Strategy. Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities of large-cap companies (or other financial instruments that derive their value from the securities of such companies). For purposes of this Portfolio, large-cap companies are those companies with public stock market capitalizations within the range of companies constituting the Standard & Poors 500 Composite Stock Index (S&P 500 Index) at the time of investment. As of December 31, 2024, the market capitalizations of the companies in the S&P 500 Index ranged from approximately $ 6.06 billion to $3.81 trillion. The size of companies in the index changes with market conditions, which can result in changes to the market capitalization … Show more… Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities of large-cap companies (or other financial instruments that derive their value from the securities of such companies). For purposes of this Portfolio, large-cap companies are those companies with public stock market capitalizations within the range of companies constituting the Standard & Poors 500 Composite Stock Index (S&P 500 Index) at the time of investment. As of December 31, 2024, the market capitalizations of the companies in the S&P 500 Index ranged from approximately $ 6.06 billion to $3.81 trillion. 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 Sub-Adviser invests the Portfolios assets in securities of companies whose value it believes is not fully recognized by the public. The types of companies in which the Portfolio may invest include companies experiencing positive fundamental change, such as a new management team or product launch, a significant cost-cutting initiative, a merger or acquisition, or a reduction in industry capacity that should lead to improved pricing; companies whose earnings potential has increased or is expected to increase more than generally perceived; companies that have enjoyed recent market popularity but which appear to have fallen temporarily out of favor for reasons that are considered non-recurring or short-term; and companies that are undervalued in relation to securities of other companies in the same industry. The Sub-Adviser normally invests the Portfolios assets primarily in common stocks. The Sub-Adviser may invest the Portfolios assets in securities of foreign issuers in addition to securities of domestic issuers. The Sub-Adviser allocates the Portfolios assets across different market sectors, using different portfolio managers to handle investments within each sector. At present, these sectors include consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, communication services, and utilities. The Sub-Adviser expects the Portfolios sector allocations will approximate the sector weightings of the S&P 500 Index, a broadly diversified measure of the performance of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. While the Sub-Adviser may overweight or underweight one or more sectors from time to time, the Sub-Adviser expects the Portfolios returns to be driven primarily by the security selections of the portfolio managers of each sector. The Sub-Adviser is not constrained by any particular investment style. At any given time, the Sub-Adviser may tend to buy growth stocks or value stocks, or a combination of both types. In buying and selling securities for the Portfolio, the Sub-Adviser relies on fundamental analysis, which involves a bottom-up assessment of a companys potential for success in light of factors including its financial condition, earnings outlook, strategy, management, and industry position, and economic and market conditions. The Sub-Adviser may also use various techniques, such as buying and selling futures contracts and exchange traded funds, to increase or decrease the Portfolios exposure to changing security prices or other factors that affect security values. Show less