Strategy. Under normal circumstances the Fund seeks to achieve its investment objective by investing at least 80% of its assets in equity securities of U.S. and non-U.S. companies, including emerging market companies that meet the Advisers environmental, social, and corporate governance (ESG) criteria, described below, at the time of investment. The Funds 80% policy is a non-fundamental investment policy that can be changed by the Fund upon 60 days prior written notice to shareholders. Equity securities include common stocks and American depositary receipts (ADRs) of companies of any capitalization size, including large-cap, mid-cap and small-cap companies, that the Adviser believes present an attractive opportunity for long-term capital appreciation. In selecting investments for the Fund, the Adviser seeks to identify companies across … Show more… Under normal circumstances the Fund seeks to achieve its investment objective by investing at least 80% of its assets in equity securities of U.S. and non-U.S. companies, including emerging market companies that meet the Advisers environmental, social, and corporate governance (ESG) criteria, described below, at the time of investment. The Funds 80% policy is a non-fundamental investment policy that can be changed by the Fund upon 60 days prior written notice to shareholders. Equity securities include common stocks and American depositary receipts (ADRs) of companies of any capitalization size, including large-cap, mid-cap and small-cap companies, that the Adviser believes present an attractive opportunity for long-term capital appreciation. In selecting investments for the Fund, the Adviser seeks to identify companies across the globe with diverse leadership that are focused on creating a just, sustainable and inclusive world, in accordance with the Advisers investment thesis that, over the long term, the markets will reward companies that focus on solving major social and environmental issues. The Advisers approach to selecting companies for investment has three parts: (1) assessing for alignment with the Advisers six solutions themes; (2) screening for diversity in leadership; and (3) performing financial analysis with an ESG lens. Alignment with Solutions Themes. The Adviser has identified six solutions themes, which the Adviser believes are among the most critical social and environmental issues confronting our planet, our economies, and society: 1) Sustainable Planet Climate change reversal and mitigation, including fossil-fuel free, non-extractive renewable energy, energy-efficient technology, sustainable design and engineering services. 2) Affordable Housing Environmentally friendly housing promoting development of community. 3) Sustainable & Affordable Transportation An emphasis on products and systems that eliminate or reduce damaging emissions, while also expanding access to clean transportation alternatives across income levels. 4) Natural & Organic Foods Promotion of products and services supporting sustainable agriculture, access to healthy food and a healthier planet. 5) Healthcare Focusing on both innovation and access, including prevention, early detection, womens health, innovative cancer treatments and unmet medical needs addressing the HIV/AIDS and COVID-19 pandemics and other infectious diseases disproportionately affecting women and people of color. 6) Education, Communications, & Financial Services Access to basic banking and financial literacy that expand opportunities and level the playing field for underserved populations with historically limited access. Services and technology to improve education access and facilitate positive communication. The Adviser seeks to identify companies offering products and/or services, including those in development, that the Adviser believes are or are expected to contribute to improving conditions in one or more of categories covered by the six solutions themes. Which theme is prioritized for analysis for a particular company is dependent upon the companys sector and industry. Among other things, the Adviser uses the Sustainable Accounting Standards Board (SASB) standards to identify which solutions themes are most critical for each sector and industry and could therefore most materially impact a particular company and its potential future value. Once the Adviser has identified a companys fit within the solutions themes, the Adviser performs an analysis of the companys potential for impact with respect to the identified solution theme both on an absolute basis and as compared to its peer companies, the companys industry and the general market. To conduct this analysis, the Adviser seeks to gather and identify numerical and descriptive data that depicts where a companys impact has been, is currently, and where it is directionally likely to go. Because these categories differ greatly, the approach to analysis varies but generally includes both quantitative data (for example, measurements of greenhouse gas emissions) and qualitative assessment (for example, demonstrated prioritization of research and treatment of healthcare needs, with particular attention to women and people of color). The Adviser seeks companies whose core business model, products, and/or services contributes to addressing one or more of the Advisers solutions themes, and whose management is committed to improving