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The investment objective of the Global High Yield Bond Fund is to seek to maximise total return, consistent with prudent investment management. The Fund invests at least two-thirds of its assets in a diversified portfolio of high yield Fixed Income Securities that are denominated in major world currencies and are rated lower than Baa by Moody's or BBB by S&P (or, if unrated, determined by the Investment Adviser to be of a comparable quality). The Fund may invest all of its assets in high yield securities subject to a maximum of 5% of its assets in securities rated lower than B by Moody's or S&P.