Strategy. Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in securities of companies with small market capitalizations (or other financial instruments that derive their value from the securities of such companies). For purposes of this Portfolio, small market capitalization companies are those companies with market capitalizations within the range of companies in the Russell 2000 Index (Russell 2000) at the time of investment (as of December 31, 2024, the market capitalizations of the companies in the Russell 2000 ranged from $9.1 million to $13.2 billion). The size of companies in the Russell 2000 changes with market conditions, which can result in changes to the market capitalization range of companies in the … Show more… Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in securities of companies with small market capitalizations (or other financial instruments that derive their value from the securities of such companies). For purposes of this Portfolio, small market capitalization companies are those companies with market capitalizations within the range of companies in the Russell 2000 Index (Russell 2000) at the time of investment (as of December 31, 2024, the market capitalizations of the companies in the Russell 2000 ranged from $9.1 million to $13.2 billion). The size of companies in the Russell 2000 changes with market conditions, which can result in changes to the market capitalization range of companies in the index. The Portfolio intends to invest primarily in common stocks, but it may also invest in other securities that a Sub-Adviser believes provide opportunities for capital growth. The Portfolio may invest up to 20% of its assets in foreign securities, including securities of companies based in developing countries and depositary receipts of foreign-based companies. The Portfolios investments may include real estate investment trusts (REITs). The Portfolios assets normally are allocated among two or more 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) and one portion of the Portfolio seeks to track the performance of a particular index (Index Allocated Portion). Under normal circumstances, 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. The Sub-Adviser to the Active Allocated Portion of the Portfolio believes that favorable investment opportunities are available through companies that exhibit a number of the following characteristics: are selling below their perceived intrinsic value, have limited or no institutional ownership, have had short-term earnings shortfalls, have had a recent initial public offering but have not attracted significant analyst coverage, are selling at or below book or replacement value, and have price to earnings ratios that are less than one half of their projected growth rate. The Sub-Adviser focuses on undervalued and special situation small capitalization equities (including common stocks, convertible securities, warrants and other equity securities having the characteristics of common stocks, such as depositary receipts) that the Sub-Adviser believes have the potential for rewarding long-term investment results. The Sub-Adviser selects securities from companies that are engaged in a number of industries, including the media, financial services, retailing, manufacturing and consumer products, and utilities industries. The Sub-Adviser considers a companys fundamentals by reviewing its balance sheets, corporate revenues, earnings and dividends. The Sub-Adviser also looks at the amount of capital a company spends on research and development. The Active Allocated Portion may invest up to 15% of its assets in exchange traded funds (ETFs). The Active Allocated Portion may invest a significant portion of its assets in a single issuer or a small group of issuers. Sell decisions are generally triggered by adequate value being achieved, as determined by the Sub-Adviser, or by an adverse change in a companys operating performance or a deterioration of the companys business model, as determined by the Sub-Adviser. A sell trigger also may occur if the Sub-Adviser discovers an investment opportunity that it believes is more compelling and represents a better risk/reward profile than other investments held by the Active Allocated Portion. The Index Allocated Portion of the Portfolio seeks to track the performance (before fees and expenses) of the Russell 2000 Value Index with minimal tracking error. This strategy is commonly referred to as an indexing strategy. The Index Allocated Portion may use a full replication technique or a sampling approach in pursuing its indexing strategy. The Portfolio may hold a significant portion of its assets in cash or cash equivalents as part of its investment strategy. Show less