The Fund aims to achieve a high level of income together with long-term capital growth. The Fund seeks to achieve its objective by investing primarily in non-investment grade debt securities denominated in Euro, which may include convertibles and unrated debt securities. Up to 30% of the NAV of the Fund may be invested in cash, cash equivalents, Money Market Instruments and other debt securities not meeting the above requirements. The Fund may invest up to 20% of its NAV in securities which are either in default or deemed to be at high risk of default as determined by the SICAV (“Distressed Securities”). The Fund may invest up to 10% of its NAV in contingent convertibles.