Investment Objective The Sub-Fund investment objective is firstly to seek high income and secondary capital growth by investing in a broadly international high yield corporate debt securities over a long term period. Investment Policy The Sub-Fund is actively managed in order to capture opportunities in international high yield corporate debt. The following investment decisions are undertaken after comprehensive macroeconomic and microeconomic analysis of the market: sector allocation geographical allocation credit curve positioning (the credit curve illustrates the relationship between investment term and credit yield) issuer selection instrument selection The Sub-Fund invests mainly in high yield fixed or floating rate bonds issued mainly by US and European private companies. Such high return bonds have a rating lower than BBB- according to Standard & Poor’s, or equivalent rating (Moody's or any other rating agency), or are not rated. The selection of credit instruments is not exclusively and mechanically based on their publicly available credit ratings but also on an internal credit or market risk analysis. The decision to buy or sell assets is also based on other analysis criteria of the Investment Manager. Within the limit of 200% of the Sub-Fund’s net assets, the investment strategy may be achieved by direct investments or through derivatives, especially by entering into Credit Default Swaps. Derivatives may also be used for hedging purposes. The Share Class aims at hedging the foreign exchange risk resulting from the divergence between the reference currency of the Sub-Fund and the currency of this Share Class by using derivatives instruments whilst retaining the exposure to Investment Policy described above. Income For Capitalisation share classes (Cap), the dividend is reinvested. For Distribution share classes (Dis), the dividend is distributed. Sub-Fund Currency The reference currency of the Sub-Fund is USD. Investment Horizon This Sub-Fund may not be suitable for investors who plan to withdraw their contribution within 7 years. Processing of subscription and redemption orders The subscription, conversion or redemption orders must be received by the Registrar and Transfer Agent on any Valuation Day no later than 3 p.m. Luxembourg time. Orders will be processed at the Net Asset Value applicable to such Valuation Day. The investor's attention is drawn to the existence of potential additional processing time due to the possible involvement of intermediaries such as Financial Advisers or distributors. The Net Asset Value of this Sub-Fund is calculated on a daily basis.