Strategy. In managing the Fund, the adviser identifies companies that, in the advisers opinion, are developing solutions that help preserve natural resources, improve resource use, or reduce waste and are thus well positioned to benefit from growing demand for such investments. For purposes of the Funds name and investment theme, sustainable consumption refers to solutions that reduce human impact on natural resources in specific communities, regions or around the globe. For purposes of the Funds investment objective, companies that help preserve natural resources, improve resource use, or reduce waste include companies that currently are providing or investing in or are in the process of developing solutions or services to promote sustainable water systems, sustainable agriculture and food, sustainable production technologies, sustainable … Show more… In managing the Fund, the adviser identifies companies that, in the advisers opinion, are developing solutions that help preserve natural resources, improve resource use, or reduce waste and are thus well positioned to benefit from growing demand for such investments. For purposes of the Funds name and investment theme, sustainable consumption refers to solutions that reduce human impact on natural resources in specific communities, regions or around the globe. For purposes of the Funds investment objective, companies that help preserve natural resources, improve resource use, or reduce waste include companies that currently are providing or investing in or are in the process of developing solutions or services to promote sustainable water systems, sustainable agriculture and food, sustainable production technologies, sustainable materials and design, and recycling products. The Fund is a thematic fund meaning that the Fund seeks to identify and invest in companies that are relevant to the investment theme of sustainable consumption. Companies are selected in relation to the following key sub-themes: Sustainable Water Systems Companies that the adviser believes are providing sustainable water solutions, including water purification, waste water management and water sanitation as well as companies contributing to water conservation and industrial water recycling. Sustainable Agriculture and Food Companies that the adviser believes are focused on sustainable agricultural processes such as precision agriculture technology, alternative farming and efficient food processes as well as companies that the adviser believes are focused on sustainable food practices such as developing plant-based alternatives and organic and diverse food options. Sustainable Production Technologies Companies that the adviser believes are facilitating the reduction of waste and minimizing use of natural resources by enabling technologies, improving operating efficiency, improving utilization of existing products, or shortening product design cycles. Sustainable Materials and Design Companies that the adviser believes are focused on production and use of renewable, recyclable and environmentally friendly materials, including responsible forest management, sustainable packaging solutions, and sustainable design technologies. Recycling and Re-Use Companies that the adviser believes focused on recycling, particularly of plastic and metal products, waste management companies contributing to reduction of landfill waste, and companies facilitating re-use of consumer products and machinery. These sub-themes may change from time to time as businesses, technologies, products, services, and practices evolve or emerge to facilitate sustainable consumption. Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of companies that further or engage in sustainable consumption activities as determined by the adviser based on its sustainable investment inclusion process (the 80% policy). Assets means net assets, plus the amount of borrowings for investment purposes. In implementing its main strategies, the Fund invests primarily in common stocks, depositary receipts and real estate investment trusts (REITs). The Fund is not managed to an index and may invest in equity securities in both U.S. and foreign markets, including emerging markets. The Fund may invest a significant portion of its assets in small capitalization companies and have significant positions in specific sectors or markets from time to time. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts to gain or reduce exposure to equity markets, maintain liquidity and minimize transaction costs. In managing cash flows, the Fund may use futures contracts to invest incoming cash in the market or sell futures contracts in response to cash outflows, thereby gaining equity market exposure while maintaining a cash balance for liquidity. The Fund is non-diversified and may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. Investment Process : The Fund is an actively managed Fund and applies the investment process described below to select investments for the Fund, other than its investments in derivatives and money market funds. The adviser begins with a universe of over 10,000 stocks of companies of all capitalization levels in both developed and emerging markets as potential investments for the Fund. In identifying companies that are facilitating sustainable consumption from the starting universe, the adviser uses the following three steps. Exclusionary Framework: As an initial step, the Fund seeks to avoid investing in companies that the adviser has determined, based on its exclusionary framework, to be significantly involved in certain business activities or industries, such as white phosphorous, conventional weapons, or thermal coal. This exclusionary framework relies on multiple data inputs, including information from third-party providers who identify an issuers participation in or the revenue which they derive from activities that are inconsistent with values- and norms-based screens. The adviser may modify the exclusionary framework without notice to shareholders to, among other things, modify the data inputs, change third-party data providers, or add or remove certain business activities or industries from the screening process. Identification of Opportunity Set: After applying the exclusionary framework, the adviser uses its proprietary system, known as Themebot to help identify companies that are facilitating sustainable consumption through their products and services. Themebot is designed to recognize key words and concepts that the adviser believes are attributable to such companies. Through natural language processing, Themebot analyzes public documentation such as regulatory filings, broker reports, news reports or company profiles sourced directly from the applicable company or third parties. As part of its process, Themebot determines textual relevance (based, in part, on the occurrences of key words and phrases), and revenues from the products or services that the adviser has identified as facilitating sustainable consumption. Based on this processing, Themebot systematically ranks stocks based on textual relevance and revenue attribution to help the adviser prioritize its review of individual companies for inclusion in the portfolio. Sustainable Investment Inclusion Process: The adviser then reviews individual securities using the advisers proprietary sustainable investment inclusion process to identify securities that the adviser believes are facilitating sustainable consumption. For all companies reviewed by the adviser under the sustainable investment inclusion process, the adviser analyzes: (1) the applicable environmental and/or social benefits associated with a companys products and services and how they are facilitating sustainable consumption, (2) the risks to the company, including whether there are business activities in other areas that could negate the positive benefits created by the companys products or services, and (3) the governance qualifications of the company such as an evaluation of management structure, employee practices, remuneration of staff and tax compliance. The process also uses a revenue threshold of 20% (subject to change as determined by the adviser from time to time) to determine whether a companys products and services facilitate sustainable consumption subject to review by the adviser to determine whether such revenue is reasonably attributable to such products or services. For companies that are identified as being below the revenue threshold or where the adviser determines that revenue is not available, relevant or meaningful, the adviser may still determine that the company facilitates sustainable consumption based on one or more of the following considerations: (1) an identification of who benefits from the companys products and services, (2) the scale and scope of the companys products and services, and (3) the social or environmental outcomes associated with the companys products and services and whether such outcomes would happen without such products or services. Only companies that the adviser has identified as facilitating sustainable consumption under the sustainable investment inclusion process are eligible for inclusion under the Funds 80% policy. Security Selection . After identifying the companies that it believes are facilitating sustainable consumption, the adviser selects securities using an active, bottom-up investment approach to determine which companies are best positioned to achieve the Funds objective of long-term capital appreciation based on fundamental analysis, including ongoing discussions between the advisers stewardship team and/or investment team and companies (also known as engagement). For purposes of the Funds 80% policy, the adviser is not limited to companies identified by Themebot and may add companies that have not been identified by Themebot but which the adviser has determined to be facilitating sustainable consumption using the sustainable investment inclusion process. If a company ceases to qualify as a company that facilitates sustainable consumption, the adviser may sell the security or alternatively retain the security if the adviser believes the company can resolve the issue in the short-term based on the adviser's engagement with the company or other available information. Up to 20% of the Funds Assets may be invested in cash and cash equivalents, derivatives, and investments that do not satisfy the advisers sustainable investment inclusion process and/or in investments that are not directly related to the sub-themes listed above. In addition, for temporary defensive purposes, any portion of the Funds total assets may be invested in cash and cash equivalents, including affiliated money market funds. Show less