Strategy. Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in securities of small capitalization companies with market capitalizations within the range of the Russell 2500 Index at the time of purchase (market capitalization range of approximately $ 9.12 million to $42.22 billion as of December 31, 2024). The size of companies in the index changes with market conditions, which can result in changes to the market capitalization range of companies in the index. The Portfolios assets normally are allocated between two portions, each of which is managed using a different but complementary investment strategy. One portion of the Portfolio is actively managed by a Sub-Adviser (Active Allocated Portion); the other portion … Show more… Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in securities of small capitalization companies with market capitalizations within the range of the Russell 2500 Index at the time of purchase (market capitalization range of approximately $ 9.12 million to $42.22 billion as of December 31, 2024). The size of companies in the index changes with market conditions, which can result in changes to the market capitalization range of companies in the index. The Portfolios assets normally are allocated between two portions, each of which is managed using a different but complementary investment strategy. One portion of the Portfolio is actively managed by a Sub-Adviser (Active Allocated Portion); the other portion of the Portfolio seeks to track the performance of a particular index or indices (Index Allocated Portion). The Active Allocated Portion consists of approximately 50% of the Portfolios net assets, and the Index Allocated Portion consists of approximately 50% of the Portfolios net assets. These percentages are targets established by the Adviser; actual allocations may deviate from these targets. The Active Allocated Portion invests primarily in U.S. common stocks and other equity securities issued by small capitalization companies that the Sub-Adviser believes to have favorable growth prospects. The Portfolio may at times invest in companies in cyclical industries, companies whose securities are temporarily undervalued, companies in special situations (e.g., change in management, new products or changes in customer demand) and less widely known companies. The Sub-Adviser combines fundamental and quantitative analysis in its stock selection process. The Sub-Adviser may sell a security for a variety of reasons, including to invest in a company believed by the Sub-Adviser to offer superior investment opportunities. The Index Allocated Portion seeks to track the performance (before fees and expenses) of the Russell 2000 Index (Russell 2000) with minimal tracking error. The Portfolio invests in a statistically selected sample of the securities found in the Russell 2000 (market capitalization range of approximately $ 9.12 million to $13.19 billion as of December 31, 2024) in a process known as sampling. This process selects stocks for the Index Allocated Portion so that industry weightings, market capitalizations and fundamental characteristics (price to book ratios, price to earnings ratios, debt to asset ratios and dividend yields) closely match those of the securities included in the Russell 2000. The Portfolios investments in equity securities of small-cap companies included in the Russell 2000 may include financial instruments that derive their value from such securities. Show less