Fund Description

The fund normally invests at least 80% of net assets (plus borrowings for investment purposes), primarily in common stocks of health sciences companies involved in the discovery, development, production, or distribution of health care-related products or services, including biotechnology, pharmaceuticals, diagnostics, managed health care, and medical equipment and supplies. It invests in U.S. and foreign issuers and is normally tied economically to at least three countries, including developed and emerging markets. It invests at least 25% in medical research and health care industries, may use ETFs, invest up to 5% in royalty bonds, lend securities, use derivatives (including options and currency forwards), and engage in covered short sales. Security selection is based primarily on fundamental research.