonds but not through convertibles, preference shares and permanent interest bearing shares (PIBs), although the Fund may invest the remainder of its assets (up to 20% of the Fund’s assets) in these investments.