The investment seeks long-term capital appreciation. The fund normally invests at least 80% of net assets in equity securities of Russian companies. It may invest the other 20% of assets in debt securities issued by Russian companies and debt securities issued or guaranteed by the Russian government without any restrictions based on investment quality or maturity of the debt securities. It may also invest in securities of companies located outside of Russia, including countries from the former Soviet Union. The fund is nondiversified.