The investment objective is to maximize total investment return consisting of a combination of interest income, capital appreciation and currency gains by investing in a portfolio of fixed and floating rate debt securities and debt obligations issued or guaranteed by governments, corporate and other entities in the emerging markets in Europe, Asia, Africa and South America. Such investments will consist of, inter alia, securities listed on the Moscow Interbank Currency Exchange (MICEX). The Sub-Fund seeks returns that are substantially higher than in traditional fixed income funds. The Sub-Fund primarily makes commitments in local currencies, but also looks for opportunities in hard currencies such as USD, EUR and JPY. Foreign cur¬rency exposures may be hedged in full or in part against EUR. This Sub-Fund may also invest in closed and open-ended country funds which primarily invest in the same type of securities as described above. The Sub-Fund may also invest in warrants.