Strategy. The Portfolios assets normally are allocated between two investment managers, each of which manages its portion of the Portfolio using a different but complementary investment strategy. One portion of the Portfolio is actively managed (Active Allocated Portion); the other portion of the Portfolio seeks to track the performance of a particular index (Index Allocated Portion). Under normal circumstances, the Active Allocated Portion will consist of approximately 50% of the Portfolios net assets, and the Index Allocated Portion will consist of approximately 50% of the Portfolios net assets. These percentages are targets established by the Adviser; actual allocations may deviate from these targets. Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, … Show more… The Portfolios assets normally are allocated between two investment managers, each of which manages its portion of the Portfolio using a different but complementary investment strategy. One portion of the Portfolio is actively managed (Active Allocated Portion); the other portion of the Portfolio seeks to track the performance of a particular index (Index Allocated Portion). Under normal circumstances, the Active Allocated Portion will consist of approximately 50% of the Portfolios net assets, and the Index Allocated Portion will consist of approximately 50% of the Portfolios net assets. These percentages are targets established by the Adviser; actual allocations may deviate from these targets. Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in the securities of small-capitalization companies. For this Portfolio, small-capitalization companies are those companies with market capitalizations (that is, the total market value of a companys outstanding stock) not exceeding either: 1) the highest market capitalization in the Russell 2000 Index; or 2) the 12-month average of the highest market capitalization in the Russell 2000 Index, whichever is greater, at the time of purchase. As of December 31, 2024, the highest market capitalization in the Russell 2000 Index was $ 13.19 billion. Securities of small-capitalization companies may include financial instruments that derive their value from the securities of such companies. The Portfolio may invest up to 25% of its assets in foreign securities. The Portfolio also may invest in real estate investment trusts (REITs), including Equity REITS, Mortgage REITS, and hybrid REITs. The Active Allocated Portion generally invests in equity securities, predominantly common stocks of companies that the Sub-Adviser to the Active Allocated Portion believes are undervalued at the time of purchase and have potential for capital appreciation. The Sub-Adviser to the Active Allocated Portion believes that a stock price is undervalued when it trades at less than the price at which the Sub-Adviser believes it would trade if the market reflected all factors relating to the companys worth. The Active Allocated Portion may also invest in REITs. The Active Allocated Portion, from time to time, may have significant positions in particular sectors, such as financial services companies, industrials and technology. The Index Allocated Portion seeks to track the performance (before fees and expenses) of the Russell 2000 Index with minimal tracking error. This strategy is commonly referred to as an indexing strategy. Generally, the Index Allocated Portion uses a full replication technique, although in certain instances a sampling approach may be utilized for a portion of the Index Allocated Portion. The Index Allocated Portion also may invest in other instruments, such as futures and options contracts, that provide comparable exposure as the index without buying the underlying securities comprising the index. The Adviser also may utilize futures and options, such as exchange-traded futures and options contracts on securities indices, to manage equity exposure. Futures and options can provide exposure to the performance of a securities index without buying the underlying securities comprising the index. They also provide a means to manage the Portfolios equity exposure without having to buy or sell securities. When market volatility is increasing above specific thresholds set for the Portfolio, the Adviser may limit equity exposure by reducing investments in securities, shorting or selling long futures and options positions on an index, increasing cash levels, and/or shorting an index. During such times, the Portfolios exposure to equity securities may be significantly less than that of a traditional equity portfolio, but may remain sizable. Conversely, when the market volatility indicators decrease, the Adviser may increase equity exposure in the Portfolio such as by investing in futures contracts on an index. During periods of heightened market volatility, the Portfolios exposure to equity securities may remain sizable if, in the Advisers judgment, such exposure is warranted in order to produce better risk-adjusted returns over time. Volatility is a statistical measure of the magnitude of changes in the Portfolios returns, without regard to the direction of those changes. Higher volatility generally indicates higher risk and is often reflected by frequent and sometimes significant movements up and down in value. Volatility management techniques could reduce potential losses and/or mitigate financial risks to insurance companies that provide certain benefits and guarantees available under the Contracts and offer the Portfolio as an investment option in their products. Accordingly, volatility management techniques could also benefit the insurance companies by reducing the risk that the insurance companies will be required to pay amounts to meet the benefits and guarantees from their own resources. It is anticipated that the Portfolios derivative instruments will consist primarily of exchange-traded futures and options contracts on securities indices, but the Portfolio also may utilize other types of derivatives. The Portfolios investments in derivatives may be deemed to involve the use of leverage because the Portfolio is not required to invest the full market value of the contract upon entering into the contract but participates in gains and losses on the full contract price. The use of derivatives also may be deemed to involve the use of leverage because the heightened price sensitivity of some derivatives to market changes may magnify the Portfolios gain or loss. It is not generally expected, however, that the Portfolio will be leveraged by borrowing money for investment purposes. The Portfolio may maintain a significant percentage of its assets in cash and cash equivalent instruments, some of which may serve as margin or collateral for the Portfolios obligations under derivative transactions. Show less