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Multi-Manager Global Listed Infrastructure

as of 9/30/17

Fund Commentary

The global-listed infrastructure sector returned 3.11% in the third quarter, as measured by the S&P Global Infrastructure Index. Investment results in the listed infrastructure segment were driven by the port, toll road and railroad industries, reflecting the improved outlook for economic growth. European toll road traffic volumes continued to increase, while U.S. railroads benefited from the prospect of corporate tax cuts. Water and multi-utilities were also positive contributors. In contrast, airports underperformed due to profit-taking and early signs of slowing momentum in passenger growth. From a regional perspective, Continental Europe and North America performed well, but performance for Asia Pacific was relatively flat.

The Multi-Manager Global Listed Infrastructure Fund returned 4.01% during the quarter, outperforming the 3.11% return of the benchmark.

During the period, the Fund benefited from stock selection within the transportation industry, especially in toll road, airport and railroad issues. Stock selection was also additive within the cable & satellite and electric utilities sectors. The sub-adviser Lazard contributed to investment results due to its stock selection in transportation, while the sub-adviser Maple-Brown detracted based on its selection decisions within energy.

Not FDIC insured | May lose value | No bank guarantee

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