U.S. Flag United States
Individual Investor
×

Domestic Equity

The Strategy primarily invests in small-capitalization value stocks.
Cumulative Total Returns

as of 4/30/17

Since Inception 12/7/15
23%
Performance & Distributions
×

Domestic Equity

Gross Expense Ratio:
      3.06%
    Net Expense Ratio:   1.26%

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    Cumulative Returns
    • A

    Compare to Indices

    Small Cap Value Fund
    VALUE of $10,000.00

    Calendar Year Returns % (w/o sales charge)
    Data as of 5/26/17
      2016 YTD
    • B
    Small Cap Value Fund 25.25 -0.92
    Russell 2000 Value Index 31.74

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    Average Annual Total Returns
    • A

    as of 4/30/17

    as of 3/31/17

    • A
    YTD (as of 5/26/17)
    • B
    -0.92%
    1 Year 20.87%
    Since Inception 15.67%
    YTD (as of 5/26/17)
    • B
    -0.92%
    1 Year 13.92%
    Since Inception 10.87%
    YTD (as of 5/26/17)
    • B
    -0.92%
    1 Year 24.09%
    Since Inception 17.00%
    YTD (as of 5/26/17)
    • B
    -0.92%
    1 Year 16.96%
    Since Inception 11.86%
    Gross Expense Ratio
    3.06%
    Net Expense Ratio
    1.26%
    NAV
    • C
    as of 5/26/17
    $11.95

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    Top Issuers

    04/30/17

    Huntsman Corp.
    1.8%
    CNO Financial Group Inc.
    1.8%
    Associated Banc-Corp.
    1.7%
    John B. Sanfilippo & Son, Inc...
    1.7%
    Raven Industries, Inc.
    1.7%
    Ares Management LP
    1.6%
    Glacier Bancorp, Inc.
    1.6%
    Delek US Hldgs Inc.
    1.6%
    Great Western Bancorp, Inc.
    1.5%
    Iberiabank Corp.
    1.5%
    Moelis & Co.
    1.5%
    Esterline Technologies Corp.
    1.4%
    Indivior plc
    1.4%
    Validus Holdings Ltd.
    1.4%
    SunOpta Inc.
    1.4%
    Radian Group, Inc.
    1.4%
    Umpqua Holdings Corp.
    1.4%
    Midland States Bancorp, Inc.
    1.4%
    Eagle Materials, Inc.
    1.3%
    BancorpSouth, Inc.
    1.3%
    ×
    • 1.8%
      Huntsman Corp.
    • Manufactures chemicals for the plastics, automotive and construction industries
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Materials
    INDUSTRY Chemicals
    MARKET CAP Mid
    ×
    • 1.8%
      CNO Financial Group Inc.
    • Provides health and life insurance services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    MARKET CAP Small
    ×
    • 1.7%
      Associated Banc-Corp.
    • Operates as a bank holding company whose subsidiary provides banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Small
    ×
    • 1.7%
      John B. Sanfilippo & Son, Inc.
    • Processes and markets nuts and snack products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Staples
    INDUSTRY Food Products
    MARKET CAP Small
    ×
    • 1.7%
      Raven Industries, Inc.
    • Manufactures plastic electronic products and other engineered products including engineered film, and agricultural flow controls
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    MARKET CAP Small
    ×
    • 1.6%
      Ares Management LP
    • Provides investment advice services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Capital Markets
    MARKET CAP Small
    ×
    • 1.6%
      Glacier Bancorp, Inc.
    • Operates as a bank holding company with interest in providing commercial banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Small
    ×
    • 1.6%
      Delek US Hldgs Inc.
    • Engages in petroleum refining, transportation, storage and wholesale of crude oil
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    MARKET CAP Small
    ×
    • 1.5%
      Great Western Bancorp, Inc.
    • Operates as a bank holding company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Small
    ×
    • 1.5%
      Iberiabank Corp.
    • Operates as a bank holding company whose subsidiary provides banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Small
    ×
    • 1.5%
      Moelis & Co.
    • Provides financial advisory, capital raising and asset management services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Capital Markets
    MARKET CAP Small
    ×
    • 1.4%
      Esterline Technologies Corp.
    • Manufactures aircraft parts and components, automated drilling products and machine tool systems
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Aerospace & Defense
    MARKET CAP Small
    ×
    • 1.4%
      Indivior plc
    • Engages in the development and manufacturing of pharmaceutical drugs
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Kingdom
    EQUITY SECTOR Health Care
    INDUSTRY Pharmaceuticals
    MARKET CAP Mid
    ×
    • 1.4%
      Validus Holdings Ltd.
    • Provides property reinsurance and insurance coverage services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    MARKET CAP Mid
    ×
    • 1.4%
      SunOpta Inc.
    • Provides natural, organic and specialty foods products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Consumer Staples
    INDUSTRY Food Products
    MARKET CAP Small
    ×
    • 1.4%
      Radian Group, Inc.
    • Provides credit-related insurance coverage and financial services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Thrifts & Mortgage Finance
    MARKET CAP Small
    ×
    • 1.4%
      Umpqua Holdings Corp.
    • Operates as a bank holding company whose subsidiary provides banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Small
    ×
    • 1.4%
      Midland States Bancorp, Inc.
    • Operates bank holding company through its subsidiaries offers banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Small
    ×
    • 1.3%
      Eagle Materials, Inc.
    • Manufactures and distributes cement, gypsum wallboard and recycled paperboard products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Materials
    MARKET CAP Mid
    ×
    • 1.3%
      BancorpSouth, Inc.
    • Operates as a bank holding company providing banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Small
    Holdings Breakdown

