Strategy. The Fund seeks to achieve its investment objective by investing primarily in a high-conviction global equity portfolio of companies the portfolio managers believe have the potential to contribute solutions to the worlds major social and environmental challenges. The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of companies that the portfolio managers believe satisfy their criteria for positive social or environmental impact. The Adviser measures this impact by applying the Regnan Taxonomy, as described below, in conjunction with a proprietary impact assessment, by the portfolio managers. This impact assessment is based upon qualitative and quantitative assessment, including the measurement of the activities that currently … Show more… The Fund seeks to achieve its investment objective by investing primarily in a high-conviction global equity portfolio of companies the portfolio managers believe have the potential to contribute solutions to the worlds major social and environmental challenges. The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of companies that the portfolio managers believe satisfy their criteria for positive social or environmental impact. The Adviser measures this impact by applying the Regnan Taxonomy, as described below, in conjunction with a proprietary impact assessment, by the portfolio managers. This impact assessment is based upon qualitative and quantitative assessment, including the measurement of the activities that currently constitute, or that the portfolio managers expect over the long term will constitute, a significant portion (i.e., at least 30%) of a companys business (using metrics that may include, without limitation, any of the following: revenues, earnings, capital expenditures, research and development investment, or book value). The Fund gains exposure to equity securities either directly or indirectly, through equity-linked instruments such as participatory notes or index exchange-traded funds (ETFs), and may invest in preferred stocks. Under normal market conditions, the Fund will invest at least 40% of its assets in companies located in countries other than the U.S., including developing, frontier market or emerging market countries. Notwithstanding, the Fund may invest a percentage lower than 40% in such non-U.S. securities if the weighting of non-U.S. securities in the Funds performance benchmark (currently the MSCI ACWI Investable Market Index) drops below 45%, in which case the Funds minimum level for investments in non-U.S. securities must remain within 5% of the benchmarks weighting. Under normal circumstances, the Fund expects to invest in a range of countries, typically at least 10 different countries. While the Fund may invest in companies of any size, the portfolio managers investment approach will typically result in a bias toward investment in small and mid-capitalization companies, including initial public offerings (IPOs). The Funds high-conviction investment approach may result in the Fund having significant exposure to one or a handful of economic sectors, however the Fund will not concentrate its investments in a particular industry. The Funds investment strategy is built on the belief that companies that undertake to solve the challenges increasingly faced by the environment and society are well-positioned for growth in the future, particularly where the need for a solution to a particular challenge remains largely unmet. The portfolio managers believe that these underserved environmental and societal needs will result in demand for a product or service that is scarcely available, so companies that are able to fulfill these needs should therefore be rewarded with revenue growth over time, as the size of the market into which they sell their core products or services grows. The portfolio managers believe that this is particularly true if a companys solution uses a degree of technological ingenuity or a differentiated approach. The portfolio managers seek to invest in companies that sell products or services that are at the early stages of their adoption, as the economic value of such products and services tends, in the portfolio managers view, to be underestimated by the market. The stage at which the portfolio managers choose to invest may vary by industry or by product, although in each case, the portfolio managers generally intend to invest before a companys full value is recognized by the broader market. For purposes of establishing the Funds investment universe, the portfolio managers make use of a proprietary research framework, referred to as the Regnan Taxonomy, in an effort to gain exposure to truly mission-driven companies that are able to drive additional positive impacts through the sale of an innovative solution to a particular environmental or social problem. In identifying investment opportunities, the Regnan Taxonomy seeks to: (i) understand and identify the underlying environmental and social problems which need to be addressed; (ii) identify the products and services that contribute to finding solutions to these problems; and (iii) identify suitable companies that are selling these products and services. In identifying the underlying environmental and social problems to be addressed, the Regnan Taxonomy draws on the targets that underlie the 17 United Nations Sustainable Development Goals (the UN SDGs). The UN SDGs may change over time, and the Regnan Taxonomy may also incorporate other goals linked to other sustainability frameworks as determined by the Adviser. The Regnan Taxonomy uses proprietary research to determine which companies derive a significant portion of their revenue from producing the products and services that contribute to finding solutions to these problems. Once the investment universe is established, the portfolio managers undertake qualitative analyses of potential candidates, including a fundamental business analysis and an extensive impact assessment that seeks to evaluate companies potential to drive a positive impact in the future. Following the impact assessment, the portfolio managers then undertake a comprehensive value analysis and a risk assessment. The value analysis looks at the value that each holding is expected to generate and whether the value is distributed equitably to all stakeholders. The risk assessment seeks to identify the key risks that could potentially derail the company, what kinds and levels of risks are acceptable, how the risks can be monitored, and whether the company could be encouraged to address the risks through engagement with the portfolio managers. The intended outcome of the investment process is a portfolio that will typically consist of between 25 and 50 companies. The portfolio managers select companies without regard to the Funds performance benchmark and expects to depart significantly from the holdings and weightings in that benchmark. The portfolio managers add issuers to the Funds portfolio typically with the intention of holding the securities for longer periods (typically at least 5 years), which is expected to result in a relatively low portfolio turnover rate that aligns with the Funds long-term investment outlook. Although the Fund did not invest significantly in derivatives instruments as of the most recent fiscal year end, it may do so at any time. Show less