Strategy. Normally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in stocks with a track record of paying dividends. The adviser considers a security to have a track record of paying dividends if the security has paid a dividend within the past 12 months. The Portfolio generally seeks investments in large-capitalization companies, which it considers to be those companies with a market capitalization greater than $5 billion. Additionally, the Portfolios yield, which reflects the level of dividends paid by the Portfolio, is expected to normally exceed the yield of the Russell 1000 Value Index. This level is merely a guideline and there can be no certainty this level will be achieved. The Portfolio will … Show more… Normally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in stocks with a track record of paying dividends. The adviser considers a security to have a track record of paying dividends if the security has paid a dividend within the past 12 months. The Portfolio generally seeks investments in large-capitalization companies, which it considers to be those companies with a market capitalization greater than $5 billion. Additionally, the Portfolios yield, which reflects the level of dividends paid by the Portfolio, is expected to normally exceed the yield of the Russell 1000 Value Index. This level is merely a guideline and there can be no certainty this level will be achieved. The Portfolio will typically employ a value approach in selecting investments. The advisers in-house research team seeks to identify companies that appear to be undervalued as measured by price to earnings ratio, dividend yield, enterprise value to sales, among other metrics and may be temporarily out of favor, but have good prospects for capital appreciation and dividend growth. While the Portfolio does not seek to focus its investments in any particular economic sector, the Portfolio may at times have a relatively high percentage of its assets invested in a particular sector as a result of the advisers stock selection process. The adviser integrates environmental, social, and governance (ESG) factors into its investment research process for certain investments. While ESG matters vary widely, the adviser generally considers ESG factors such as climate change, resource depletion, labor standards, diversity, human rights issues, and governance structure and practices. For certain types of investments, including, but not limited to, cash, currency positions, and particular types of derivatives, an ESG analysis may not be relevant or possible due to lack of data. Where ESG considerations are integrated into the investment research process, the adviser focuses on the ESG factors that it considers most likely to have a material impact on the performance of the holdings in the Portfolio. The adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions for the Portfolio. The adviser has the discretion to deviate from the Portfolios normal investment criteria, as described above, and purchase securities the adviser believes could provide an opportunity for substantial appreciation. These special situations might arise when the adviser believes a security could increase in value for a variety of reasons, including a change in management, a reorganization, a spin-off of a business line, a special dividend, or some other extraordinary corporate event, a new product introduction or a favorable competitive development. While most assets will be invested in U.S. common stocks, the Portfolio may also invest in foreign securities and American Depositary Receipts (ADRs) (up to 20% of net assets), including those of issuers located in emerging markets. The Portfolio may also invest in real estate investment trusts (REITs). The Portfolio may sell securities for a variety of reasons such as to secure gains, limit losses, or redeploy assets into more promising opportunities. Show less