    as of 04/30/17

    94.1%

    United States

    1.9%

    Canada

    1.4%

    United Kingdom

    0.6%

    Israel

    No Issuer Equity
    in
    Israel
    0.5%

    Taiwan

    No Issuer Equity
    in
    Taiwan
    Developed Markets 4
    Emerging Markets 4
    96.0%

    Americas

    No Issuer Equity
    in
    Americas
    1.4%

    Europe

    No Issuer Equity
    in
    Europe
    0.6%

    Middle East

    No Issuer Equity
    in
    Middle East
    0.5%

    Asia Pacific

    No Issuer Equity
    in
    Asia Pacific
    31.6%

    Financials

    15.3%

    Industrials

    10.7%

    Information Technology

    No Issuer Equity
    in
    Information Technology
    9.9%

    Consumer Discretionary

    No Issuer Equity
    in
    Consumer Discretionary
    7.7%

    Materials

    5.8%

    Real Estate

    No Issuer Equity
    in
    Real Estate
    5.8%

    Energy

    4.3%

    Health Care

    4.3%

    Consumer Staples

    3.2%

    Utilities

    No Issuer Equity
    in
    Utilities
    16.7%

    Banks

    6.3%

    Insurance

    4.9%

    Equity Real Estate Investment Trusts (REITs)

    No Issuer Equity
    in
    Equity Real Estate Investment Trusts (REITs)
    4.6%

    Electronic Equipment Instruments & Components

    No Issuer Equity
    in
    Electronic Equipment Instruments & Components
    4.5%

    Hotels Restaurants & Leisure

    No Issuer Equity
    in
    Hotels Restaurants & Leisure
    4.3%

    Food Products

    4.2%

    Capital Markets

    4.1%

    Oil Gas & Consumable Fuels

    4.0%

    Aerospace & Defense

    3.1%

    Machinery

    No Issuer Equity
    in
    Machinery
    3.0%

    Semiconductors & Semiconductor Equipment

    No Issuer Equity
    in
    Semiconductors & Semiconductor Equipment
    2.6%

    Media

    No Issuer Equity
    in
    Media
    2.4%

    Building Products

    No Issuer Equity
    in
    Building Products
    2.3%

    Chemicals

    2.2%

    Consumer Finance

    No Issuer Equity
    in
    Consumer Finance
    2.2%

    Metals & Mining

    No Issuer Equity
    in
    Metals & Mining
    2.1%

    Thrifts & Mortgage Finance

    2.0%

    Pharmaceuticals

    1.9%

    Electric Utilities

    No Issuer Equity
    in
    Electric Utilities
    1.9%

    IT Services

    No Issuer Equity
    in
    IT Services
    98.5%

    78.7%

    Small

    19.8%

    Mid

    Equity Style
    Total Assets (all classes)
    as of 4/30/17
    $37.3 MM
    Portfolio Statistics

