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The fund's objective is to achieve a relatively high income with the possibility of capital growth from a portfolio of government, corporate and high yield bonds. The fund may also invest in foreign currency denominated bonds which will invariably be hedged back into sterling. The asset allocation is derived from a cross cycle optimal allocation which is subsequently adjusted to reflect spread reversion potential and market drivers. Active management of duration relative to the benchmark (ML £ Large Cap Index) will assume low importance and is primarily a function of asset allocation, credit and sector selection. Interest rate decisions may be played out across sterling, dollar and euro yield curves.