span style="font-family:Arial;font-size:9.30pt;margin-left:0%;"Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) /spanspan style="font-family:Arial;font-size:9.30pt;"in equity securities of companies that have market capitalizations in the range of the companies within the Russell 2000/spanspan style="font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;"®/spanspan style="font-family:Arial;font-size:9.30pt;"Value Index (“Index”) (which measures the performance of the small-cap value segment of the U.S. equity universe), at the time of purchase, that the sub-adviser (“Sub-Adviser”) believes are undervalued and have the potential for long-term growth. The Portfolio will provide shareholders with at least 60 days' prior written notice of any change in this investment policy. The market capitalization of companies within the Index will change with market conditions. As of December 31, 2023, the market capitalization of companies within the Index ranged from $24.7 million to $10.5 billion./spanspan style="font-family:Arial;font-size:9.30pt;margin-left:0%;"The Portfolio may invest up to 20% of its total assets in foreign (non-U.S.) securities and depositary receipts. Depositary /spanspan style="font-family:Arial;font-size:9.30pt;"receipts are receipts issued by a bank or a trust company reflecting ownership of underlying securities issued by foreign companies. The Portfolio normally invests in common stocks and also may invest in real estate investment trusts (“REITs”). The Portfolio may at times emphasize one or more sectors in selecting its investments, including the financial services and industrials sectors./spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;"The Portfolio may invest in other investment companies, including exchange-traded funds (/spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"“ETFs”), to the extent permitted under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, and under the terms of applicable no-action relief or exemptive orders granted thereunder; convertible securities; initial public offerings (“IPOs”); and derivatives, including options on securities, options on stock indices, covered calls, secured put options, and over-the-counter (“OTC”) options. The Portfolio may use derivatives for, among other reasons, investment purposes, for risk management (hedging) purposes, to increase investment flexibility, or to reduce transaction costs./spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;"The Sub-Adviser employs fundamental analysis with risk management analysis in identifying investment opportunities and /spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"constructing the Portfolio’s portfolio. In selecting investments, the Sub-Adviser considers, among other factors: businesses that are believed to be fundamentally sound and undervalued due to investor indifference, investor misperception of company prospects, or other factors; various measures of valuation, including price-to-cash flow, price-to-earnings, price-to-sales, and price-to-book value (the Sub-Adviser believes that companies with lower valuations are generally more likely to provide opportunities for long-term capital appreciation); a company's current operating margins relative to its historic range and future potential; and potential indicators of stock price appreciation, such as anticipated earnings growth, company restructuring, changes in management, new product opportunities, business model changes, or anticipated improvements in macroeconomic factors./spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;"The Sub-Adviser may sell a security when the security’s price reaches a target set by the Sub-Adviser; if the Sub-Adviser /spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"believes that there is deterioration in the issuer's financial circumstances or fundamental prospects; if other investments are more attractive; or for other reasons./spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"The Portfolio may lend portfolio securities on a short-term or long-term basis, up to 33/spanspan style="color:#000000;font-family:Arial;font-size:6pt;position:relative;top:-2.66pt;" 1/spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"∕/spanspan style="color:#000000;font-family:Arial;font-size:6pt;"3/spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"% of its total assets./span