The investment objective of the Fund is to provide investors with a total return, taking into account both capital and income returns, which reflects the return of the iBoxx Euro Liquid High Yield Index. In order to achieve this investment objective, the investment policy of the Fund is to invest in a portfolio of fixed income securities that as far as possible and practicable consist of the component securities of the iBoxx Euro Liquid High Yield Index, this Fund’s Benchmark Index.