Strategy. Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in equity securities. The Portfolio intends to invest primarily in dividend-paying common stocks of U.S. large- and mid-capitalization companies. For this Portfolio, large- and mid-capitalization companies are those companies with market capitalizations within the range of companies in the Russell 1000 Value Index at the time of purchase (market capitalization range of approximately $ 355.1 million - $978.0 billion as of December 31, 2024). The size of companies in the Russell 1000 Value Index changes with market conditions, which can result in changes to the market capitalization range of companies in the index. The Portfolio invests primarily in common stocks, but it … Show more… Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in equity securities. The Portfolio intends to invest primarily in dividend-paying common stocks of U.S. large- and mid-capitalization companies. For this Portfolio, large- and mid-capitalization companies are those companies with market capitalizations within the range of companies in the Russell 1000 Value Index at the time of purchase (market capitalization range of approximately $ 355.1 million - $978.0 billion as of December 31, 2024). The size of companies in the Russell 1000 Value Index changes with market conditions, which can result in changes to the market capitalization range of companies in the index. The Portfolio invests primarily in common stocks, but it may also invest in other equity securities that the Sub-Adviser believes provide opportunities for capital growth and income. The Portfolio may invest up to 20% of its assets in foreign securities, including securities of issuers located in developed and developing economies. The Sub-Adviser generally considers stocks that not only currently pay a dividend, but also have a consistent history of paying cash dividends. The Sub-Adviser also generally seeks stocks that have long established histories of dividend increases in an effort to ensure that the growth of the dividend stream of the Portfolios holdings will be greater than that of the market as a whole. The Sub-Adviser constructs a portfolio of individual stocks, selected on a bottom-up basis, using fundamental analysis. The Sub-Adviser seeks to identify companies that are undervalued and temporarily out-of-favor for reasons it can identify and understand. In deciding whether to sell a stock, the Sub-Adviser considers whether the stock has surpassed the Sub-Advisers estimate of fair value, whether the original buy thesis was materially impaired, and whether a more favorable risk/reward can be achieved by investing in an alternative investment. Show less