Fund Description

The fund invests mainly in common stocks of companies involved in mining, processing or dealing in gold or other metals or minerals, and may also invest in gold bullion, other physical metals, and precious metals-related ETFs, potentially allocating all assets to these securities. Under normal conditions, at least 80% of net assets plus borrowings are invested in these areas, including derivatives and other instruments that have economic characteristics similar to such securities, and it concentrates without limit in the metals, mining and minerals industries. It may invest in U.S. and foreign companies, including emerging markets and depositary receipts, across market caps. It may invest up to 20% in bullion, related metals, certificates or coins, and up to 25% in a subsidiary holding bullion, Gold ETFs, commodity-linked derivatives, and certain fixed-income used as margin/collateral. It may invest directly in derivative instruments, including options, which may be used for liquidity, hedging and investment purposes, and up to 25% of total assets can be subject to call options it sells, provided it will not write or purchase any call option that causes the value of the fund's calls on a particular security to exceed 3% of total assets; it may also use equity-linked notes to obtain exposure to gold or other precious metals/minerals mining companies and options thereon.