The investment objective of the Russia Sub-Fund is to provide long-term capital growth through exposure to companies in Russia. The Sub-Fund will invest at least 50% of its assets in securities of issuers domiciled in Russia. The Sub-Fund may also invest in securities of issuers not domiciled in Russia but which exercise a significant part of their economic activity in Russia. The Sub-Fund may also invest up to one third of its assets in securities of issuers domiciled, or which exercise a significant part of their economic activity, in Armenia, Azerbaijan, Belarus, Estonia, Georgia, Kazakhstan, Kyrgyzstan, Latvia, Lithuania, Moldova, Tajikistan, Turkmenistan, Ukraine and Uzbekistan. At least 75% of the Sub-Fund's assets will be invested in equity or equity-related securities (such as, but not limited to, ADRs and GDRs of the aforementioned issuers). Under normal market conditions, investment in debt instruments of any kind will not exceed 25% of the Sub-Fund's assets.