Multi-Manager Global Listed Infrastructure
as of December 31, 2013
Fund Commentary
Equity market moves during the fourth quarter were generally positive, and the MSCI World Index closed the fourth quarter up 8.00%. Global infrastructure securities as measured by the S&P Global Infrastructure Index returned 4.53% for the quarter and 14.99% for the year. European securities led the asset class during the quarter, followed by the Americas and Asia Pacific. The toll road and telecommunications services sectors were top performers during the quarter, while port and water companies lagged. Master Limited Partnerships outperformed the broader global infrastructure securities asset class with a return of 5.28%. In addition, the sector returned over 27% during 2013, outperforming the broad asset class benchmark.

The Multi-Manager Global Listed Infrastructure Fund outperformed during the quarter, with a return of 6.86% compared with the S&P Global Infrastructure Index return of 4.53%. Strong stock selection among railroads contributed to relative results. The Fund also performed well in the oil and gas transportation segment of the market. The Fund underperformed within the gas utilities sector.

For the full year, the Fund gained 24.28% compared with the benchmark return of 14.99%.
Investor Profile

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.
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Not FDIC insured | May lose value | No bank guarantee

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** commenced investment operations on September 18, 2012.