The investment objective of the fund is medium-long term capital appreciation through investment on a global basis in a diversified portfolio of bonds and leading equity securities. The fund is permitted to invest in Russian traded equities but, given the focus of the fund, it is not currently envisaged that the exposure to Russian traded equities will exceed 5% of net assets. Equity securities represent ownership interests in a company or corporation and include common stock (which are issued by a company to allow holders to subscribe for additional securities issued by the company) and any security that is convertible into or exchangeable for common stock. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. The value of convertible equity securities is also affected by prevailing interest rates, the credit quality of the issuer and any call provisions.