Infrastructure names continued to struggle, with ZGI posting a very modest 0.3% drop in the three months ending April 30. This despite the strong rebound in the energy sector, which makes up nearly 40% of this fund. As we look forward, the outlook for infrastructure continues to improve. Economic growth globally appears to be more balanced, and many nations are now posting positive, albeit modest levels of growth. Global central banks also remain very accommodative with their monetary policy, which should prove to be a positive to many infrastructure names. Further, a number of countries, a great example being Canada, have had governments step up to the table with announced infrastructure spending. We are also seeing some stability return to the energy markets. Still, there is much uncertainty in the sector, and until that begins to settle, we may see further bouts of above average volatility. I remain cautious on infrastructure in the near term, but see the longer term outlook as quite strong. In the ETF space, this remains my top pick.