Fund Description

The fund normally invests at least 80% of its assets in securities of companies principally engaged in the design, manufacture, or sale of semiconductors and semiconductor equipment, including manufacturers of semiconductor equipment and related products. It normally invests primarily in common stocks of domestic and foreign issuers. In applying its 80% policy, a company may be deemed principally engaged based on the level of assets, income, sales, or profits tied to the activity, or third-party industry or sector classifications. Derivative instruments providing exposure to these investments or related market risk factors are included in the 80% policy. The fund uses fundamental analysis of issuers' financial condition and industry position, as well as market and economic conditions, to select investments.