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

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of companies principally engaged in gold-related activities, instruments that derive their value from gold, gold coins and bullion.

A company principally engaged in gold-related activities is one that derives at least 50% of its revenues from gold-related activities, including the exploration, mining or processing of or dealing in gold.

The team favors companies that represent value opportunities and/or that have growth potential within their market niche.

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

The fund invests 25% or more of its net assets in the gold-mining industry.

In addition, the fund may invest up to 25% of its net assets in gold and silver coins, gold, silver, platinum and palladium bullion and exchange-traded funds.

Also, the fund invests in securities of companies with economic ties to countries throughout the world, including the U.S.

However, the fund will invest in securities of issuers from a number of different countries, which may include emerging market countries.

The fund may invest in non-U.S. dollar denominated securities.

Also, the fund is considered to be non-diversified which means that it may invest a larger portion of its assets in a single issuer.

The fund may gain exposure to gold bullion and other metals by investing up to 25% of its net assets in a wholly owned subsidiary of the fund (the Subsidiary). The Subsidiary primarily invests in gold bullion, gold futures and other instruments that provide direct or indirect exposure to gold, including ETFs, and also may invest in silver, platinum and palladium bullion and futures.

In addition, the fund may use derivative instruments, such as structured notes, futures, options, warrants, currency forwards and swap agreements, to gain or hedge exposure.

The fund may invest up to 20% of its net assets in securities issued by other investment companies, including ETFs.

Also, the fund has the flexibility to invest in money market funds.

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

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of companies principally engaged in gold-related activities, instruments that derive their value from gold, gold coins and bullion.

A company principally engaged in gold-related activities is one that derives at least 50% of its revenues from More