    as of 4/30/17

    Avg Market Cap (weighted) 2.7 BN
    Median Market Cap (weighted) 2.6 BN
    P/E (next 12 months) 18.49
    P/E Operating (LTM) 22.79
    Price/Book Value (LTM) 1.90
    Turnover Ratio
    22.00%
    Investment Minimums
    Initial
    $1,000
    Dividends ($ per share)
    • D
    Est Frequency Quarterly
    Last Pay Date 3/17/17
    Per Share ($) 0.0088
    12-Month Distribution ($) 0.0711
    Distribution Sources
    Net Income 100.00%
    Net Profit from Sale 0.00%
    Other Capital Sources 0.00%
    Top Issuers

    04/30/17

    Huntsman Corp.
    1.8%
    CNO Financial G...
    1.8%
    Associated Banc...
    1.7%
    John B. Sanfili...
    1.7%
    Raven Industrie...
    1.7%
    Ares Management...
    1.6%
    Glacier Bancorp...
    1.6%
    Delek US Hldgs ...
    1.6%
    Great Western B...
    1.5%
    Iberiabank Corp...
    1.5%
    Moelis & Co.
    1.5%
    Esterline Techn...
    1.4%
    Indivior plc
    1.4%
    Validus Holding...
    1.4%
    SunOpta Inc.
    1.4%
    Radian Group, I...
    1.4%
    Umpqua Holdings...
    1.4%
    Midland States ...
    1.4%
    Eagle Materials...
    1.3%
    BancorpSouth, I...
    1.3%
    Holdings Breakdown

    as of 4/30/17

    Reset
    94.1%

    United States

    1.9%

    Canada

    1.4%

    United Kingdom

    0.6%

    Israel

    No Issuer Equity
    in
    Israel
    0.5%

    Taiwan

    No Issuer Equity
    in
    Taiwan
    96.0%

    Americas

    No Issuer Equity
    in
    Americas
    1.4%

    Europe

    No Issuer Equity
    in
    Europe
    0.6%

    Middle East

    No Issuer Equity
    in
    Middle East
    0.5%

    Asia Pacific

    No Issuer Equity
    in
    Asia Pacific
    31.6%

    Financials

    15.3%

    Industrials

    10.7%

    Information Technology

    No Issuer Equity
    in
    Information Technology
    9.9%

    Consumer Discretionary

    No Issuer Equity
    in
    Consumer Discretionary
    7.7%

    Materials

    5.8%

    Real Estate

    No Issuer Equity
    in
    Real Estate
    5.8%

    Energy

    4.3%

    Health Care

    4.3%

    Consumer Staples

    3.2%

    Utilities

    No Issuer Equity
    in
    Utilities
    16.7%

    Banks

    6.3%

    Insurance

    4.9%

    Equity Real Estate Investment Trusts (REITs)

    No Issuer Equity
    in
    Equity Real Estate Investment Trusts (REITs)
    4.6%

    Electronic Equipment Instruments & Components

    No Issuer Equity
    in
    Electronic Equipment Instruments & Components
    4.5%

