Strategy And Objective

The investment objective of the Fund is long-term capital appreciation. The Fund seeks investments whose prices will increase over time. The Fund normally invests at least 80% of its investable assets in equity and equity-related securities of companies within the health sciences sector, such as pharmaceutical companies biotechnology companies, medical device manufacturers, healthcare service providers and health maintenance organizations (HMOs) and other companies that derive at least 50% of their assets, revenues or profits from operations in the healthcare sector. The group of industries in which the Fund concentrates its investments is known as its sector. The term investable assets refers to the Fund's net assets plus any borrowings for investment purposes. The Fund's investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions.