Strategy. Massachusetts Financial Services Company, the Portfolio 's subadvisor, (MFS or Subadvisor) normally invests the Portfolio s assets primarily in equity securities. Equity securities include common stocks and other securities that represent an ownership interest (or right to acquire an ownership interest) in a company or other issuer. In selecting investments for the Portfolio , MFS is not constrained by any particular investment style. MFS may invest the Portfolio s assets in the stocks of companies it believes to have above average earnings growth potential compared to other companies (growth companies), in the stocks of companies it believes are undervalued compared to their perceived worth (value companies), or in a combination of growth and value companies. Growth companies are those that … Show more… Massachusetts Financial Services Company, the Portfolio 's subadvisor, (MFS or Subadvisor) normally invests the Portfolio s assets primarily in equity securities. Equity securities include common stocks and other securities that represent an ownership interest (or right to acquire an ownership interest) in a company or other issuer. In selecting investments for the Portfolio , MFS is not constrained by any particular investment style. MFS may invest the Portfolio s assets in the stocks of companies it believes to have above average earnings growth potential compared to other companies (growth companies), in the stocks of companies it believes are undervalued compared to their perceived worth (value companies), or in a combination of growth and value companies. Growth companies are those that MFS believes will experience an increase in earnings that is higher than the typical earnings growth rate for other companies in a similar industry and/or the broader market. Value companies are those that MFS believes are trading at attractive prices relative to their earnings, dividends, assets, or other financial measures as compared to other companies in a similar industry and/or the broader market. While MFS may invest the Portfolio s assets in securities of companies of any size, MFS primarily invests in securities of companies with large capitalizations , which are companies having a market capitalization in excess of $5 billion at the time of purchase. MFS may also invest the Portfolios assets in foreign securities. An issuer is considered to be U.S. or foreign based on the issuers country of risk (or similar designation) as determined by a third party such as Bloomberg. Although a Portfolio will generally rely on an issuers country of risk (or similar designation) as determined by Bloomberg (or another similar third party) when categorizing securities as either U.S. or foreign-based, it is not required to do so. MFS normally invests the Portfolio 's assets across different industries and sectors, but MFS may invest a significant percentage of the Portfolio 's assets in issuers in a single industry or sector. However, the Portfolio will not concentrate in any industry or group of industries. Investment Process: MFS uses an active bottom-up investment approach to buying and selling investments for the Portfolio. Investments are selected primarily based on fundamental analysis of individual issuers and their potential in light of their financial condition, and market, economic, political, and regulatory conditions. Factors considered may include analysis of an issuers earnings, cash flows, competitive position, and management ability. Quantitative screening tools that systematically evaluate an issuers valuation, price and earnings momentum, earnings quality, and other factors, may also be considered. Show less