    Hotels Restaurants & Leisure

    No Issuer Equity
    in
    Hotels Restaurants & Leisure
    4.3%

    Food Products

    4.2%

    Capital Markets

    4.1%

    Oil Gas & Consumable Fuels

    4.0%

    Aerospace & Defense

    3.1%

    Machinery

    No Issuer Equity
    in
    Machinery
    3.0%

    Semiconductors & Semiconductor Equipment

    No Issuer Equity
    in
    Semiconductors & Semiconductor Equipment
    2.6%

    Media

    No Issuer Equity
    in
    Media
    2.4%

    Building Products

    No Issuer Equity
    in
    Building Products
    2.3%

    Chemicals

    2.2%

    Consumer Finance

    No Issuer Equity
    in
    Consumer Finance
    2.2%

    Metals & Mining

    No Issuer Equity
    in
    Metals & Mining
    2.1%

    Thrifts & Mortgage Finance

    2.0%

    Pharmaceuticals

    1.9%

    Electric Utilities

    No Issuer Equity
    in
    Electric Utilities
    1.9%

    IT Services

    No Issuer Equity
    in
    IT Services
    98.5%

    78.7%

    Small

    19.8%

    Mid

    ×
    • 1.8%
      Huntsman Corp.
    • Manufactures chemicals for the plastics, automotive and construction industries
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Materials
    INDUSTRY Chemicals
    MARKET CAP Mid
    ×
    • 1.8%
      CNO Financial Group Inc.
    • Provides health and life insurance services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    MARKET CAP Small
    ×
    • 1.7%
      Associated Banc-Corp.
    • Operates as a bank holding company whose subsidiary provides banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Small
    ×
    • 1.7%
      John B. Sanfilippo & Son, Inc.
    • Processes and markets nuts and snack products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Staples
    INDUSTRY Food Products
    MARKET CAP Small
    ×
    • 1.7%
      Raven Industries, Inc.
    • Manufactures plastic electronic products and other engineered products including engineered film, and agricultural flow controls
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    MARKET CAP Small
    ×
    • 1.6%
      Ares Management LP
    • Provides investment advice services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Capital Markets
    MARKET CAP Small
    ×
    • 1.6%
      Glacier Bancorp, Inc.
    • Operates as a bank holding company with interest in providing commercial banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Small
    ×
    • 1.6%
      Delek US Hldgs Inc.
    • Engages in petroleum refining, transportation, storage and wholesale of crude oil
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    MARKET CAP Small
    ×
    • 1.5%
      Great Western Bancorp, Inc.
    • Operates as a bank holding company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Small
    ×
    • 1.5%
      Iberiabank Corp.
    • Operates as a bank holding company whose subsidiary provides banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Small
    ×
    • 1.5%
      Moelis & Co.
    • Provides financial advisory, capital raising and asset management services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Capital Markets
    MARKET CAP Small
    ×
    • 1.4%
      Esterline Technologies Corp.
    • Manufactures aircraft parts and components, automated drilling products and machine tool systems
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Aerospace & Defense
    MARKET CAP Small
    ×
    • 1.4%
      Indivior plc
    • Engages in the development and manufacturing of pharmaceutical drugs
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Kingdom
    EQUITY SECTOR Health Care
    INDUSTRY Pharmaceuticals
    MARKET CAP Mid
    ×
    • 1.4%
      Validus Holdings Ltd.
    • Provides property reinsurance and insurance coverage services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    MARKET CAP Mid
    ×
    • 1.4%
      SunOpta Inc.
    • Provides natural, organic and specialty foods products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Consumer Staples
    INDUSTRY Food Products
    MARKET CAP Small
    ×
    • 1.4%
      Radian Group, Inc.
    • Provides credit-related insurance coverage and financial services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Thrifts & Mortgage Finance
    MARKET CAP Small
    ×
    • 1.4%
      Umpqua Holdings Corp.
    • Operates as a bank holding company whose subsidiary provides banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Small
    ×
    • 1.4%
      Midland States Bancorp, Inc.
    • Operates bank holding company through its subsidiaries offers banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Small
    ×
    • 1.3%
      Eagle Materials, Inc.
    • Manufactures and distributes cement, gypsum wallboard and recycled paperboard products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Materials
    MARKET CAP Mid
    ×
    • 1.3%
      BancorpSouth, Inc.
    • Operates as a bank holding company providing banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Small

