The fund invests in companies around the world active in health science, production and distribution of medical products and drugs.

The investment process takes advantage of three contributing global trends; rising income, ageing population, and increasingly rapid innovation cycle. The fundamental research driven process looks for companies that are estimated to gain markets, developing new products that extends medical care to a new group of patients and/or have competitive and financial advantage in developing new products and services.

The globally diversified funds hold between 55 and 70 stocks and top 10 holdings account for about 40% of total assets. Geographically, the fund allocates about 66% investments in the U.S. and 27% in Europe and the rest in Asia.

The fund invests in companies around the world active in health science, production and distribution of medical products and drugs.

The investment process takes advantage of three contributing global trends; rising income, ageing population, and increasingly rapid innovation cycle. The fundamental research driven process looks for companies that are estimated to gain markets, developing new products that extends medical care to a new group of patients and/or have competitive and financial advantage in developing new products and services.

The globally diversified funds hold between 55 and 70 stocks and top 10 holdings account for about 40% of total assets. Geographically, the fund allocates about 66% investments in the U.S. and 27% in Europe and the rest in Asia.

The fund invests in companies around the world active in health science, production and distribution of medical products and drugs.

The investment process takes advantage of three contributing global trends; rising income, ageing population, and increasingly rapid innovation cycle. The fundamental research driven process looks for companies that are estimated to gain markets, developing new products that extends medical care to a new group of patients and/or have competitive and financial advantage in developing new products and services.

The globally diversified funds hold between 55 and 70 stocks and top 10 holdings account for about 40% of total assets. Geographically, the fund allocates about 66% investments in the U.S. and 27% in Europe and the rest in Asia.

The fund invests in companies around the world active in health science, production and distribution of medical products and drugs.

The investment process takes advantage of three contributing global trends; rising income, ageing population, and increasingly rapid innovation cycle. The fundamental research driven process looks for companies that are estimated to gain markets, developing new products that extends medical care to a new group of patients and/or have competitive and financial advantage in developing new products and services.

The globally diversified funds hold between 55 and 70 stocks and top 10 holdings account for about 40% of total assets. Geographically, the fund allocates about 66% investments in the U.S. and 27% in Europe and the rest in Asia.

The fund seeks capital appreciation by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team Invests in companies engaged in the research, development, manufacture, sale, or distribution of pharmaceuticals and drugs of all types.

The team focuses on companies whose duration, sustainability, as well as growth rates of cash flows are mispriced.

In selecting securities for the portfolio, the research team favors stocks demonstrating above-average growth potential over the long-term trading at below-average valuations.

The research process is driven by fundamental analysis of one stock at a time. As part of the process, the team evaluates drug portfolios and pipelines.

In addition, the team evaluates a company’s financial condition and industry position, as well as market and economic conditions.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The manager invests in domestic and foreign issuers.

The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of health care-related companies worldwide.

The team focuses on health-related companies, including companies in the pharmaceuticals, biotechnology, medical delivery, medical products, medical services, managed health care, health information services and emerging health-related subsectors.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will invest at least 25% of its net assets, in industries such as pharmaceuticals and biotechnology, medical products and health services.

Also, the fund will invest in securities of issuers located in a number of different countries throughout the world, including the United States.

However, the fund has no limit on the amount of assets that may be invested in each country.

The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of health care-related companies worldwide.

The team focuses on health-related companies, including companies in the pharmaceuticals, biotechnology, medical delivery, medical products, medical services, managed health care, health information services and emerging health-related subsectors.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will invest at least 25% of its net assets, in industries such as pharmaceuticals and biotechnology, medical products and health services.

Also, the fund will invest in securities of issuers located in a number of different countries throughout the world, including the United States.

However, the fund has no limit on the amount of assets that may be invested in each country.

The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of health care-related companies worldwide.

The team focuses on health-related companies, including companies in the pharmaceuticals, biotechnology, medical delivery, medical products, medical services, managed health care, health information services and emerging health-related subsectors.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will invest at least 25% of its net assets, in industries such as pharmaceuticals and biotechnology, medical products and health services.

Also, the fund will invest in securities of issuers located in a number of different countries throughout the world, including the United States.

However, the fund has no limit on the amount of assets that may be invested in each country.

The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of health care-related companies worldwide.

