The fund seeks a high level of current income and the potential for capital appreciation by investing in hybrid bonds (‘Hybrids’), that is, debt securities with equity-like features. The portfolio will be primarily invested in Hybrids issued by non-financial institutions (corporate Hybrids) and by financial institutions (financial Hybrids), including contingent convertibles, as well as in other subordinated financial debt and preference shares. These investments include investment grade and noninvestment grade assets. The Investment Manager is not restricted in its choice of companies either by region or country and will choose bonds largely determined by the availability of attractive investment opportunities. The fund may also invest in other transferable securities, units/shares of UCITS/or other UCIs, Money Market Instruments, cash and deposits.