Strategy. Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, common and preferred stocks of publicly listed companies that are directly or indirectly economically tied to global electrification. A company is considered to be economically tied to the electrification theme if it generates 50% of its revenue from a combination of (i) the supply of electrification and/or power generation raw materials, including natural resources, (ii) the supply of electrification and/or power generation equipment, software and associated services, such as grid, transmission and distribution equipment, software such as Uninterruptable Power Supplies, and hardware such as turbines, and (iii) the storage of electricity. This includes, but … Show more… Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, common and preferred stocks of publicly listed companies that are directly or indirectly economically tied to global electrification. A company is considered to be economically tied to the electrification theme if it generates 50% of its revenue from a combination of (i) the supply of electrification and/or power generation raw materials, including natural resources, (ii) the supply of electrification and/or power generation equipment, software and associated services, such as grid, transmission and distribution equipment, software such as Uninterruptable Power Supplies, and hardware such as turbines, and (iii) the storage of electricity. This includes, but is not limited to, firms that operate in the following sub-industries: electrical equipment, energy, industrial machinery supplies and components, distributors, electric, gas and renewable utilities, and construction and engineering companies. The Adviser will rely on press coverage, trade groups, equity and debt offering filings, publications specialized in utilities and electrification, company disclosures, such as earnings conference calls, company presentations, capital markets days, and external research to identify, using factors such as segment revenue, growth drivers, strategic plans, the aforementioned firms for inclusion in the electrification thematic universe in accordance with the aforementioned criteria. The Fund generally is expected to consist of more than 15 companies but not more than 100 companies. The number of constituents may change depending on the number of companies available for investment that meet the Funds criteria, but the Fund will meet the required diversification tests to continue to qualify as a Registered Investment Company for purposes of the Internal Revenue Code. To be eligible for inclusion in the Fund, a company must have a market capitalization of at least $100 million and there is no upper limit on the market capitalization of a portfolio company. To be eligible for inclusion in the Fund, a company must have a three-month average daily traded value of at least $500,000. A significant portion of the Funds assets are expected to be invested in the United States, Canada, and Europe. The Fund will not engage in currency hedging and is expected to own foreign currency for short periods of time for the purposes of buying and selling non-US listed securities and collecting dividends and/or coupon payments from those securities. The Fund relies on the professional judgment of its Adviser to make decisions about the Funds portfolio investments. The basic investment philosophy of the Adviser is to seek to invest in companies within the aforementioned thematic universe that are attractively valued when compared to their fundamentals and growth opportunities. The Advisers security selection process for identifying companies within the aforementioned theme uses both top down idea generation (sector, theme, company research) and bottom up security selection (valuation, fundamental, quantitative, qualitative measures) approaches. In practice top down idea generation means fundamental sector research, quantitative tools (for example screening based on metrics such as five-year historic revenue growth, margins, or returns on invested capital) and the Advisers own expertise, are used to narrow down the specific thematic research universe. Once this is defined bottom up security analysis involves the Adviser comparing valuation multiples (such as free cash flow yield, price to book ratio and price to earnings ratio or enterprise value to total invested capital, among others) to fundamental metrics (such as organic revenue growth, margins, returns on invested capital and equity, among others). Investments are deemed attractively valued when compared to fundamentals if the valuation multiples are below and fundamentals are above either (1) peers (2) the companies own historic averages (3) or prospective forecasts (as determined by the Adviser). Buttressing this is a detailed fundamental research profile of each company assessing business model, competitive edge, management incentives and track record, and balance sheet. In making these considerations the Adviser will use both internal and external data sources and analyses including, but not limited to, those provided by companies directly or by third parties. These considerations also inform monitoring of existing positions. The Fund may invest in foreign securities listed on foreign exchanges as well as American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs). The Fund is classified as a non-diversified investment company under the Investment Company Act of 1940, as amended (the 1940 Act), which means that it may invest ahigh percentage of its assets in a limited number of issuers. The Fund may engage in securities lending. Show less