The team focuses on health-related companies, including companies in the pharmaceuticals, biotechnology, medical delivery, medical products, medical services, managed health care, health information services and emerging health-related subsectors.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will invest at least 25% of its net assets, in industries such as pharmaceuticals and biotechnology, medical products and health services.

Also, the fund will invest in securities of issuers located in a number of different countries throughout the world, including the United States.

However, the fund has no limit on the amount of assets that may be invested in each country.

The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of health care-related companies worldwide.

The team focuses on health-related companies, including companies in the pharmaceuticals, biotechnology, medical delivery, medical products, medical services, managed health care, health information services and emerging health-related subsectors.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will invest at least 25% of its net assets, in industries such as pharmaceuticals and biotechnology, medical products and health services.

Also, the fund will invest in securities of issuers located in a number of different countries throughout the world, including the United States.

However, the fund has no limit on the amount of assets that may be invested in each country.

The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of health care-related companies worldwide.

The team focuses on health-related companies, including companies in the pharmaceuticals, biotechnology, medical delivery, medical products, medical services, managed health care, health information services and emerging health-related subsectors.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will invest at least 25% of its net assets, in industries such as pharmaceuticals and biotechnology, medical products and health services.

Also, the fund will invest in securities of issuers located in a number of different countries throughout the world, including the United States.

However, the fund has no limit on the amount of assets that may be invested in each country.

The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of health care-related companies worldwide.

The team focuses on health-related companies, including companies in the pharmaceuticals, biotechnology, medical delivery, medical products, medical services, managed health care, health information services and emerging health-related subsectors.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will invest at least 25% of its net assets, in industries such as pharmaceuticals and biotechnology, medical products and health services.

Also, the fund will invest in securities of issuers located in a number of different countries throughout the world, including the United States.

However, the fund has no limit on the amount of assets that may be invested in each country.

The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of health care-related companies worldwide.

The team focuses on health-related companies, including companies in the pharmaceuticals, biotechnology, medical delivery, medical products, medical services, managed health care, health information services and emerging health-related subsectors.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will invest at least 25% of its net assets, in industries such as pharmaceuticals and biotechnology, medical products and health services.

Also, the fund will invest in securities of issuers located in a number of different countries throughout the world, including the United States.

However, the fund has no limit on the amount of assets that may be invested in each country.

The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of issuers engaged primarily in health care-related industries, and in derivatives and other instruments that have economic characteristics similar to such securities.

The team considers an issuer to be engaged in health care-related industries, if it derives50% or more of its gross income or its net sales from activities in the healthcare industry, or it devotes 50% or more of its assets to producing revenues from the health care industry.

Also, the team considers companies whose primary business is within the health care industry.

Issuers engaged in healthcare-related industries include those that design, manufacture, or sell products or services used for or in connection with health care or medicine.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies exhibiting attractive growth prospects relative to their current valuations.

Additionally, the team seeks to identify companies whose future growth prospects are not yet recognized by investors.

In analyzing specific industries, the team emphasizes companies with above-average growth and demand; below-average reimbursement risk; and high barriers to entry.

However, in analyzing specific issuers, the team looks for leading issuers with defensible franchises, niche-oriented products and/or services, potential to expand margins and improve profitability, superior earnings-per-share growth, balance sheet strength, and a capable management team.

Also, the team prefers companies that are trading at attractive valuations relative to valuation multiples.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of issuers engaged primarily in health care-related industries, and in derivatives and other instruments that have economic characteristics similar to such securities.

The team considers an issuer to be engaged in health care-related industries, if it derives50% or more of its gross income or its net sales from activities in the healthcare industry, or it devotes 50% or more of its assets to producing revenues from the health care industry.

Also, the team considers companies whose primary business is within the health care industry.

Issuers engaged in healthcare-related industries include those that design, manufacture, or sell products or services used for or in connection with health care or medicine.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies exhibiting attractive growth prospects relative to their current valuations.

Additionally, the team seeks to identify companies whose future growth prospects are not yet recognized by investors.

In analyzing specific industries, the team emphasizes companies with above-average growth and demand; below-average reimbursement risk; and high barriers to entry.

However, in analyzing specific issuers, the team looks for leading issuers with defensible franchises, niche-oriented products and/or services, potential to expand margins and improve profitability, superior earnings-per-share growth, balance sheet strength, and a capable management team.

