Fund Description

The fund seeks to provide investors the opportunity to participate in the investment characteristics of gold by investing at least 80% of net assets (plus any borrowings) in gold and/or gold-related securities, including securities directly related to gold, which may include both equity and, to a limited extent, debt instruments, and securities of issuers principally engaged in the gold industry. Up to 20% may be invested in instruments unrelated to gold. It anticipates substantial foreign investments and may invest up to 20% of total assets in debt securities, as well as fixed income without regard to rating or maturity, short-term debt, other precious metals, and precious-metals futures. The fund is non-diversified and may invest up to 25% of total assets in a wholly-owned and controlled Cayman Islands subsidiary that generally invests in commodities and related instruments (primarily gold bullion, other precious metals, and related futures contracts).