Strategy. Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) in common stocks, and in derivatives and other instruments that have economic characteristics similar to such securities. The Portfolio may invest in securities of issuers of any market capitalization; and at times might increase its emphasis on securities of issuers in a particular capitalization range. Under normal market conditions, it is currently expected that the Portfolio will invest a substantial percentage of its assets in large-capitalization issuers. The Portfolio may invest in real estate-related securities, including real estate investment trusts ( REITs). In selecting securities for investment, the sub-adviser (the Sub-Adviser) focuses primarily on a security's potential for capital growth and … Show more… Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) in common stocks, and in derivatives and other instruments that have economic characteristics similar to such securities. The Portfolio may invest in securities of issuers of any market capitalization; and at times might increase its emphasis on securities of issuers in a particular capitalization range. Under normal market conditions, it is currently expected that the Portfolio will invest a substantial percentage of its assets in large-capitalization issuers. The Portfolio may invest in real estate-related securities, including real estate investment trusts ( REITs). In selecting securities for investment, the sub-adviser (the Sub-Adviser) focuses primarily on a security's potential for capital growth and income. The Portfolio emphasizes a value style of investing, seeking well-established, undervalued companies that have identifiable factors that might lead to improved valuations. The Portfolio may invest up to 25% of its net assets in securities of foreign (non-U.S.) issuers, which may include securities of issuers located in emerging market countries and American Depositary Receipts. Depositary receipts are receipts issued by a bank or a trust company reflecting ownership of underlying securities issued by foreign (non-U.S.) companies. The Portfolio may invest in derivative instruments including forward foreign currency contracts, and futures contracts. The Portfolio can use forward foreign currency contracts to seek to hedge against adverse movements in the foreign (non-U.S.) currencies in which portfolio securities are denominated. The Portfolio can use futures contracts (including index futures), to seek exposure to certain asset classes and to seek to hedge against adverse movements in the foreign (non-U.S.) currencies in which the portfolio securities are denominated. 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 will consider selling a security if it meets one or more of the following criteria: (1) the target price of the investment has been realized and the Sub-Adviser no longer considers the company undervalued, (2) a better value opportunity is identified, or (3) research shows that the company is experiencing deteriorating fundamentals beyond the Sub-Advisers tolerable level and the trend is likely to be a long-term issue. 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