Also, the team prefers companies that are trading at attractive valuations relative to valuation multiples.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of issuers engaged primarily in health care-related industries, and in derivatives and other instruments that have economic characteristics similar to such securities.

The team considers an issuer to be engaged in health care-related industries, if it derives50% or more of its gross income or its net sales from activities in the healthcare industry, or it devotes 50% or more of its assets to producing revenues from the health care industry.

Also, the team considers companies whose primary business is within the health care industry.

Issuers engaged in healthcare-related industries include those that design, manufacture, or sell products or services used for or in connection with health care or medicine.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies exhibiting attractive growth prospects relative to their current valuations.

Additionally, the team seeks to identify companies whose future growth prospects are not yet recognized by investors.

In analyzing specific industries, the team emphasizes companies with above-average growth and demand; below-average reimbursement risk; and high barriers to entry.

However, in analyzing specific issuers, the team looks for leading issuers with defensible franchises, niche-oriented products and/or services, potential to expand margins and improve profitability, superior earnings-per-share growth, balance sheet strength, and a capable management team.

Also, the team prefers companies that are trading at attractive valuations relative to valuation multiples.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of issuers engaged primarily in health care-related industries, and in derivatives and other instruments that have economic characteristics similar to such securities.

The team considers an issuer to be engaged in health care-related industries, if it derives50% or more of its gross income or its net sales from activities in the healthcare industry, or it devotes 50% or more of its assets to producing revenues from the health care industry.

Also, the team considers companies whose primary business is within the health care industry.

Issuers engaged in healthcare-related industries include those that design, manufacture, or sell products or services used for or in connection with health care or medicine.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies exhibiting attractive growth prospects relative to their current valuations.

Additionally, the team seeks to identify companies whose future growth prospects are not yet recognized by investors.

In analyzing specific industries, the team emphasizes companies with above-average growth and demand; below-average reimbursement risk; and high barriers to entry.

However, in analyzing specific issuers, the team looks for leading issuers with defensible franchises, niche-oriented products and/or services, potential to expand margins and improve profitability, superior earnings-per-share growth, balance sheet strength, and a capable management team.

Also, the team prefers companies that are trading at attractive valuations relative to valuation multiples.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of issuers engaged primarily in health care-related industries, and in derivatives and other instruments that have economic characteristics similar to such securities.

The team considers an issuer to be engaged in health care-related industries, if it derives50% or more of its gross income or its net sales from activities in the healthcare industry, or it devotes 50% or more of its assets to producing revenues from the health care industry.

Also, the team considers companies whose primary business is within the health care industry.

Issuers engaged in healthcare-related industries include those that design, manufacture, or sell products or services used for or in connection with health care or medicine.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies exhibiting attractive growth prospects relative to their current valuations.

Additionally, the team seeks to identify companies whose future growth prospects are not yet recognized by investors.

In analyzing specific industries, the team emphasizes companies with above-average growth and demand; below-average reimbursement risk; and high barriers to entry.

However, in analyzing specific issuers, the team looks for leading issuers with defensible franchises, niche-oriented products and/or services, potential to expand margins and improve profitability, superior earnings-per-share growth, balance sheet strength, and a capable management team.

Also, the team prefers companies that are trading at attractive valuations relative to valuation multiples.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

The fund seeks capital appreciation in the long term by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of companies that have a life science orientation.

The team focuses on companies engaged in research, development, production, or distribution of products or services related to health and personal care, medicine, or pharmaceuticals.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on a company’s growth potential, management strength, durable competitive advantages, returns on investment capital, and cash flow generation.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund invests in securities of U.S. and foreign companies exhibiting growth potential.

Also, the fund invests in issuers from several different countries, which may include the United States.

A security is deemed to be economically tied to a country or countries if the company is organized in, or its primary business office or principal trading market of its equity are located in, the country.

Also, a security is deemed to be economically tied to a country or countries if a majority of the company’s revenues are derived from one or more countries or a majority of the company’s assets are located in one or more countries.

The fund invests at least 25% of its net assets in securities of companies in industry groups such as pharmaceutical; biotechnology; health care services; and medical devices.

The fund may have exposure to emerging markets, and may invest in shares of companies through initial public offerings.

Additionally, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

The fund seeks capital appreciation in the long term by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of companies that have a life science orientation.

