The objective of the Sub-fund is to seek high income, in USD, from an actively managed bond portfolio. Capital growth is a secondary objective. The Sub-Fund invests in Sub-Investment Grade fixed and floating rate debt securities issued in the United States.Specifically, the Sub-Fund invests essentially in Sub-Investment Grade fixed income transferable debt securities issued by private or public companies in the US domestic market, and in credit default swaps referencing such bonds. If securities are unrated, they must be judged equivalent to those levels by the Investment Manager.