Fund Description

Under normal circumstances, the fund invests at least 80% of assets in equity securities, principally common stocks, of infrastructure companies listed on a national or other recognized exchange, and concentrates in industries represented by such companies. Infrastructure companies derive at least 50% of revenues from, or have at least 50% of assets committed to, energy and natural resources, water, communications and media, or the management, ownership, operation, construction, development or financing of assets such as pipelines, toll roads, airports, railroads or ports. It focuses on companies with at least $250 million market capitalization that own physical infrastructure and are believed undervalued. It typically invests significantly outside the U.S., across at least three countries, may include emerging markets, may hedge currency exposure with forward contracts, and may use repurchase agreements or money market funds for cash. Although classified as diversified, it may invest in fewer issuers than other portfolios.