Fund Description

The fund seeks investments whose prices will increase over time. It normally invests at least 80% of its investable assets (net assets plus any borrowings for investment purposes) in equity and equity-related securities of health sciences companies, including pharmaceutical and biotechnology companies, medical device manufacturers, healthcare service providers and HMOs, and other companies deriving at least 50% of assets, revenues or profits from Health Care sector operations. The fund invests in securities of issuers among a number of different countries throughout the world, one of which is the United States. The fund has no limit on the amount of assets that must be invested in each country. However, the fund's investments in the securities of non-U.S. issuers ("foreign securities"), including stocks and other equity-related securities, are limited to 35% of the fund's total assets. It may participate in IPOs. The equity and equity-related securities in which the fund primarily invests are common stocks, nonconvertible preferred stocks and convertible securities, and the portfolio managers use fundamental and quantitative analyses to select individual securities.