The fund seeks capital appreciation in the long term by investing in companies across any size in the United States.

The investment process is designed to highlight companies in the benchmark index that are engaged in energy-related industries.

The investment team considers companies in energy-related industries to include oil companies, oil and gas exploration companies, natural gas pipeline companies, refinery companies, energy conservation companies, coal companies, alternative energy companies and innovative energy technology companies.

Then the research process is driven by fundamental analysis of one stock at a time. The research team focuses on companies operated by proven management teams and superior assets trading at attractive valuations.

The research team emphasizes on valuation and risk/reward profiles of potential investments.

In evaluating companies, the team relies on valuation multiples such as cash flow, net asset value, and earnings.

As part of its top-down macroeconomic research, the research team assesses factors such as worldwide economic activity, government policy, employment, inflation, supply/demand dynamics, currency market dynamics, international trade, technological advances.

Other factors include business, equity and credit market cycle analysis.

Then the manager constructs a portfolio from a list of companies favored by the research team and allocates capital based on its conviction level.

The manager generally invests among the three main energy sub-industries, such as integrated oil and gas issuers, oil and gas equipment and services issuers, and oil and gas exploration/production issuers.

The portfolio holds a more limited number of securities than other comparable funds.

The fund has the flexibility to invest in derivative instruments, including forward foreign currency contracts.

The fund may invest up to 100% of its net assets in securities of foreign issuers doing business in energy-related industries, which may include securities of issuers located in emerging markets countries.

The fund seeks capital appreciation in the long term by investing in companies across any size in the United States.

The investment process is designed to highlight companies in the benchmark index that are engaged in energy-related industries.

The investment team considers companies in energy-related industries to include oil companies, oil and gas exploration companies, natural gas pipeline companies, refinery companies, energy conservation companies, coal companies, alternative energy companies and innovative energy technology companies.

Then the research process is driven by fundamental analysis of one stock at a time. The research team focuses More