Fund Description

The fund invests mainly in common stocks of large and midsize companies worldwide with favorable investment potential. Under normal circumstances, it invests at least 80% of net assets in securities of companies in the health care industries, including makers of health care supplies, providers of health care-related services, and firms involved in the research, development, production and marketing of pharmaceuticals and biotechnology products. It may buy undervalued stocks and considers valuation, financial strength, growth potential, competitive position, projected earnings, cash flows and dividends. The fund may use derivatives for hedging or non-hedging and may short sell. Under normal market conditions, the fund intends to invest in at least five different countries and at least 40% of its net assets in securities of foreign companies (or, if less, at least the percentage of net assets that is ten percentage points less than the percentage of the fund's benchmark represented by foreign companies, as determined by the providers of the benchmark).