Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. This policy can be changed by the Fund upon sixty (60) days prior written notice to shareholders. For purposes of this policy, equity securities include common stock, real estate investment trusts (REITs) and American depositary receipts (ADRs), including unsponsored ADRs. The Fund may invest in the securities of U.S. and non-U.S. issuers of any market capitalization and has exposure to one or more economic sectors. The Adviser uses a thematic investing approach to manage the Funds assets. Thematic investing involves capitalizing on what the Adviser believes to be powerful trends, disruptive ideas, innovations and economic forces that are … Show more… Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. This policy can be changed by the Fund upon sixty (60) days prior written notice to shareholders. For purposes of this policy, equity securities include common stock, real estate investment trusts (REITs) and American depositary receipts (ADRs), including unsponsored ADRs. The Fund may invest in the securities of U.S. and non-U.S. issuers of any market capitalization and has exposure to one or more economic sectors. The Adviser uses a thematic investing approach to manage the Funds assets. Thematic investing involves capitalizing on what the Adviser believes to be powerful trends, disruptive ideas, innovations and economic forces that are secular (i.e., long-term and persisting regardless of macroeconomic cycles) and are reshaping the world (Themes). Examples of Themes include: ? Advent of Molecular Medicine . The Adviser believes that breakthroughs in genomic science are changing the practice of medicine. The Adviser believes that genomic sequencing technology, clinical knowledge and data analytics are converging to deliver novel treatments and diagnostics that will improve medical outcomes and usher in a new era of healthcare. ? Next-Generation Automation . The Adviser believes that, as the global labor force ages, companies must find ways to do more with fewer people. The Adviser believes that automation previously concentrated in automobile and electronics production has reached an inflection point; technologies have matured and the imperative for companies to invest is becoming clear across a broad spectrum of industries. ? Age of Heterogeneous Computing . The Adviser believes that for nearly 50 years, Moores Law (the principle that the speed and capability of computers can be expected to double every two years) provided exponential improvements in the performance and cost of computing technology; and as physical and economic challenges limit further scaling, improvements will come from special-purpose technology designed for specific applications rather than general-purpose processors. The Advisers process combines top-down, secular and cyclical views with fundamental, bottom-up research. The Adviser seeks to build a portfolio of approximately 40-50 stocks of companies positioned to exploit Themes. The Adviser believes that these stocks exhibit the greatest opportunity to outperform in a variety of market environments. As importantly, the Adviser seeks to avoid companies potentially disrupted by Themes. Four core investment tenets drive the Advisers strategy in constructing the Funds portfolio. ? The Theme must be big enough to influence the bottom line of companies in multiple industries. The Adviser may intentionally look for Themes that span multiple industries, as the Adviser believes this is where the market can miss opportunity. The Advisers investment analysts are organized by Theme, not industry or region, which is designed to allow the Advisers analysts to think about Themes holistically and cover all related stocks. ? The Theme should create meaningful profits that industry leaders can defend over time. The Advisers focus on the impact to corporate performance is designed to distinguish between a trend and a Theme. There are many profound changes occurring around the world, but the Adviser believes that most of those changes are trends that may not qualify as investment Themes. The Adviser believes that Themes are characterized by sustainable and defensible competitive advantages (such as, for example, intellectual property) that will result in sustainable profits. ? The potential Theme must be investable. There must be enough publicly traded stocks with sufficient liquidity that the Adviser may invest in the Theme. The Adviser also seeks Themes that are sustainable over longer periods, where the market is likely to begin to discount the profitability of the Theme within a three to five year time horizon. ? Multi-Theme portfolio construction. The Adviser believes that a single-Theme focused strategy either would not achieve appropriate diversification, or would end up holding companies tangentially related to the Theme, which brings unintended risk and dilution of the research process. Therefore, the Adviser integrates five to seven multi-sector Themes into a single, multi-Theme portfolio. In doing so, the Adviser monitors position size and Thematic weights and accounts for the broader macroeconomic environment by taking into account factors such as industries and geographies. An analyst researching a Theme may consider which companies may benefit, which may lose, which business models may have to change and how they would do so. Once an analyst identifies a prospective holding, the analyst assesses the companys Thematic exposure (and the sustainability of it), the companys management team, the quality of the companys balance sheet and cash flows, current and future valuation of the company, and whether other investors may begin to discount the impact of the Theme into their valuation models within a three- to five-year timeframe. Sell decisions are both qualitative and quantitative and are not rules based. The Funds portfolio management team may exit a position when the team believes the positions valuation no longer reflects the long-term opportunity, when the investment no longer fits the Thematic strategy (either because of fundamental changes to the company, or fundamental shifts in the Theme), and may reduce a position based on market appreciation and other factors. Show less