The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in the common stocks of companies expected to benefit from the development and use of science and/or technology. Some of the companies that may be included in the portfolio operate in such industries as:

·information technology, including software, services, hardware, semiconductors, and technology equipment;

·telecommunication equipment and services;

·health care, including pharmaceuticals, biotechnology, life sciences, and health care equipment and services;

·business services and technology solutions;

·media, including advertising, broadcasting, cable and satellite, movies and entertainment, and publishing;

·internet commerce and advertising;

·alternative energy;

·aerospace and defense; and

·materials and chemicals.

Stock selection is based on intensive fundamental research that assesses companies’ business prospects, the valuations of their stocks, and their prospects for share price appreciation. The fund’s investments can range from small companies offering new technologies, including privately held companies and companies that only recently began to publicly trade, to large firms with established track records. Investments may also include companies positioned to benefit from advances in technology even if they are not direct technology providers.

While most assets are typically invested in U.S. common stocks, the fund may invest in foreign stocks, including issuers in emerging markets, in keeping with its objective(s).

The fund is “nondiversified,” meaning it may invest a greater portion of its assets in fewer issuers than is permissible for a “diversified” fund.