The Fund intends to pursue its investment objective by investing primarily, under normal market conditions, in Emerging Markets securities; these include common and preferred shares, depositary receipts, convertible securities, rights, warrants and other equity derivatives. The Fund's main geographical focus is Eastern European and the former Soviet Union countries.

The Fund's investment manager may seek to diversify the Fund's investment portfolio and/or gain exposure to high-yield securities by investing in Emerging Markets fixed income instruments (including lower-grade debt). For defensive purposes and pending investment of sales proceeds the Fund's investment manager may invest without limitation in investment-grade debt securities, money market instruments, cash and cash equivalents.

The Fund's investment manager seeks to apply active management combining "top-down", "bottom-up" and quantitative strategies to identify investment opportunities. "Top-down" approach is primarily employed for asset allocation across asset classes, geographical regions and industrial sectors to identify core portfolio holdings with considerable holding periods. "Bottom-up" fundamental research is used to analyze individual issuers to identify undervalued securities with high growth potential. Quantitative techniques are used to exploit short-term market inefficiencies.

The Fund's investment manager may purchase and sell certain derivative instruments, such as futures, forwards and options as substitutes for direct investment in underlying securities or as means to hedge against losses from movements in stock markets, currency or interest rates. Using derivatives can be less expensive and more flexible than investing in certain markets or holding certain assets directly.

The Fund's portfolio is not linked to any index.