Strategy. Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies that have market capitalizations in the range of the companies within the Russell 2000 Value Index (the Index) (which measures the performance of the small-cap value segment of the U.S. equity universe), at the time of purchase, that the sub-adviser (the Sub-Adviser) believes are undervalued and have the potential for long-term growth. The market capitalization of companies within the Index will change with market conditions. As of December 31, 2024, the market capitalization of companies within the Index ranged from $8.2 million to $13.2 billion. The Portfolio typically seeks to invest in companies at the higher … Show more… Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies that have market capitalizations in the range of the companies within the Russell 2000 Value Index (the Index) (which measures the performance of the small-cap value segment of the U.S. equity universe), at the time of purchase, that the sub-adviser (the Sub-Adviser) believes are undervalued and have the potential for long-term growth. The market capitalization of companies within the Index will change with market conditions. As of December 31, 2024, the market capitalization of companies within the Index ranged from $8.2 million to $13.2 billion. The Portfolio typically seeks to invest in companies at the higher end of the capitalization range of the Index, which the Sub-Adviser believes are generally more liquid than companies at the lower end of the capitalization range of the Index. The Portfolio may invest up to 20% of its total assets in foreign (non-U.S.) securities and depositary receipts. Depositary receipts are receipts issued by a bank or a trust company reflecting ownership of underlying securities issued by foreign companies. The Portfolio normally invests in common stocks and also may invest in real estate investment trusts ( REITs). The Portfolio may at times emphasize one or more sectors in selecting its investments, including the financials and industrials sectors. The Sub-Adviser employs fundamental analysis with risk management analysis in identifying investment opportunities and constructing the Portfolios portfolio. In selecting investments, the Sub-Adviser considers, among other factors: businesses that are believed to be fundamentally sound and undervalued due to investor indifference, investor misperception of company prospects, or other factors; various measures of valuation, including price-to-cash flow, price-to-earnings, price-to-sales, and price-to-book value (the Sub-Adviser believes that companies with lower valuations are generally more likely to provide opportunities for long-term capital appreciation); a company's current operating margins relative to its historic range and future potential; and potential indicators of stock price appreciation, such as anticipated earnings growth, company restructuring, changes in management, new product opportunities, business model changes, or anticipated improvements in macroeconomic factors. The Sub-Adviser may sell a security when the securitys price reaches a target set by the Sub-Adviser; if the Sub-Adviser believes that there is deterioration in the issuer's financial circumstances or fundamental prospects; if other investments are more attractive; or for other reasons. The Portfolio may lend portfolio securities on a short-term or long-term basis, up to 33 ?1 / 3 % of its total assets. Show less