Strategy. The Advisor seeks to balance conflicting goals of growth of capital and preservation of capital in order to generate a more stable rate of return for this portfolio relative to an investment in the general stock market. The Series invests primarily in common stocks and intermediate to long-term fixed income securities. The Series may invest in U.S. and foreign stocks, including those in emerging markets, American Depository Receipts (ADRs), and derivative instruments (as described below). The Series may invest in stocks of small-, large-, or mid-size companies. In the fixed income portion of the portfolio, the Series invests primarily in U.S. Treasury securities, and U.S. and foreign mortgage-backed and asset-backed securities and corporate bonds. The Series is not subject to … Show more… The Advisor seeks to balance conflicting goals of growth of capital and preservation of capital in order to generate a more stable rate of return for this portfolio relative to an investment in the general stock market. The Series invests primarily in common stocks and intermediate to long-term fixed income securities. The Series may invest in U.S. and foreign stocks, including those in emerging markets, American Depository Receipts (ADRs), and derivative instruments (as described below). The Series may invest in stocks of small-, large-, or mid-size companies. In the fixed income portion of the portfolio, the Series invests primarily in U.S. Treasury securities, and U.S. and foreign mortgage-backed and asset-backed securities and corporate bonds. The Series is not subject to any duration or maturity restrictions and will vary its average dollar weighted portfolio maturity depending on the Advisors outlook for yields. The Series invests primarily in investment grade securities, those securities rated BBB- or above by S&P or Baa3 or above by Moodys (or determined to be of equivalent quality by the Advisor), but may also invest in non-investment grade securities (junk bonds). There are no prescribed limits on the sector allocations of the Series investments and, from time to time, the Series may focus its investments in one or more sectors. When the Advisor wishes to purchase or sell a security at a specified price, it may seek to generate additional gains for the Series by writing (selling) options on the underlying security, targeting options with premiums that are believed to offer sufficient income to compensate the Series for the risks associated with the option. Options are written only on stocks that the Advisor is planning to buy (in the case of puts) or sell (in the case of calls). In addition, the Series may buy and sell futures contracts based on fixed income securities, interest rates, and currencies, to seek to enhance returns, manage duration, hedge interest rate risk, and reduce volatility. The Advisor may target fixed income futures that are believed to offer the Series the opportunity to more efficiently manage duration and gain exposure to certain markets. The Advisor will consider selling a security if: it no longer fits the Series investment strategies or the Advisors investment thesis; it has reached the Advisors target sell price or no longer fits the Advisors valuation discipline; or a more attractive investment opportunity is identified. The words Moderate Term in the Series name describe the investment horizon of those investors who may want to consider investing in the Series and do not reflect the Series maturity restrictions with respect to its investments in fixed income securities. Please see the More Information About the Series Principal Investment Strategies and Principal Risks section of the prospectus for the historical high and low equity exposures of the Series. Show less