The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in the common stocks of companies the adviser expects to generate a majority of their revenues from the development, advancement, and use of technology. The fund’s primary emphasis is on the common stocks of what the adviser considers to be leading technology companies around the world. The adviser normally seeks to invest in at least 5 countries and allocates approximately 25% of the fund’s assets in stocks of companies outside the U.S., including companies in emerging markets. However, the amount of the fund’s assets invested in foreign securities will vary depending on the portfolio manager’s view of opportunities overseas versus those in the U.S. Some of the industries and companies likely to be represented in the fund’s portfolio include:

·communications - voice, data, and wireless;

·computer - hardware and software;

·e-commerce (companies doing business through the Internet) and data processing services;

·fintech - digital payments and software;

·industrials - electric vehicles and software;

·internet infrastructure - hardware, software, and networking equipment;

·media and entertainment; and

·semiconductors - components and equipment.

Technology continues to gain share in all sectors of the economy globally including, but not limited to, traditional technology, IT hardware and services, e-commerce, fintech, and the industrial complex. Therefore, the adviser seeks to invest across a broad range of global enterprises.

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. The fund may at times maintain a relatively concentrated portfolio, particularly when the fund’s top holdings outperform the remainder of the portfolio.

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