Fiscal Year End
|| Natural Resources
The investment objective is to provide long-term capital appreciation by investing primarily in the common stocks of companies that own or develop natural resources and other basic commodities and in the stocks of selected nonresource growth companies.
To invest about two-thirds of fund assets in the common stocks of natural resource companies where earnings and tangible assets could benefit from accelerating inflation.
Individuals seeking superior capital appreciation who are concerned about the threat of accelerating inflation and who seek to invest in natural resource companies. Investors should be able to accept the risk of a fund that may underperform when economic growth is slowing and the level of inflation is low. Appropriate for both regular and tax-deferred accounts, such as IRAs.
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This fund gives investors a way to access the unique benefits of natural resource stocks at home or abroad, which could perform better than stocks in general when inflation is rising. During economic expansions, demand increases for some of the nation's largest industries, including construction and manufacturing. Because tangible assets are the raw materials that fuel many of these industries, natural resource stocks could provide particularly strong growth potential in a growing economy.
The fund may underperform when economic growth is slowing and the level of inflation is low. Because of the cyclical nature of natural resource companies, their stock prices and rates of earnings growth may follow an irregular path. Factors such as natural disasters, declining currencies, market illiquidity, or political instability in commodity-rich nations could also have a negative impact on various portfolio holdings and cause a drop in share prices.