Fund Description

The fund invests primarily in equity securities of companies with substantial natural resource assets and, under normal circumstances, invests at least 80% of assets in such companies or in securities whose value is tied to natural resource assets, including derivatives to the extent they provide that exposure. It may invest in common and preferred stock, subscription rights, options and other stock-based derivatives, and securities convertible into common stock. Natural resource assets include precious, ferrous, nonferrous and strategic metals, water, hydrocarbons, timber land, underdeveloped real property, and agricultural products. The fund normally invests in a portfolio consisting of companies in a variety of natural resource related sectors, such as energy, chemicals, oil, gas, paper, mining, steel or agricultural products. Under certain circumstances, the fund may concentrate its investments in one or more of these sectors, and in addition the fund will concentrate its investments in one or more issuers in the natural resources related industries. It normally invests in U.S. and non-U.S. companies, including emerging markets. The fund will normally invest in securities denominated in both U.S. dollars and foreign currencies, and the fund may invest in securities of issuers with any market capitalization.