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.

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 focuses on securities of real estate companies listed on a domestic or foreign exchange, throughout the world, including the United States.

The team defines a real estate company as any company that derives at least 50% of its revenues from the ownership, operation, development, construction, financing, management or sale of commercial, industrial or residential real estate and similar activities, or invests at least 50% of its assets in such real estate.

The research process is driven by fundamental analysis of one stock at a time. Also, the research team focuses on companies that are mispriced for temporary reasons, as well as values of assets and cash flows of companies.

In selecting securities for the portfolio, the team relies on proprietary research which includes 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 invest up to 25% of its net assets in publicly traded securities of real estate companies, whose primary operations or principal trading market is in an emerging market.

Additionally, the fund may invest in securities of foreign companies in the form of American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts.

The fund may invest up to 15% of its net assets in securities deemed illiquid.

In addition, the fund may also invest up to 20% of its net assets in fixed income securities, including obligations of the U.S. Government, floating rate loans, money-market instruments, and below-investment grade rated securities.

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

The investment process is designed to highlight companies in the benchmark index that are focused in the midstream investments sector.

The investment team considers midstream investments to include companies engaged in the energy infrastructure industry and midstream activities, such as the treatment, gathering, compression, processing, transportation, transmission, fractionation, storage and terminalling of natural gas, natural gas liquids, crude oil and refined products.

Other energy infrastructure companies include electrical transmission companies and utilities, and companies engaged in owning, storing and transporting alternative energy sources, such as renewable.

Next, the research team utilizes a proprietary multifactor model to focus on companies with superior risk adjusted returns, and consistent and growing cash distributions.

The team also focuses on a company’s quantitative factors such as cash flow, yield and relative valuation. As part of its research process, the research team evaluates a company’s asset quality, considering factors such as contract structure, operating risk, competitive environment and growth potential.

Additionally, the team also assesses a company’s management team, business model, and attributes such as liquidity, equity overhang and float.

Then the team ranks the companies based on the sustainability of their cash flows, relative market valuation and prospects for growth.

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

The portfolio holds approximately 20 to 40 high quality midstream investments

The fund invests more than 25% of its net assets in securities of companies in the energy infrastructure industry and the energy industry.

In addition, the fund may invest up to 20% of its net assets in non-midstream investments, including debt securities rated below investment grade.

The fund has the flexibility to invest up to 15% of net assets in illiquid securities.

The fund is non-diversified which means it may focus its investments in a limited number of issuers.