Fund Description

The fund invests at least 80% of net assets (plus investment borrowings) in natural resources investments, including securities of U.S. and foreign natural resources companies and other investments such as derivatives, futures and options, registered investment companies and ETFs, including those investing in commodities. Natural resources include energy commodities (such as oil, natural gas, coal and uranium), precious metals (such as gold and silver), diamond, base and ferrous metals, agricultural commodities, and fertilizer commodities (such as potash, phosphate and nitrogen). The fund seeks to implement an investment process that consists of both top-down and bottoms-up analysis; for top-down analysis, the adviser uses proprietary supply and demand models to form an outlook for a given commodity, and for bottoms-up analysis it uses its proprietary commodity price outlook to estimate intrinsic value for potential investments. It typically invests in equity and equity-related securities, may invest in debt (including below investment-grade), MLPs, securities issued in private placements, IPOs, and repurchase agreements, and may hold higher cash defensively; exposure may be limited to a small number of commodities.