Strategy. J.P. Morgan Investment Management Inc. (JPMIM or Subadviser), subadviser to the Portfolio, invests, under normal circumstances, at least 80% of the Portfolios net assets in equity securities of small cap companies. The Portfolio defines small cap companies as companies with market capitalizations equal to those within the universe of the Russell 2000 Value Index stocks at the time of purchase. As of December 31, 2024, the highest capitalization of a company included in the Russell 2000 Value Index was $7.5 billion. In reviewing investment opportunities for the Portfolio, JPMIM uses a value-oriented approach. The Portfolios equity investments are primarily common stocks. The Portfolio may also invest in real estate investment trusts. To the extent the Portfolio uses derivatives, the Portfolio … Show more… J.P. Morgan Investment Management Inc. (JPMIM or Subadviser), subadviser to the Portfolio, invests, under normal circumstances, at least 80% of the Portfolios net assets in equity securities of small cap companies. The Portfolio defines small cap companies as companies with market capitalizations equal to those within the universe of the Russell 2000 Value Index stocks at the time of purchase. As of December 31, 2024, the highest capitalization of a company included in the Russell 2000 Value Index was $7.5 billion. In reviewing investment opportunities for the Portfolio, JPMIM uses a value-oriented approach. The Portfolios equity investments are primarily common stocks. The Portfolio may also invest in real estate investment trusts. 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, JPMIM employs a process that ranks stocks based on its proprietary stock ranking system. The rankings are then reviewed and adjusted utilizing fundamental research conducted by the investment team to enhance accuracy and consistency. The adjusted rankings are used to place stocks into the portfolio. In general, stocks are purchased when they are among the top ranked within their sector. Stocks become candidates for sale when their ranking falls, when they appear unattractive or when the company is no longer a small cap company. The Portfolio may continue to hold a security if it believes further substantial growth is possible. Risk factor exposures are managed through portfolio construction. Portfolio constraints control for sector weights, position sizes and/or style characteristics of the Portfolio. Show less