The fund seeks total return by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of infrastructure companies listed on a domestic or foreign exchange, throughout the wor More

The fund seeks total return by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of infrastructure companies listed on a domestic or foreign exchange, throughout the world, including the United States.

The team considers an issuer to be in a foreign market if the issuer is organized under the laws of that country, or derives at least 50% of its revenues or profits from goods produced or sold, investments made, services performed, or has at least 50% of its assets located within that country.

Generally, the fund seeks to invest in securities of infrastructure companies in the United States and in at least three countries outside the United States.

The fund defines an infrastructure company as any company that derives at least 50% of its revenue or profits from the ownership or operation of infrastructure assets.

Infrastructure assets include toll roads, bridges and tunnels, airports, seaports, electricity generation and transmission and distribution lines, gathering, treating, processing, fractionation, transportation and storage of hydrocarbon products, water and sewage treatment and distribution pipelines, communication towers and satellites; and railroads.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on an assessment of a company’s general financial condition, its competitive positioning and management strength, as well as industry characteristics.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest up to 25% of its net assets in energy-infrastructure companies organized as master limited partnerships.

The fund may invest up to 20% of its net assets in fixed income securities, including below-investment grade rated securities.

Additionally, the fund may invest up to 20% of its net assets in fixed income securities, including obligations of the U.S. Government, floating rate loans and money-market instruments.

The fund may invest up to 25% of its net assets in publicly traded securities of infrastructure companies, whose primary operations or principal trading market is in an emerging market.

In addition, the fund may invest up to 15% of its net assets in securities deemed illiquid.