Gold & Special Minerals Fund 1 

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Focus: The Strategy typically invests in stocks of companies that provide exposure to gold and other precious metals.


Shanquan Li
Senior Vice President and Portfolio Manager
Managed fund since 7/97


The portfolio manager combines industry-wide or "top-down" analysis with rigorous company-specific, or "bottom-up,"  fundamental analysis to find prospective investments. He searches in particular for high-quality mining firms with multiple projects and diversified regional exposure. Finding those stocks is a matter of careful and meticulous research into individual companies, the quality of their reserves, the cost of developing those reserves, an objective analysis of their prospects for long-term growth and determing appropriate valuations.


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Gold & Special Minerals Fund Commentary
Portfolio Commentary
Special Risks: Investments in mining and metal industry companies may be speculative and may be subject to volatility. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Emerging and developing market investments may be especially volatile. Large sector holdings may expose investors to greater volatility and special risks associated with that sector. Investments in securities of growth companies may be volatile. Derivative instruments whose values depend on the performance of an underlying security, asset, interest rate, index or currency, entail potentially higher volatility and risk of loss compared to traditional stock or bond investments. Small and mid-sized company stock is typically more volatile than that of larger, more established businesses, as these stocks tend to be more sensitive to changes in earnings expectations. It may take a substantial period of time to realize a gain on an investment in a small or mid-sized company, if any gain is realized at all. The Fund invests in Gold ETFs, which involve additional fees and risks. The Fund is classified as a ?non-diversified? fund and may invest a greater portion of its assets in the securities of a single issuer. The Fund may also invest through a wholly-owned Cayman Islands subsidiary, which is subject to the laws of the Cayman Islands and involves the risk that changes to those laws could negatively affect the Fund.

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