    Management

    Eric Hewitt

    Managed Fund since 12/15

    Investment Approach

    The portfolio manager combines bottom-up and top-down fundamental research, as well as behavioral insight gained from management teams, to identify undervalued and overlooked companies focusing on return on invested capital

    Risk Management

    Our team limits exposure to individual companies, industries and sectors, seeking to limit volatility through company quality and diversification. Risk Management Overview

    We conduct rigorous fundamental research to identify individual companies with asymmetrical risk/return opportunities. Risk Management Overview

    At the portfolio level, our experienced investment personnel closely monitor the strategy's positioning, and the active risk resulting from our security selection process and sector allocations. We evaluate factor and style exposure, as well as the ownership and liquidity profile of each security in the portfolio. Risk Management Overview

    Our team proactively manages risk by constructing diversified portfolios across sectors, industry groups and securities. We manage, monitor and limit sector weights relative to specified benchmarks and security position sizes within each portfolio. Risk Management Overview

    Our team closely monitors position size and sector weights; we have limits on active security weights against the benchmark for each strategy we manage. Risk Management Overview

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We mainly focus on currency, interest rates and credit. Positions are sized and monitored according to established limits. Risk Management Overview

    We focus primarily on senior loans in an effort to maintain product integrity and limit duration risk. Risk Management Overview

    The team manages risk at both a strategy and individual security level to help ensure that, when combined, they act as the ballast in an investor’s overall portfolio. Risk Management Overview

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We seek to identify primary and secondary risks of each investment. Diversification of sectors can potentially reduce volatility. Risk Management Overview

    The team manages risk by administering duration limits, limiting portfolio weighted average maturity and conducting thorough credit analysis on individual securities. Risk Management Overview

    The Rochester team has created diverse portfolios designed to mitigate the types of risks that municipal bond investors may encounter. Risk Management Overview

    The Commodities team manages risk on multiple levels, including individual commodity sector levels and overall fund level. Risk Management Overview

    The Real Estate team monitors and manages risk at the security, sector and strategy levels. Risk Management Overview

    The Global Multi-Asset Group monitors and manages risk on an ongoing basis, both at the asset class and portfolio levels. Risk Management Overview

    We emphasize capital preservation by avoiding companies that may cut distributions. We seek to build diversified portfolios comprised of energy and energy related companies with attractive risk-adjusted total return potential. Risk Management Overview

    The Alternative Strategies team evaluates risk on multiple levels, applying numerous risk analysis methods on an ongoing basis in addition to assessing risk impacts of a position prior to making investment decisions. Risk Management Overview

    Risk is monitored by quantitative risk system and managed at many levels – stock, sector, country, and style factors. We seek to diversify the portfolio across the global listed infrastructure market and adhere to an established risk framework, including constraints imposed by position limits versus a benchmark. Risk Management Overview

    We monitor and manage both security and sector weights to the underlying index to ensure that the portfolio is properly tracking its benchmark. Also, partnering with well-known index providers ensures that we hold only high quality securities that pass very stringent profitability and liquidity screens. Risk Management Overview

    ×
    1. 1. Special Risks: Value investing involves the risk that undervalued securities may not appreciate as anticipated. Small-sized company stock is typically more volatile than that of larger company stock. It may take a substantial period of time to realize a gain on an investment in a small-sized company, if any gain is realized at all. Diversification does not guarantee profit or protect against loss.
    2. 2. The net expense ratio (where applicable) also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.
    3. 3. Access index definitions.
    4. 4. Holdings are subject to change, and are dollar weighted based on total net assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the fund's net asset value and fluctuations of dividends and distributions paid by the fund.
    5. 5. Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the Fund. Market Cap breakdown is calculated using Morningstar's methodology and those capitalization standards may not align with those in the Fund’s prospectus.
    6. A. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.
    7. B. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges (if sales charges are applicable to the Fund). These returns would be lower if sales charges were taken into consideration. Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.
    8. C. Daily net asset value and dollar change of the fund is as of the previous business day's closing. Fund net asset values are updated at approximately 7 p.m. ET daily.
    9. D. There is no guarantee of the payment of any dividend or other distributions at any level.
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