Fund Description

The fund invests at least 80% of net assets (plus any borrowings for investment purposes) in securities of issuers primarily engaged in health care-related industries, and in derivatives and other instruments with similar economic characteristics, while concentrating in domestic and foreign health care issuers. The fund uses various criteria to determine whether an issuer is engaged in health care-related industries, including whether it derives 50% or more of gross income or net sales from health care activities, devotes 50% or more of assets to producing health care revenues, or based on other available information, the portfolio manager determines its primary business is within the health care industry; other available information may include third-party industry classifications. It invests primarily in equities, including common and preferred stock and depositary receipts, across all market caps, may invest significantly in small- and mid-caps, and may invest up to 20% in emerging markets. It may use derivatives, including forward foreign currency contracts for hedging, and selects securities using a research-oriented bottom-up approach focused on issuer fundamentals.