Strategy. The Portfolio invests primarily in equity securities, principally common stocks, of infrastructure companies. As a result, the Portfolio concentrates its investments in industries represented by infrastructure companies. The Investment Manager generally focuses on companies with a minimum market capitalization of at least $2 billion. Although the Portfolio generally focuses on large capitalization companies, the market capitalizations of issuers in which the Portfolio invests may vary with market conditions. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of Infrastructure Companies. Infrastructure Companies derive at least 50% of their revenues from, or have at least 50% of their assets committed to, the generation, production, transmission, sale or distribution of energy or natural resources used to … Show more… The Portfolio invests primarily in equity securities, principally common stocks, of infrastructure companies. As a result, the Portfolio concentrates its investments in industries represented by infrastructure companies. The Investment Manager generally focuses on companies with a minimum market capitalization of at least $2 billion. Although the Portfolio generally focuses on large capitalization companies, the market capitalizations of issuers in which the Portfolio invests may vary with market conditions. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of Infrastructure Companies. Infrastructure Companies derive at least 50% of their revenues from, or have at least 50% of their assets committed to, the generation, production, transmission, sale or distribution of energy or natural resources used to produce energy; distribution, purification and treatment of water; provision of communications services and media; management, ownership and/or operation of infrastructure assets or construction, development or financing of infrastructure assets, such as pipelines, toll roads, airports, railroads or ports. Emerging market countries include all countries represented by the MSCI Emerging Markets Index, which as of June 30, 2025 includes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. Under normal market conditions, the Portfolio invests significantly (at least 40%unless market conditions are not deemed favorable by the Investment Manager, in which case the Portfolio would invest at least 30%) in infrastructure companies organized or located outside the U.S. or doing a substantial amount of business outside the U.S. The Investment Manager allocates the Portfolios assets among various regions and countries, including the United States (but in no less than three different countries). The Portfolio may invest in equity securities of companies with some business activities located in emerging market countries. The Investment Manager generally seeks to substantially hedge foreign currency exposure in the Portfolio against movements relative to the U.S. dollar by entering into foreign currency forward contracts, although the Portfolios total foreign currency exposure may not be fully hedged at all times. As part of its investment strategy, the Portfolio may use repurchase agreements or money market mutual funds to maximize the value of its assets held in cash. Under a repurchase agreement, the seller agrees to repurchase a security (typically a security issued or guaranteed by the U.S. Government) at a mutually agreed upon time and price. This is intended to insulate the Portfolio from changes in the market value of the security during the period. Although the Portfolio is classified as diversified under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios. Show less