diversity, equity and inclusion practices within the company. As a result of the Advisers focus on companies providing products and/or services that align with one or more of the solutions themes, the Adviser expects that the Fund will invest primarily in companies from the following sectors: Health Care; Technology; Communications; Industrials; Consumer Staples; Financials; Consumer Discretionary; Real Estate; Utilities; and Energy. Diversity in Leadership. In selecting its universe of investments, the Adviser seeks to identify those companies that meet the Advisers diversity criteria with regards to leadership positions both at the executive management and board of directors levels. The Advisers diversity criteria are representation based and vary based on a companys sector and geographic location. Companies must satisfy the Advisers diversity criteria as of the time of investment in order to be eligible for investment by the Fund. Among other things, the criteria include a requirement for inclusion of women in a companys leadership positions. Financial Analysis with an ESG Lens. The Adviser seeks to identify companies that present an attractive opportunity for long-term capital appreciation based on an assessment of a companys fundamental business properties and ESG related policies and practices. The Advisers view is that both traditional financial analysis and ESG considerations may reveal disparities between a company and its competitors and identify operational resilience (or lack thereof), and should therefore inform the Advisers views on the overall attractiveness of a companys prospects. The Adviser considers a companys fundamental business properties using traditional methods of financial statement analysis, including quantitative analysis, proprietary valuation methods, and financial analysis in order to assess each company on the basis of historical and expected future performance. This involves trend and ratio analysis, and observation of growth rates, margins, leverage ratios, and cash flow yield, among other things. Analysis of a companys financial prospects may also include broader considerations such as assessment of a companys overall business strategy and evaluation of market conditions, both for a companys specific product/service, as well as the macroeconomic environment. The Adviser also incorporates into this analysis consideration of a companys ESG policies and practices, in accordance with the Advisers view that these factors contribute towards a companys financial prospects. The Adviser typically uses the SASB standards as a starting point for identifying which ESG policies and practices are more critical for a company, depending on its sector and industry. Environmental factors considered by the Adviser may include assessment of a companys policies and practices regarding greenhouse gas emissions, air quality, energy management, water & wastewater management, waste & hazardous materials management, and a companys overall ecological impacts. The Adviser assesses a companys social performance across a wide range of metrics which may include community relations, customer privacy, data security, access & affordability, product quality & safety, customer welfare, selling practices and product labeling. Human capital factors considered may include labor practices, employee health and safety measures, and employee engagement, diversity and inclusion. Which ESG factors are prioritized for analysis will vary depending on a companys business line and industry and different combinations of these issues will be prioritized for different companies. The Adviser may also consider factors that may not directly impact a companys value in the near-term yet reflect a companys impact on its stakeholders and/or the environment, based on the Advisers view that such impacts can enhance a companys value in the long-term. Based on the totality of the foregoing analysis, which combines the various quantitative and qualitative data considered, the Adviser develops a view of a company and an investment thesis. The Adviser will seek to use its influence as an investor, both through the application of the Advisers proxy voting guidelines and through dialogue with management of companies in the portfolio, to encourage portfolio companies to further their positive impact in the areas of the solutions themes, social justice and enhance their ESG policies and practices. The Adviser will monitor and seek to measure whether the Funds investments are achieving the desired impacts on an ongoing basis. Some of the metrics that the Adviser will review to attempt to measure impact include the number of proxies voted with relevant impact topics, the number of shareholder resolutions filed or joined, the percentage of votes received in favor of filed resolutions, and the number of portfolio companies that receive strategic or operational support from the Adviser to improve ESG policies and practices and the status of those improvements. The Adviser may sell an investment when, in the Advisers estimation, an investment no longer presents an attractive opportunity for long-term capital appreciation, if a company no longer satisfies the Advisers leadership diversity criteria, if a company no longer aligns with any of the solutions themes , or if the Adviser identifies other more attractive investments. Show less