Fund Description

The fund was incepted in December 1992 and is managed by United States Trust Company of New York and U.S. Trust Company. The fund seeks long-term capital appreciation by investing primarily in companies that are in the energy and other natural resources groups of industries. The fund may also invest, to a more limited extent, in gold and other precious metal bullion and coins. Under normal circumstances, the fund invests at least 80% of its net assets in equity securities of U.S. and, to a lesser extent, foreign companies engaged in the energy and natural resources industries. These companies include those engaged in the discovery, development, production or distribution of energy or other natural resources and companies that develop technologies and furnish energy and natural resource supplies and services to these companies. Energy companies normally constitute a significant portion of the fund's investments, and the fund typically invests at least 50% of its assets in crude oil, petroleum and natural gas companies. The fund invests in companies of any size, including small, high growth companies. Dividends are distributed quarterly. Capital gains, if any, are distributed annually.