Strategy. Under normal circumstances, the Portfolio invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of equity securities. The Portfolio invests primarily in equity securities included in the MSCI World Value Index SM (the Index). The Portfolio invests in securities of issuers in a number of different countries, including the United States. The sub-adviser (the Sub-Adviser) seeks to maximize total return to the extent consistent with maintaining lower volatility than the Index. Volatility generally measures how much a portfolios returns have varied over a specified time frame. The Portfolio may invest in derivative instruments , including, but not limited to, index futures. The Portfolio typically uses derivatives as a substitute … Show more… Under normal circumstances, the Portfolio invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of equity securities. The Portfolio invests primarily in equity securities included in the MSCI World Value Index SM (the Index). The Portfolio invests in securities of issuers in a number of different countries, including the United States. The sub-adviser (the Sub-Adviser) seeks to maximize total return to the extent consistent with maintaining lower volatility than the Index. Volatility generally measures how much a portfolios returns have varied over a specified time frame. The Portfolio may invest in derivative instruments , including, but not limited to, index futures. The Portfolio typically uses derivatives as a substitute for purchasing securities included in the Index or for the purpose of maintaining equity market exposure on its cash balance. The Portfolio may invest in real estate-related securities, including real estate investment trusts (REITs). The Portfolio may invest in other investment companies, including exchange-traded funds ( ETFs), to the extent permitted under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, and under the terms of applicable no-action relief or exemptive orders granted thereunder. The Sub-Adviser creates a target universe that consists of dividend paying securities by screening for companies that exhibit stable dividend yields within each industry sector. Once the Sub-Adviser creates this target universe, the Sub-Adviser seeks to identify the most attractive securities within various geographic regions and sectors by ranking each security relative to other securities within its region or sector, as applicable, using proprietary fundamental sector-specific quantitative investment models. The Sub-Adviser then uses optimization techniques to seek to achieve the Portfolios target dividend yield, which is expected to be higher than the Index in aggregate, manage target beta, determine active weights, and neutralize region and sector exposures in order to create a portfolio that the Sub-Adviser believes will provide the potential for maximum total return consistent with maintaining lower volatility than the Index. Under certain circumstances, the Portfolio will likely earn a lower level of total return than it would in the absence of its strategy of maintaining a relatively low level of volatility. In evaluating investments for the Portfolio, the Sub-Adviser, through its quantitative methods and models, takes into account a wide variety of factors and considerations to determine whether any or all of those factors or considerations might have a material effect on the value, risks, or prospects of a company. Among the factors considered, the Sub-Adviser expects that its quantitative methods and models will typically take into account environmental, social, and governance ( ESG) factors. In considering ESG factors, the Sub-Advisers quantitative methods and models will rely primarily on factors identified through the Sub-Advisers proprietary empirical research and on third-party evaluations of a companys ESG standing. ESG factors will be only one of many considerations in the evaluation of any potential investment; the extent to which ESG factors will affect the Sub-Advisers decision to invest in a company, if at all, will depend on the operation of the Sub-Advisers quantitative processes and the judgment of the Sub-Adviser. 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