The objective of this Sub-Fund is to achieve a high income by investing in fixed and floating rate securities, with capital growth being a secondary consideration.
The Investment Manager will seek to achieve the objective of the Sub-Fund by investing essentially in a
broadly diversified portfolio of fixed income transferable debt securities issued in the US domestic market
by public or private companies and rated sub-investment grade (i.e. rated lower than BBB- according to
Standard & Poor’s or equivalent rating (Moody’s or other rating agency) or not rated) and credit default
swaps referencing such bonds. The net market exposure of the Sub-Fund will be between 75% and
150% of its net assets.