In addition, the Fund may invest in the securities of those companies which derive a significant portion of their revenues or profits from Eastern Europe and Russia or have a significant portion of their assets in this region’s economies and in equity and debt securities of issuers that are linked to assets or currencies of Eastern Europe and Russia.

The Fund’s focused portfolio targeted at 50 positions consists mainly of shares of companies quoted on the region’s stock markets, although it may include other investments that the Investment Manager considers appropriate. One position may represent up to 30% of the total portfolio as measured at the time of investment.

The assets of the Foyil Eastern Europe & Russia Focused Fund are invested primarily in long and short positions in eastern European and Russian equities and equity related securities, including common and preferred stocks as well as convertible bonds.

As the investment objective is more likely to be achieved by implementing a policy that is flexible and adaptable, however, we may take advantage of investment opportunities in other types of securities such as fixed income securities, currencies, swaps and other financial instruments. The Fund may also employ leverage. The base currency of this Fund is denominated in U.S. dollars.