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To generate a total return in excess of the Merrill Lynch European Currency High Yield Constrained Index. The Sub-Fund invests at least two thirds of its net assets in fixed income investments rated below investment grade, at least one half of its net assets in investments issued by issuers domiciled or carrying out their business activities predominantly in the EU or other European countries whose sovereign long term debt rating is investment grade, at least two thirds in investments denominated in EU currencies.