Fund Description

The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks of companies in the financial services industry, with qualifying derivatives counted toward this policy. It may also invest in companies such as financial software providers that derive at least 50% of revenues from financial services. The industry is defined broadly and may include banks, insurers, specialty finance, brokerages, exchanges, investment managers, transaction processors, real estate companies, and foreign firms. It uses fundamental, bottom-up analysis, with no market-cap limits, and may employ growth or value approaches; many holdings are expected to pay dividends. It typically invests mainly in U.S. stocks but may invest in foreign stocks.