The fund invests in upstream natural resource companies, which are companies that engage in upstream activities, such as exploration, extraction, and development of resources. Specifically, the fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of natural resource companies. The fund defines natural resource companies as companies engaged in the upstream extraction of energy, minerals, and agriculture products. The fund references the MSCI GICS (Global Industry Classification Standard) Materials sector, Energy sector, or Consumer Staples – Food Products sector to identify such companies. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy.

The fund uses fundamental, bottom-up analysis and may invest in companies of any market capitalization. The adviser may use both growth and value approaches in selecting investments for the fund.

The fund normally invests in stocks of U.S. and foreign companies in keeping with its objective. The fund relies on MSCI Inc., a third-party provider of benchmark indexes and data services, or another unaffiliated data provider to determine the country assigned to a security.

The fund is nondiversified, which means it may invest a greater percentage of its assets in a particular issuer than is permissible for a diversified fund.