The investment seeks long-term capital appreciation. The fund normally invests 80% of net assets in the equities of natural resources industries located in a number of different countries, one of which may be the United States. It may invest up to a maximum of 50% of net assets in any single industry that is engaged in specified natural resources. The fund may invest in: securities issued by companies that are not in natural resources industries; investment-grade corporate debt; repurchase agreements; and derivatives. It may also invest directly in commodities, including gold bullion and coins. The fund is nondiversified.