The team focuses on companies engaged in research, development, production, or distribution of products or services related to health and personal care, medicine, or pharmaceuticals.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on a company’s growth potential, management strength, durable competitive advantages, returns on investment capital, and cash flow generation.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund invests in securities of U.S. and foreign companies exhibiting growth potential.

Also, the fund invests in issuers from several different countries, which may include the United States.

A security is deemed to be economically tied to a country or countries if the company is organized in, or its primary business office or principal trading market of its equity are located in, the country.

Also, a security is deemed to be economically tied to a country or countries if a majority of the company’s revenues are derived from one or more countries or a majority of the company’s assets are located in one or more countries.

The fund invests at least 25% of its net assets in securities of companies in industry groups such as pharmaceutical; biotechnology; health care services; and medical devices.

The fund may have exposure to emerging markets, and may invest in shares of companies through initial public offerings.

Additionally, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

The fund seeks capital appreciation in the long term by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of companies that have a life science orientation.

The team focuses on companies engaged in research, development, production, or distribution of products or services related to health and personal care, medicine, or pharmaceuticals.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on a company’s growth potential, management strength, durable competitive advantages, returns on investment capital, and cash flow generation.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund invests in securities of U.S. and foreign companies exhibiting growth potential.

Also, the fund invests in issuers from several different countries, which may include the United States.

A security is deemed to be economically tied to a country or countries if the company is organized in, or its primary business office or principal trading market of its equity are located in, the country.

Also, a security is deemed to be economically tied to a country or countries if a majority of the company’s revenues are derived from one or more countries or a majority of the company’s assets are located in one or more countries.

The fund invests at least 25% of its net assets in securities of companies in industry groups such as pharmaceutical; biotechnology; health care services; and medical devices.

The fund may have exposure to emerging markets, and may invest in shares of companies through initial public offerings.

Additionally, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

The fund seeks capital appreciation in the long term by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of companies that have a life science orientation.

The team focuses on companies engaged in research, development, production, or distribution of products or services related to health and personal care, medicine, or pharmaceuticals.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on a company’s growth potential, management strength, durable competitive advantages, returns on investment capital, and cash flow generation.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund invests in securities of U.S. and foreign companies exhibiting growth potential.

Also, the fund invests in issuers from several different countries, which may include the United States.

A security is deemed to be economically tied to a country or countries if the company is organized in, or its primary business office or principal trading market of its equity are located in, the country.

Also, a security is deemed to be economically tied to a country or countries if a majority of the company’s revenues are derived from one or more countries or a majority of the company’s assets are located in one or more countries.

The fund invests at least 25% of its net assets in securities of companies in industry groups such as pharmaceutical; biotechnology; health care services; and medical devices.

The fund may have exposure to emerging markets, and may invest in shares of companies through initial public offerings.

Additionally, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

The fund seeks capital appreciation in the long term by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of companies that have a life science orientation.

The team focuses on companies engaged in research, development, production, or distribution of products or services related to health and personal care, medicine, or pharmaceuticals.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on a company’s growth potential, management strength, durable competitive advantages, returns on investment capital, and cash flow generation.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund invests in securities of U.S. and foreign companies exhibiting growth potential.

Also, the fund invests in issuers from several different countries, which may include the United States.

A security is deemed to be economically tied to a country or countries if the company is organized in, or its primary business office or principal trading market of its equity are located in, the country.

Also, a security is deemed to be economically tied to a country or countries if a majority of the company’s revenues are derived from one or more countries or a majority of the company’s assets are located in one or more countries.

The fund invests at least 25% of its net assets in securities of companies in industry groups such as pharmaceutical; biotechnology; health care services; and medical devices.

The fund may have exposure to emerging markets, and may invest in shares of companies through initial public offerings.

Additionally, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

The fund seeks capital appreciation in the long term by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of companies that have a life science orientation.

The team focuses on companies engaged in research, development, production, or distribution of products or services related to health and personal care, medicine, or pharmaceuticals.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on a company’s growth potential, management strength, durable competitive advantages, returns on investment capital, and cash flow generation.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund invests in securities of U.S. and foreign companies exhibiting growth potential.

Also, the fund invests in issuers from several different countries, which may include the United States.

A security is deemed to be economically tied to a country or countries if the company is organized in, or its primary business office or principal trading market of its equity are located in, the country.

Also, a security is deemed to be economically tied to a country or countries if a majority of the company’s revenues are derived from one or more countries or a majority of the company’s assets are located in one or more countries.

