Fund Description

The fund, under normal circumstances, invests at least 80% of net assets (plus any borrowings for investment purposes) in securities of issuers engaged in energy-related industries and in derivatives and other instruments with similar economic characteristics, primarily equity securities such as common stock. It concentrates in energy-related industries, generally across integrated oil and gas, oil and gas equipment and services, and exploration/production, with weightings adjusted for economic conditions. It may invest up to 100% in foreign issuers, including emerging markets, across all capitalization sizes. It can invest in derivative instruments, including forward foreign currency contracts, and can use forward foreign currency contracts to seek to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated. It is non-diversified and uses bottom-up fundamental analysis emphasizing valuation and risk/reward.