Fund Description

The fund invests at least 80% of net assets in securities of biotechnology companies and discovery research firms, primarily equities. Eligible companies derive at least 50% of earnings from biotechnology activities or devote at least 50% of assets to such activities, including research, development, manufacture, and distribution of biotechnological or biomedical products, services, and processes such as genomics, genetic engineering, and gene therapy, and applications in health care, pharmaceuticals, and agriculture. Up to 20% may be invested in equity or debt of any issuer. It is non-diversified and may invest substantially in smaller-cap companies. Under normal conditions it invests more in U.S. securities than any other single country, and the fund's investments in foreign securities will not exceed 20% of its total assets, including depositary receipts. The manager uses research-driven, fundamental, bottom-up growth investing.