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The Fund’s investment objective is primarily to achieve capital appreciation through investment in a diversified portfolio of equity securities of Resource Issuers engaged in oil and gas or mining exploration, development or production or other forms of energy production, pulp and paper, forestry industries, or energy product and related resource businesses, such as pipeline or services companies and utilities.

The Investment Advisor will assist the Fund in selecting investments in common shares and other securities of Resource Issuers, including junior Resource Issuers, in accordance with the investment strategies and guidelines outlined herein, with the objective of achieving capital appreciation for the Fund’s shareholders. Such investments may include short selling of securities which the Investment Advisor believes are overvalued.

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