span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;"Under normal market conditions, the Portfolio invests at least 80% of its net assets in common stocks. In addition, under /spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"normal market conditions, the Portfolio invests at least 80% of its net assets in equity securities of U.S. companies that have large market capitalizations (generally over $2 billion) that the sub-adviser (the “Sub-Adviser”) believes are undervalued and have the potential for long-term growth and current income./spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;"The Portfolio may also invest up to 20% of its net assets in foreign (non-U.S.) securities. The Portfolio may invest directly in /spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"foreign (non-U.S.) securities or indirectly through depositary receipts. Depositary receipts are receipts issued by a bank or a trust company reflecting ownership of underlying securities issued by foreign companies. The Portfolio may at times emphasize one or more sectors in selecting its investments, including the information technology sector./spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"The Portfolio may invest in real estate-related securities, including real estate investment trusts (“REITs”)./spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;"The Portfolio may invest in derivatives such as futures, forward foreign currency exchange contracts, options, and swap contracts, /spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"including credit default swaps. The Portfolio may use derivative instruments for both hedging and non-hedging purposes, including, for example, to produce incremental earnings, to hedge existing positions, to provide a substitute for a position in an underlying asset, to increase or reduce market or credit exposure, or to increase flexibility./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./spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;"The /spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"“contrarian” nature of the strategy places emphasis on considering securities believed to be suffering from price weaknesses due to current market reaction or sentiment, or liquidity-driven or other factors, but that are believed to possess identifiable price improvement catalysts. The strategy seeks to identify advantageous entry points to buy these securities to capture potential upward valuation contrary to prevailing market sentiment. Contrarian ideas are typically identified through the Sub-Adviser’s bottom-up analysis. In selecting investments, the Sub-Adviser employs fundamental analysis with risk management analysis in identifying investment opportunities and constructing the Portfolio’s portfolio. The Sub-Adviser considers, among other factors:/spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"•/spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"various measures of valuation, including price-to-cash flow, price-to-earnings, price-to-sales, price-to-book value and discounted cash flow. The Sub-Adviser believes that companies with lower valuations are generally more likely to provide opportunities for capital appreciation;/spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"•/spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"potential indicators of stock price appreciation, such as anticipated earnings growth, company restructuring, changes in management, business model changes, new product opportunities, or anticipated improvements in macroeconomic factors;/spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"•/spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"the financial condition and management of a company, including its competitive position, the quality of its balance sheet and earnings, its future prospects, and the potential for growth and stock price appreciation; and/or/spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"•/spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"overall economic and market conditions./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