IQM

About IQM

Undernormal market conditions, the Fund invests at least 80% of its net assets in equity securities of companiesthat are relevant to the Fund’s investment theme of intelligent machines. The Fund invests predominantlyin common stock.Companies relevant to the Fund’s investment theme of intelligent machinesare those that the investment manager believes are substantially focused on and/or are expected to substantiallybenefit from the ongoing technology-driven transformation of products, software, systems and machineryas well as product design, manufacture, logistics, distribution and maintenance, including through developmentsin artificial intelligence. These companies may include those that develop, produce, manufacture, design,maintain and deliver products or services with new capabilities previously unavailable in the marketplace.TheFund's investment theme of intelligent machines is intended to capture companies that the investmentmanager believes represent the next phase of technological evolution, including companies that providenew systems, logistics solutions, methods, processes, products or services based on physical applicationsof new technologies and technological innovation. Such companies include those the investment managerbelieves are well-positioned to benefit from intelligent design (e.g., simulation software and computer-aideddesign or "CAD" software), intelligent production (e.g., advancements in manufacturing or factory automationcapabilities), intelligent products (e.g., robotic-assisted technologies, tools and services) and intelligentpredictive maintenance (e.g., industrial software solutions and services).In pursuing the Fund’sinvestment theme, the investment manager may invest in companies in any economic sector or of any marketcapitalization and may invest in companies both inside and outside of the United States, including thosein developing or emerging markets. Although the Fund may invest across economic sectors, it expects tohave significant positions in particular sectors including technology. The Fund is a “non-diversified”fund, which means it generally invests a greater proportion of its assets in the securities of one ormore issuers and invests overall in a smaller number of issuers than a diversified fund.In selecting companiesthat the investment manager believes are relevant to the Fund’s investment theme of intelligentmachines, the investment manager seeks to identify, using its own fundamental, “bottom-up”research and analysis, companies positioned to capitalize on disruptive innovation in or that are enablingthe further developmentof the intelligent machines theme in the markets in which they operate. The investment manager’sinternal research and analysis leverages insights from diverse sources, including external research,to develop and refine its investment theme and identify and take advantage of trends that have ramificationsfor individual companies or entire industries. The investment manager also evaluates market segments,products, services and business models positioned to benefit significantly from disruptive innovationsin intelligent products, design, manufacturing and/or predictive maintenance relative to broad securitiesmarkets, and seeks to identify the primary beneficiaries of new trends or developments in physical applicationsof these innovations to select investments for the Fund.The investment manager may seek to sell asecurity if: (i) the security reaches its valuation target; (ii) the security reaches its position sizelimit in the Fund’s portfolio; (iii) the security’s fundamentals deteriorate; (iv) thereare adverse policy changes that could affect the security’s outlook; or (v) better investment opportunitiesbecome available.