The fund invests at least 25% of its net assets in securities of companies in industry groups such as pharmaceutical; biotechnology; health care services; and medical devices.

The fund may have exposure to emerging markets, and may invest in shares of companies through initial public offerings.

Additionally, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

The fund seeks capital appreciation in the long term by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of companies that have a life science orientation.

The team focuses on companies engaged in research, development, production, or distribution of products or services related to health and personal care, medicine, or pharmaceuticals.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on a company’s growth potential, management strength, durable competitive advantages, returns on investment capital, and cash flow generation.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund invests in securities of U.S. and foreign companies exhibiting growth potential.

Also, the fund invests in issuers from several different countries, which may include the United States.

A security is deemed to be economically tied to a country or countries if the company is organized in, or its primary business office or principal trading market of its equity are located in, the country.

Also, a security is deemed to be economically tied to a country or countries if a majority of the company’s revenues are derived from one or more countries or a majority of the company’s assets are located in one or more countries.

The fund invests at least 25% of its net assets in securities of companies in industry groups such as pharmaceutical; biotechnology; health care services; and medical devices.

The fund may have exposure to emerging markets, and may invest in shares of companies through initial public offerings.

Additionally, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The Medical Fund invests all of its investable assets in the Medical Portfolio, a series of Kinetics Portfolios Trust.

Next, the research team invests significantly in common stocks, convertible securities, warrants and other equity securities having the characteristics of common stocks of U.S. and foreign companies engaged in medical research, pharmaceutical and medical technology industries and related technology industries.

Generally, the team emphasizes companies engaged in cancer research and drug development, such as pharmaceutical development companies, surgical and medical instrument manufacturers and developers, pharmaceutical manufacturers, and biotech and medical research companies.

As part of its fundamental analysis, the team looks at the amount of capital a company spends on research and development.

Other factors in consideration include reviewing a company’s balance sheets, corporate revenues, earnings and dividends.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest in exchange-traded funds and purchase and write options for hedging purposes and/or direct investment.

Also, the fund may invest up to 20% of its net assets in convertible and non-convertible debt securities rated below investment grade, or unrated securities of comparable quality.

Additionally, the fund may participate in securities lending arrangements with brokers, dealers, and financial institutions in order to increase the return on its portfolio.

During a temporary period, the fund may maintain a significant portion of its net assets in cash and securities, generally considered to be cash and cash equivalents, including, high quality, U.S. short-term debt securities and money market instruments.
 

The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The Medical Fund invests all of its investable assets in the Medical Portfolio, a series of Kinetics Portfolios Trust.

Next, the research team invests significantly in common stocks, convertible securities, warrants and other equity securities having the characteristics of common stocks of U.S. and foreign companies engaged in medical research, pharmaceutical and medical technology industries and related technology industries.

Generally, the team emphasizes companies engaged in cancer research and drug development, such as pharmaceutical development companies, surgical and medical instrument manufacturers and developers, pharmaceutical manufacturers, and biotech and medical research companies.

As part of its fundamental analysis, the team looks at the amount of capital a company spends on research and development.

Other factors in consideration include reviewing a company’s balance sheets, corporate revenues, earnings and dividends.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest in exchange-traded funds and purchase and write options for hedging purposes and/or direct investment.

Also, the fund may invest up to 20% of its net assets in convertible and non-convertible debt securities rated below investment grade, or unrated securities of comparable quality.

Additionally, the fund may participate in securities lending arrangements with brokers, dealers, and financial institutions in order to increase the return on its portfolio.

During a temporary period, the fund may maintain a significant portion of its net assets in cash and securities, generally considered to be cash and cash equivalents, including, high quality, U.S. short-term debt securities and money market instruments.
 

The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The Medical Fund invests all of its investable assets in the Medical Portfolio, a series of Kinetics Portfolios Trust.

Next, the research team invests significantly in common stocks, convertible securities, warrants and other equity securities having the characteristics of common stocks of U.S. and foreign companies engaged in medical research, pharmaceutical and medical technology industries and related technology industries.

Generally, the team emphasizes companies engaged in cancer research and drug development, such as pharmaceutical development companies, surgical and medical instrument manufacturers and developers, pharmaceutical manufacturers, and biotech and medical research companies.

As part of its fundamental analysis, the team looks at the amount of capital a company spends on research and development.

