Strategy. In managing the Fund, the adviser identifies companies that, in the advisers opinion, are developing solutions to address climate change and are thus well positioned to benefit from growing demand for such solutions. For purposes of the Funds investment objective, companies that are developing solutions to address climate change include companies that currently are providing solutions to climate change, are in the process of creating solutions to address climate change, or implementing business practices in response to climate change. 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 climate change solutions. Companies are selected in relation to the following key sub-themes: ? Sustainable Transportation … Show more… In managing the Fund, the adviser identifies companies that, in the advisers opinion, are developing solutions to address climate change and are thus well positioned to benefit from growing demand for such solutions. For purposes of the Funds investment objective, companies that are developing solutions to address climate change include companies that currently are providing solutions to climate change, are in the process of creating solutions to address climate change, or implementing business practices in response to climate change. 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 climate change solutions. Companies are selected in relation to the following key sub-themes: ? Sustainable Transportation Companies that the adviser believes are investing in sustainable forms of transportation across automobiles, trains and planes ? Sustainable Construction Companies that the adviser believes are developing less carbon-intense forms of construction, including energy efficiency of buildings and cement and steel construction ? Sustainable Food and Water Companies that the adviser believes are investing in less carbon-intense forms of agriculture, sustainable food, or clean water ? Renewable Energy and Electrification Companies that the adviser believes are developing less carbon intensive energy such as wind, solar, or hydro across the full production chain or that are advancing energy efficiency or enhancing electrification ? Recycling and Re-Use Companies that the adviser believes are developing technologies to reduce waste, including equipment and materials recycling These sub-themes may change from time to time as businesses, technologies, and practices evolve or emerge to combat climate change. Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of companies that meet the advisers criteria for relevance to the theme of climate change solutions (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 and depositary receipts. 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. 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 developing solutions to address climate change 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 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 developing solutions to address climate change 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 developing solutions to address climate change. 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 developing solutions to address climate change. 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 developing solutions to address climate change, (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 develop solutions to address climate change, 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 develops solutions to address climate change 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 developing solutions to address climate change 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 developing solutions to address climate change, 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 developing solutions to address climate change using the sustainable investment inclusion process. If a company ceases to qualify as a company that develops solutions to address climate change, 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