Fund Description

The fund invests at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of foreign and domestic issuers principally engaged in gold-related activities and in gold bullion. The adviser seeks stocks viewed as undervalued with favorable growth prospects, assessing factors such as capitalization per ounce of gold production, capitalization per ounce of recoverable reserves, management quality, and the issuer's ability to create shareholder wealth. With much gold production outside the U.S., the fund may hold significant foreign and emerging market securities. The adviser establishes target sell values through research and may sell if fundamentals deteriorate or the investment case changes.