The following report reviews highlights of some of the events and trends affecting global listed infrastructure companies in recent months. The Global Listed Infrastructure Organization (GLIO) Coverage of core infrastructure companies displays a rolling one-year performance (September to September) of 18.2 percent, with the telecom infrastructure (44 percent) and electric utilities (28 percent) sectors leading the way during the same period. Long-term U.S.-dollar annualized total return (15 years) for global listed infrastructure is 10.8 percent, versus 7.8 percent for global equities. Listed infrastructure achieves this with approximately 300 basis points lower volatility compared against equities. The table and chart on page 53 display quarterly returns. In general equity up markets, listed infrastructure captures 92 percent upside. In down markets, listed infrastructure only weakens 44 percent — a clear example of the defensiveness of the asset class. Moreover, “Infrastructur