The Sub-Fund's investment objective is to achieve long-term capital appreciation. The Sub-Fund seeks to achieve its investment objective by investing, directly or indirectly,(i.e., at least 65% of its total net assets) in equities of small companies located in or with Substantial Ties to China. For the purpose of this Sub-Fund: China includes the Peoples Republic of China, its administrative and other districts, such as Hong Kong, as well as Taiwan.