The investment objective of the Fund is to achieve capital growth by investing in a portfolio of Russian and other NIS securities, which are primarily neither listed on a securities exchange nor traded on a recognized market, or which are so listed or traded, but have a small or medium market capitalization. The Fund aims to achieve this objective by investing 100% of its assets in the Cyprus Subsidiary. Under normal circumstances, a minimum of 60% of gross assets is invested in Russian securities, with a maximum of 40% of gross assets being invested in other NIS securities. In making its investments, the Fund may invest a maximum of 75% of gross assets in the securities of issuers not listed on an NIS stock exchange or on a recognized NIS OTC market. The Fund may achieve its investment objective through investing a maximum of 10% of its gross assets in other funds.