The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies 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.

As part of its strategy, the fund employs a passive management investment strategy.

Next, the research team invests in component securities of the Index.

The Index consists of companies domiciled globally that qualify as pure-play infrastructure companies — companies whose primary business is the ownership and operation of infrastructure assets.

The team invests principally in financial instruments, and determines the type, quantity and mix of investment positions the fund should hold to produce returns.

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 seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

In addition, the fund employs a representative sampling strategy, which means that the fund will hold a portfolio of securities with generally the same risk and return characteristics of the Index.

Additionally, the fund seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide exposure to the returns of the Index, without regard to market conditions, trends or direction.

The fund will concentrate or focus its investments in a particular industry or group of industries, country or region to approximately the same extent the Index is so concentrated or focused.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies 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 significantly in the common stocks and depositary receipts that comprise the Index.

The Index is designed to act as a transparent and liquid benchmark for the grid and electric energy infrastructure sector.

The Index includes companies that are primarily engaged and involved in electric grid, electric meters and devices, networks, energy storage and management, and enabling software used by the smart grid infrastructure sector.

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 will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the securities of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, offer broad exposure to publicly-traded developed- and emerging-market infrastructure companies, including U.S. companies.

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

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 or may not hold all of the securities that are included in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

In addition, the fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds.

The fund may lend securities representing up to one-third of the value of its net assets.

Additionally, the fund is non-diversified and may invest more of its assets in fewer issuers than diversified funds.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

As part of its strategy, the fund employs a passive or indexing approach.

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 significantly in the securities of the Underlying Index.

The Underlying Index is designed to measure the performance of U.S. listed companies that provide exposure to domestic infrastructure development, including companies involved in construction and engineering; production of infrastructure raw materials, composites and products; industrial transportation; and producers/distributors of heavy construction equipment.

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 seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

However, the fund may utilize a representative sampling strategy when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to replicate the Underlying Index.

The fund concentrates its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is designed to track the performance of 30 of the largest publicly listed companies in the infrastructure industry in emerging markets.

The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity 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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is composed of developed market equities in the infrastructure industry.

The Underlying Index includes companies involved in utilities, energy and transportation infrastructure, such as the management or ownership of oil and gas storage and transportation; airport services; highways and rail tracks; marine ports and services; and electric, gas and water utilities. 
The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity 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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies 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.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index.

The Underlying Index is designed to measure the performance of equity securities of U.S. companies involved in U.S. focused infrastructure activities.

The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index.

Also, the team evaluates companies based on factors such as market capitalization and industry weightings.

In addition, the team also assesses a company’s return variability and yield, and liquidity 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 or may not hold all of the securities in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Also, the fund may invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies 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 significantly in components of the Underlying Index, depositary receipts, including American depositary receipts, representing such components and securities underlying depositary receipts in the Underlying Index.

The Underlying Index is designed to measure the equity market performance of listed companies with high revenue exposure to the Chinese government’s One Belt, One Road initiative.

The One Belt, One Road initiative is designed to increase the interconnectedness between China and other Eurasian countries by making infrastructure investments that are estimated  to increase such interconnectedness, such as building new roads and improved communications networks.

The team utilizes a representative sampling strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to the Underlying Index.

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.

To the extent the Underlying Index is concentrated in a particular industry, the fund is estimated to be concentrated in that industry.

The fund may invest up to 20% of its net assets in instruments that are not included in the Underlying Index.

Also, the fund may engage in securities lending.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The sub-adviser’s 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.

As part of its strategy, the fund employs a passive or indexing investment approach.

Next, the research team invests significantly in securities that compose its Underlying Index.

The Underlying Index is composed of infrastructure-related equity securities from global markets constructed through the application of several fundamental factors.

The team utilizes a representative sampling indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the Underlying Index.

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 will concentrate its investments in a particular industry to approximately the same extent that the Underlying Index is concentrated in the securities of such particular industry.

The fund may or may not hold all of the securities in the Underlying Index.

Also, the fund may invest up to 20% of its net assets in certain index futures, options, and options on index futures related to its Underlying Index and its component securities; cash and cash equivalents; other investment companies, including exchange-traded funds; and in securities and other instruments not included in its Underlying Index.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies 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 significantly in the securities comprising the Index and in depositary receipts based on securities comprising the Index.

The Index is comprised of 75 of the largest publicly listed infrastructure companies, and is designed to provide liquid exposure to the leading publicly listed companies in the global infrastructure industry, from both developed markets and emerging markets.

The research team employs a sampling strategy, which means that the fund will hold a portfolio of securities with generally the same risk and return characteristics of the Index.

Or, the fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

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.

Also, the fund’s assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries.

In addition, the fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies 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 significantly in the securities comprising the Index.

The Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide which are included in the Intelligent Infrastructure sector.

The Index is designed to capture companies whose products and services are driving innovation behind intelligent infrastructure.

The research team employs a sampling strategy, which means that the fund will hold a portfolio of securities with generally the same risk and return characteristics of the Index.

Or, the fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

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.

Also, the fund’s assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries.

In addition, the fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds.