Strategy. The Fund will normally invest at least 80% of its assets (net assets the amount of any borrowings for investment purposes) in securities issued by real assets companies. The Funds Subadvisor, CBRE Investment Management Listed Real Assets LLC (CBRE or the Subadvisor) defines a real assets company, as a company that derives a majority of its revenues from activities related to the ownership, operation, and development of infrastructure assets (an infrastructure company) and real estate (a real estate company). The Funds Subadvisor defines an infrastructure company as a company that derives at least 50% of its revenues or profits from, or devotes at least 50% of its assets to, the ownership, management, development, construction, renovation, enhancement, or operation of infrastructure … Show more… The Fund will normally invest at least 80% of its assets (net assets the amount of any borrowings for investment purposes) in securities issued by real assets companies. The Funds Subadvisor, CBRE Investment Management Listed Real Assets LLC (CBRE or the Subadvisor) defines a real assets company, as a company that derives a majority of its revenues from activities related to the ownership, operation, and development of infrastructure assets (an infrastructure company) and real estate (a real estate company). The Funds Subadvisor defines an infrastructure company as a company that derives at least 50% of its revenues or profits from, or devotes at least 50% of its assets to, the ownership, management, development, construction, renovation, enhancement, or operation of infrastructure assets or the provision of services to companies engaged in such activities. Examples of infrastructure assets include transportation assets (such as toll roads, bridges, railroads, airports, and seaports), utility assets (such as electric transmission and distribution lines, gas distribution pipelines, water pipelines and treatment facilities, and sewer facilities), energy assets (such as oil and gas pipelines, storage facilities, and other facilities used for gathering, processing, or transporting hydrocarbon products as well as contracted renewable power assets), and communications assets (such as communications towers, data centers, fiber networks, and satellites). The Subadvisor defines a real estate company as a company that derives at least 50% of its total revenue or earnings from owning, operating, leasing, developing, managing, brokering and/or selling real estate, or has at least 50% of its assets invested in real estate. Companies principally engaged in the real estate industry may include real estate investment trusts (REITs), real estate owners, real estate managers, real estate brokers, real estate dealers, and companies with substantial real estate holdings. Under normal circumstances, the Fund invests primarily in common stock, but may also invest in other equity securities including preferred stock, convertible securities, rights or warrants to buy common stocks, master limited partnerships (MLPs), and depositary receipts with characteristics similar to common stock. The Fund may invest up to 10% of its total assets in exchange-traded funds or exchange-traded investment products. The Fund may invest in initial public offerings and Rule 144A securities. The Subadvisor may invest in companies with any market capitalization. However, the Subadvisor will generally not invest in companies with a market capitalization of less than $100 million at the time of purchase. Under normal market conditions, the Fund will invest more than 25% of its total assets in securities of issuers conducting their business activities in the infrastructure group of industries and more than 25% of its total assets in securities issued by companies principally engaged in the real estate industry. The Fund may invest in companies located throughout the world and there is no limit on the Funds investments in international securities. The Fund may invest up to 30% of its assets in securities of issuers in emerging markets countries. The Subadvisor defines emerging market countries as those countries that are included in the MSCI Emerging Markets Index. The Funds investments may be denominated in U.S. dollars, non-U.S. currencies, or multinational currency units. The Fund may hedge its currency exposure to securities denominated in non-U.S. currencies. Investment Process: The Subadvisor focuses on investments that generally provide the potential for attractive income growth, protection against inflation, and long-term capital appreciation. The Subadvisor uses systematic, top-down research to evaluate macroeconomic conditions, private market, and capital market trends to identify the relative value of different sectors within infrastructure companies and real estate companies and judge which market sectors offer potentially attractive returns. The Subadvisor uses proprietary analytical techniques to conduct fundamental company analysis, which provides a framework for bottom-up security selection. This approach incorporates several quantitative and qualitative factors, as well as portfolio risk management tools, that aid in evaluating performance characteristics of individual securities independently and relative to each other. The Subadvisors in-house valuation process examines several factors, including the companys management and strategy, the stability and growth potential of cash flows and dividends, the location of the companys assets, the companys capital structure, and risk factors including regulatory environment and sustainability considerations. The Subadvisor includes sustainability considerations in its analysis to help assess the risk profile of companies. Sustainability factors are assessed based on internal research and information from an independent global provider of sustainability and corporate governance research. Sustainability considerations evaluated by the manager include environmental, social and governance considerations. Environmental items such as carbon emissions reduction path ways, renewable energy procurement, climate risk approach, and green building certifications are considered. Social considerations include engagement with key stakeholders such as regulators, customers, and legislators, as well as employee turnover, company culture, health and safety, and development of human capital. Governance factors include board independence and structure, ownership and shareholder alignment, proxy access, takeover defenses and executive compensation. The Subadvisor may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others. Show less