Investment Objective

The Fund will seek to achieve its objective primarily by locating, analyzing and investing among others directly or indirectly in a diversified portfolio of equity and equity derivatives, listed, quoted or traded on stock exchanges or over the counter (OTC) market and through investments in American  Depositary Receipts (ADRs) and or Depositary Receipts (GDRs) in new emerging, as well as established private growth-orientated enterprises in emerging markets, which are expected mainly to be those in Eastern Europe, Asia, Africa and Latin America and to hold and sell, distribute or otherwise dispose of the securities of such enterprises to produce, over a medium to long-term investment cycle of 2-10 years, significant capital appreciation.

The Fund may invest in securities of every kind including stocks, bonds, notes, debentures and other obligations. Subject to local regulations and consents, the Fund's investments may also take the form of partnerships, management participations, joint ventures and other forms of non- corporate investments, although no such investments are currently anticipated.