The Fund seeks to achieve its investment objective of capital appreciation by investing in a non-diversified portfolio consisting primarily of equity securities or securities convertible into equity securities, such as common stocks, warrants, convertible bonds, debentures, or convertible preferred stock. Under normal circumstances, the Fund will invest at least 80% of its net assets in securities of companies located in Russia.

Please see important year-end tax reporting notice below

In order to allow adequate time for the annual year-end audit to be concluded prior to issuance of the Form 1099-DIV to shareholders, the Fund will file a 30 day extension with the Internal Revenue Service that extends the deadline for the Fund to issue Form 1099-DIV to shareholders. Based on this extension, you should receive your 1099-DIV no later than February 28, 2009. If you have any questions and wish to speak to a shareholder services representative, please call the Fund toll-free at 1-800-527-9525.

Important Disclosures, Please Read
Please refer to the prospectus for complete disclosure information, management fees, expenses and special risk considerations, and additional investment information. Read the prospectus carefully before you invest.
Investing in Russian companies involves significant risks and special considerations not typically associated with investing in United States securities, and should be considered highly speculative. The Fund is non-diversified under the Investment Company Act of 1940, as amended (the "1940 Act"). By investing in a limited number of industry sectors, the Fund may be more affected by any single economic, political or regulatory development relating to a specific sector and may not be suitable for all investors.
Investment products offered are not FDIC insured, may lose value and are not bank guaranteed.
Securities distributed through First Dominion Capital Corp., Principal Underwriter, 8730 Stony Point Pkwy, Suite 205, Richmond, VA 23235.