Strategy. The Fund seeks to maximize total return by primarily investing in companies that BFA believes are expected to enable and/or benefit from the transition to a lower greenhouse gas emissions economy. The Fund focuses its investments on companies that are driving the reduction of greenhouse gases across all segments of the market and that provide solutions for the mitigation and/or adaptation to climate change, climate change risk or which are in the process of making their business models more resilient to the long-term risks presented by climate change and resource depletion. In normal market conditions, the Fund will seek to invest in a relatively concentrated portfolio of equity securities across multiple sub-themes driven by this future climate theme, including (without … Show more… The Fund seeks to maximize total return by primarily investing in companies that BFA believes are expected to enable and/or benefit from the transition to a lower greenhouse gas emissions economy. The Fund focuses its investments on companies that are driving the reduction of greenhouse gases across all segments of the market and that provide solutions for the mitigation and/or adaptation to climate change, climate change risk or which are in the process of making their business models more resilient to the long-term risks presented by climate change and resource depletion. In normal market conditions, the Fund will seek to invest in a relatively concentrated portfolio of equity securities across multiple sub-themes driven by this future climate theme, including (without limitation) clean power, resource efficiency, sustainable nutrition, biodiversity and clean transport. Resource efficiency encompasses investing in companies shifting the economy towards a model where goods are recycled, shared, re-used, or used for longer, along with companies that are focused on more efficient and sustainable use of resources. The Fund may invest in equity securities issued by U.S. and non-U.S. companies in any market capitalization range, including companies located in emerging markets. In constructing and managing the Funds portfolio, BFA will evaluate certain environmental criteria of securities, including metrics related to carbon intensity and carbon emissions generated by the companies that issued those securities, utilizing proprietary BFA research. Companies are rated by BFA based on their ability to manage the risks and opportunities associated with the future climate theme and their environmental, social and governance (ESG) risk and opportunity credentials, such as: (i) their leadership and governance framework, which is considered essential for sustainable growth; (ii) their ability to strategically manage longer-term issues surrounding ESG and the potential impact this may have on a companys financials and (iii) their alignment with the United Nations Sustainable Development Goals (UN SDGs). The UN SDGs are a series of goals published by the United Nations which recognize that ending poverty and other deprivations must go hand-in-hand with improvements in health, education and economic growth, and a reduction in inequalities, all while tackling climate change and working to preserve the planets oceans and forests. The Fund may invest in issuers in select higher emissions sectors, where such issuers have adopted specific alignment targets to reduce carbon intensity. While the Fund does not currently intend to invest in certain other higher emissions sectors such as oil & gas and gas utilities, if the Fund were to do so in the future, the issuers in these sectors would also be subject to specific alignment targets. In addition, the Fund will not invest in companies currently operating in the following industries: coal & consumable fuels, oil & gas exploration & production, integrated oil & gas, tobacco, distillers & vintners, brewers, casinos & gaming and firearms & weapons. Further, the Fund will not invest in companies which have been identified by a third party ratings agency as violating the United Nations Global Compact. Equity securities in which the Fund may invest include common stocks, preferred stocks, convertible securities, warrants, depositary receipts, exchange-traded funds (ETFs) and equity interests in real estate investment trusts (REITs) and master limited partnerships (MLPs). The Fund may invest in certain futures contracts. The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies. Show less