p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_znZAreVVcob" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"spanspan style="font-size: 11pt"The Adviser uses a matrix of “top-down” macro models and “bottom-up” micro stock selection models to determine weighting in countries, sectors and individual securities. The Adviser believes government policies are a precursor to change, and as a result, it monitors and tracks the fiscal and monetary policies of the world’s largest countries both in terms of economic stature and population./span/span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"spanspan style="font-size: 11pt" /span/span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"spanspan style="font-size: 11pt"The Adviser focuses on historical and socioeconomic cycles, and it applies both statistical and fundamental models, including “growth at a reasonable price” (GARP), to identify companies with superior growth and value metrics. The Adviser overlays these explicit knowledge models with the tacit knowledge obtained by domestic and global travel for first-hand observation of local and geopolitical conditions, as well as specific companies and projects./span/span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"spanspan style="font-size: 11pt" /span/span/p p id="xdx_982_eoef--StrategyPortfolioConcentration_c20260501__20260501__dei--LegalEntityAxis__custom--S000004782Member_zTMO7kI1UyZ3" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"spanspan style="font-size: 11pt"Under normal market conditions, the fund will invest at least 80% of its net assets in equity and equity-related securities of companies involved in the natural resources industries, which include, among others, the following industries: natural gas, integrated oil companies, hard rock or oil and gas drilling, oil and gas exploration and production, oil and gas refining, oilfield equipment/services, aluminum, chemicals, base metals and specialty minerals, gold and precious metals, iron and steel, paper and forest products, agricultural products and commodities, agricultural producers and agricultural product wholesalers, containers and packaging, including packaged food companies, companies that supply materials to or generate wind, solar and hydro power or store energy, and uranium./span/span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"spanspan style="font-size: 11pt" /span/span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"spanspan style="font-size: 11pt"The equity and equity-related securities in which the fund primarily invests include common stocks, preferred stocks, convertible securities, rights and warrants, options, exchange-traded funds (“ETFs”) that represent interests in, or related to, natural resources, and depository receipts (American Depository Receipts (ADRs) and Global Depository Receipts (GDRs)). The fund also participates in private placements, initial public offerings (IPOs), and long-term equity anticipation securities (LEAPS)./span/span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"spanspan style="font-size: 11pt" /span/span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"spanspan style="font-size: 11pt"The fund may receive warrants when it participates in a private placement. The warrants are provided by the issuer of the private placement as an incentive for investing in the initial financing of the company. The holder of a warrant has the right, until the warrant expires, to sell the warrant or to purchase a given number of shares of a particular issue at a specified price./span/span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"spanspan style="font-size: 11pt" /span/span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"spanspan style="font-size: 11pt"The fund may also short positions in the fund’s portfolio that are considered by the Adviser to be overvalued in an effort to realize a valuation discrepancy. A short position generally involves the sale of a security that the fund has borrowed (but does not own) with the expectation that the price of the security will decrease in value, enabling the fund to repurchase the security later at the lower price./span/span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"spanspan style="font-size: 11pt" /span/span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"spanspan style="font-size: 11pt"For its “bottom-up” selection strategy, the Adviser looks at a company’s relative rankings with respect to expected future growth in reserves, production and cash flow. Additionally, the Adviser also considers relative valuation multiples to earnings/span/span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"spanspan style="font-size: 11pt"and cash flow, expected net asset value, balance sheet quality, working capital needs and overall profitability measured by returns on invested capital./span/span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"spanspan style="font-size: 11pt" /span/span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"spanspan style="font-size: 11pt"The fund will invest in securities of companies with economic ties to countries throughout the world, including emerging markets and the U.S. Under normal market conditions, the fund will invest at least 40% of its assets in securities of companies that are economically tied to at least three countries other than the U.S. The fund may invest in companies which may be domiciled in one country but have economic ties to another country. In determining if a company is economically tied to a country, the fund will consider various factors, including the country in which the company’s principal operations are located; the country in which the company’s mining or natural resource reserves are located; the country in which at least 50% of the company’s revenues or profits are derived from goods produced or sold, investments made, or services performed; the country in which the principal trading market is located; and the country in which the company is legally organized./span/span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"spanspan style="font-size: 11pt" /span/span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"spanspan style="font-size: 11pt"The fund also may purchase call and put options, and enter into covered option writing transactions. In addition, the fund may invest up to 15% of its net assets in illiquid securities./span/span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"spanspan style="font-size: 11pt" /span/span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"spanspan style="font-size: 11pt"The Adviser uses a matrix of statistical models to monitor market volatility and money flows, and as a result, the fund may at times maintain higher than normal cash levels. For example, the Adviser may take a temporary defensive position when the securities trading markets or the economy are experiencing excessive volatility, a prolonged general decline, or other adverse conditions./span/span/p