Strategy. Under normal circumstances, at least 80% of the Portfolios Assets will be invested in equity securities of mid cap companies. Assets means net assets, plus the amount of borrowings for investment purposes. Mid cap companies are companies with market capitalizations equal to those within the universe of the Russell Midcap Value Index and/or between $1 billion and $20 billion at the time of purchase. As of the reconstitution of the Russell Midcap Value Index on March 31, 2022, the market capitalizations of the companies in the index ranged from $60.35 billion to $8.06 million. In implementing its main strategies, the Portfolios investments are primarily in common stocks and real estate investment trusts (REITs). Derivatives, which are instruments that have a … Show more… Under normal circumstances, at least 80% of the Portfolios Assets will be invested in equity securities of mid cap companies. Assets means net assets, plus the amount of borrowings for investment purposes. Mid cap companies are companies with market capitalizations equal to those within the universe of the Russell Midcap Value Index and/or between $1 billion and $20 billion at the time of purchase. As of the reconstitution of the Russell Midcap Value Index on March 31, 2022, the market capitalizations of the companies in the index ranged from $60.35 billion to $8.06 million. In implementing its main strategies, the Portfolios investments are primarily in common stocks and real estate investment trusts (REITs). Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Portfolio can invest. To the extent the Portfolio uses derivatives, the Portfolio will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. Investment Process: In managing the Portfolio, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) employs a bottom-up approach to stock selection, constructing portfolios based on company fundamentals, quantitative screening and proprietary fundamental analysis. The adviser looks for quality companies, which appear to be undervalued and to have the potential to grow intrinsic value per share. Quality companies generally have a sustainable competitive position, relatively lower levels of business cyclicality, high returns on invested capital and strong experienced management teams. As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance factors on the companies in which the Portfolio invests. The advisers assessment is based on a proprietary analysis of key opportunities and risks across industries to seek to identify financially material issues on the Portfolios investments in securities and ascertain key issues that merit engagement with company management. These assessments may not be conclusive and securities of companies may be purchased and retained by the Portfolio for reasons other than material ESG factors. The adviser may sell a security for several reasons. A security may be sold due to a change in the companys fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity. Show less