During the quarter, the Multi-Manager Global Listed Infrastructure Fund returned 8.19%, compared with the benchmark return of 5.28%. The Fund benefited from exposure to master limited partnerships, which delivered significant gains over the quarter. Performance was also strong within the gas utilities segment.

During the quarter, Macquarie Investment Management was terminated as a sub-adviser to the Fund. Lazard Asset Management was appointed as a new sub-adviser to the Fund. Lazard seeks to invest in listed infrastructure companies that own and operate physical infrastructure assets such as tollroads, airports, gas utilities and railroads. Lazard’s pure-play definition leads them into assets that naturally exhibit fundamental infrastructure characteristics such as high barriers to entry and relatively inelastic demand. Lazard employs a benchmark agnostic, bottom-up, relative value-based approach to identify long-term value in infrastructure companies.

If you're a long-term investor looking to diversify your investments by pursuing the income and growth potential of globally listed infrastructure securities, then this Fund may be right for you. It is intended for investors who are aware that foreign markets may involve additional risks, such as social and political instability, reduced market liquidity and currency volatility.

• Invest at least 80% of net assets in securities of infrastructure companies listed on a domestic or foreign exchange, normally investing at least 40% (and up to 100%) in infrastructure companies tied to foreign countries, including emerging and frontier markets.
• Select complementary managers from a broad universe of investment managers.
• Blend managers into a single fund in an effort to provide an attractive combination of risk/return.