The investment objective of the Portfolio is to achieve longterm capital growth. The Portfolio will pursue this objective by investing, under normal circumstances, primarily, and at all times at least two-thirds of its assets, in equity securities of companies domiciled, with primary operations, or significantly impacted by developments in emerging market countries. Within this investment framework, the Portfolio may invest in companies of any size and in any sub-sector of the emerging-markets sector. The Investment Manager currently anticipates that under normal market conditions the Portfolio will invest at least 65% of the total assets of the Portfolio in at least three emerging-market countries. The Investment Manager will seek to invest the Portfolio's assets in the equity securities of emerging-markets companies in a manner intended to result in superior liquidity, which investment may take the form, for example, of the purchase of ADRs or GDRs or their equivalent.