The fund seeks to generate income by investing in high yield debt securities (sub-investment grade corporate bonds) denominated in European currencies while seeking to avoid the risk of defaults. The fund's average expected life to maturity or redemption will be three years or less. The Sub-Fund will invest mostly in lower quality corporate bonds, some of which may be purchased at a discount to face value and may, therefore, offer a potential for capital appreciation as well as high current income. Conversely, some bonds may be purchased at a premium in order to obtain a high yield, and the Sub-Fund may realize a capital loss on their disposition.