The investment objective of the Fund is to achieve long‑term capital gain in Sterling. It will be the policy of the Fund to seek to achieve its investment objective through investment principally in income bearing or accruing securities with fixed principal amounts including government bonds, corporate bonds, junior debt securities, preferred Shares, convertible securities and contingent capital notes. The securities in which the Fund will invest will include both fixed interest and floating interest instruments, may have dated or undated maturities and need not be of investment grade as defined by Standard & Poor’s or an equivalent rating agency. The Fund may also invest in securities described above which have not sought a credit rating from an international credit rating agency.