Other factors in consideration include reviewing a company’s balance sheets, corporate revenues, earnings and dividends.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest in exchange-traded funds and purchase and write options for hedging purposes and/or direct investment.

Also, the fund may invest up to 20% of its net assets in convertible and non-convertible debt securities rated below investment grade, or unrated securities of comparable quality.

Additionally, the fund may participate in securities lending arrangements with brokers, dealers, and financial institutions in order to increase the return on its portfolio.

During a temporary period, the fund may maintain a significant portion of its net assets in cash and securities, generally considered to be cash and cash equivalents, including, high quality, U.S. short-term debt securities and money market instruments.
 

The fund seeks capital appreciation by investing in companies engaged in research, development, distribution and marketing of healthcare products and services.

The investment team looks for innovative solutions providers or companies that can sell in the global market and generate positive returns regardless of economic conditions. The fund prefers to invest in companies that are either first-in-class or best-in-class solution providers and follows a bottom-up stock selection process.

The fund invests across all market capitalizations and about 90% of total assets are invested in above $3 billion.

The fund is diversified across all regions but the majority of its investments are in developed markets with more than 70% in the United States and the rest in Switzerland, Japan, U.K., France, Denmark and Germany.

The fund seeks capital appreciation by investing in companies engaged in research, development, distribution and marketing of healthcare products and services.

The investment team looks for innovative solutions providers or companies that can sell in the global market and generate positive returns regardless of economic conditions. The fund prefers to invest in companies that are either first-in-class or best-in-class solution providers and follows a bottom-up stock selection process.

The fund invests across all market capitalizations and about 90% of total assets are invested in above $3 billion.

The fund is diversified across all regions but the majority of its investments are in developed markets with more than 70% in the United States and the rest in Switzerland, Japan, U.K., France, Denmark and Germany.

The fund seeks capital appreciation by investing in companies engaged in research, development, distribution and marketing of healthcare products and services.

The investment team looks for innovative solutions providers or companies that can sell in the global market and generate positive returns regardless of economic conditions. The fund prefers to invest in companies that are either first-in-class or best-in-class solution providers and follows a bottom-up stock selection process.

The fund invests across all market capitalizations and about 90% of total assets are invested in above $3 billion.

The fund is diversified across all regions but the majority of its investments are in developed markets with more than 70% in the United States and the rest in Switzerland, Japan, U.K., France, Denmark and Germany.

The fund seeks capital appreciation by investing in companies engaged in research, development, distribution and marketing of healthcare products and services.

The investment team looks for innovative solutions providers or companies that can sell in the global market and generate positive returns regardless of economic conditions. The fund prefers to invest in companies that are either first-in-class or best-in-class solution providers and follows a bottom-up stock selection process.

The fund invests across all market capitalizations and about 90% of total assets are invested in above $3 billion.

The fund is diversified across all regions but the majority of its investments are in developed markets with more than 70% in the United States and the rest in Switzerland, Japan, U.K., France, Denmark and Germany.

The fund seeks capital appreciation by investing in companies engaged in research, development, distribution and marketing of healthcare products and services.

The investment team looks for innovative solutions providers or companies that can sell in the global market and generate positive returns regardless of economic conditions. The fund prefers to invest in companies that are either first-in-class or best-in-class solution providers and follows a bottom-up stock selection process.

The fund invests across all market capitalizations and about 90% of total assets are invested in above $3 billion.

The fund is diversified across all regions but the majority of its investments are in developed markets with more than 70% in the United States and the rest in Switzerland, Japan, U.K., France, Denmark and Germany.

The fund seeks capital appreciation in the long term by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in stocks of companies principally engaged in the development, production, or distribution of products and services related to the health care industry.

These companies include, among others, pharmaceutical firms, medical supply companies, and businesses that operate hospitals and other health care facilities.

The team may also consider companies engaged in medical, diagnostic, biochemical, and other research and development activities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest up to 50% of its assets in foreign stocks.

The fund seeks capital appreciation in the long term by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in stocks of companies principally engaged in the development, production, or distribution of products and services related to the health care industry.

These companies include, among others, pharmaceutical firms, medical supply companies, and businesses that operate hospitals and other health care facilities.

The team may also consider companies engaged in medical, diagnostic, biochemical, and other research and development activities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest up to 50% of its assets in foreign stocks.