Strategy. The Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in securities issued by listed infrastructure companies. A listed infrastructure company is a publicly traded company engaged in the development, operation, and management of infrastructure assets. Infrastructure assets include but are not limited to utilities (electric, gas, water), transportation infrastructure (airports, highways, railways, marine ports), energy infrastructure (renewable energy generation, oil and gas pipeline operators), and communications infrastructure (cell phone tower operators, data centers, other providers of telecommunication services). The Fund invests primarily in equity securities regardless of market capitalization (small, medium, or large) and invests in both value and growth securities. The Fund also … Show more… The Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in securities issued by listed infrastructure companies. A listed infrastructure company is a publicly traded company engaged in the development, operation, and management of infrastructure assets. Infrastructure assets include but are not limited to utilities (electric, gas, water), transportation infrastructure (airports, highways, railways, marine ports), energy infrastructure (renewable energy generation, oil and gas pipeline operators), and communications infrastructure (cell phone tower operators, data centers, other providers of telecommunication services). The Fund invests primarily in equity securities regardless of market capitalization (small, medium, or large) and invests in both value and growth securities. The Fund also invests in real estate investment trusts (REITs) but only those REITs that are engaged in the development, operation, or management of infrastructure assets. In addition, under normal circumstances, the Fund holds investments tied economically to multiple countries and invests at least 40% of its net assets, measured at the time of purchase, in securities of issuers organized or located outside the United States or doing a substantial amount of business outside the United States, including those located in emerging markets, such as China. The Fund also concentrates its investments (invests more than 25% of its net assets) in securities in the utilities industry. The sub-advisor initially identifies listed infrastructure companies and assesses them against the following three metrics: overall quality, valuation, and market perception. After it has assessed a potential investment against these three metrics, the sub-advisor assesses the remaining companies for their alignment with the United Nations Sustainable Development Goals (SDGs), a set of non-binding overarching policy objectives adopted by the United Nations. The sub-advisor applies these assessments to each potential investment (other than cash and cash equivalents). The sub-advisors assessment of a companys overall quality metric consists of assessments of several key measurements, which include, among others, a companys financial condition; profitability and projected growth; management quality; market outlook; environmental, social, and governance practices; and infrastructure business quality, which covers the strength of a companys regulatory relationships, the nature of its contractual and regulatory right to operate its assets, and the predictability and longevity of its cash flows. The sub-advisor measures a companys environmental, social, and governance practices and potential for those practices to improve by, among other things, maintaining a proprietary ratings framework, supplemented by insights from third-party research providers and regular engagement with company management teams. The sub-advisors valuation assessment involves the construction of discounted cash flow-based valuation models for potential investments. The sub-advisors market perception analysis seeks to identify companies whose fundamentals, in the sub-advisor's opinion, are over- or under-appreciated by other market participants. Before selecting a companys security for Fund investment, the sub-advisor also evaluates the companys alignment with the SDGs generally but with a special emphasis on the following goals: clean water and sanitation; affordable and clean energy; decent work ( e.g. economic and job security) and economic growth; industry ( e.g., inclusive and sustainable industrial development), innovation, and infrastructure; sustainable cities and communities; and climate action. The sub-advisors assessments of a companys overall quality (which includes an assessment of a companys sustainability practices) and SDG alignment emphasize the topics that the sub-advisor believes to be financially material. Show less