The fund seeks to achieve a total return from income and capital appreciation by investing principally in Euro or Sterling denominated fixed income securities that are rated below Investment Grade. The Portfolio will principally invest in fixed income securities issued by companies domiciled in Europe, or with significant European operations. The Portfolio may invest in CoCos (not exceeding 10% of the Portfolio’s Net Asset Value). Where securities are denominated in a currency other than Euro it is intended that they will typically be hedged back into Euro. The Portfolio may use financial derivative instruments for the purpose of reducing risks or costs, i.e. where the use of a financial derivative instrument is economically appropriate. The weighted average credit rating of the Portfolio is expected to be between Ba2 and B2 as rated by Moody’s (or equivalent).