Strategy. Diversified across equity and fixed income securities, the Series tactical allocation approach seeks to generate a combination of capital appreciation and income. For the Series U.S. equity allocation, the subadviser invests in a select group of large market capitalization growth companies believed by the Series subadviser to be undervalued relative to their future growth potential. The investment strategy emphasizes companies the subadviser believes to have a sustainable competitive advantage, strong management and low financial risk, and to be able to grow over market cycles. For the Series non-U.S. equity exposure, the subadvisers investment strategy emphasizes companies that the subadviser believes to have a sustainable competitive advantage, strong management and low financial risk and to be able to grow over market … Show more… Diversified across equity and fixed income securities, the Series tactical allocation approach seeks to generate a combination of capital appreciation and income. For the Series U.S. equity allocation, the subadviser invests in a select group of large market capitalization growth companies believed by the Series subadviser to be undervalued relative to their future growth potential. The investment strategy emphasizes companies the subadviser believes to have a sustainable competitive advantage, strong management and low financial risk, and to be able to grow over market cycles. For the Series non-U.S. equity exposure, the subadvisers investment strategy emphasizes companies that the subadviser believes to have a sustainable competitive advantage, strong management and low financial risk and to be able to grow over market cycles. For the fixed income allocation, the subadviser employs a time-tested approach of active sector rotation, extensive credit research, and disciplined risk management designed to capitalize on opportunities across the fixed income markets. The Series invests in U.S. equity, non-U.S. equity and fixed income securities using a tactical allocation approach. Generally, the following percentages apply: 25% to 60% invested in U.S. equity securities, 5% to 30% invested in non-U.S. equity securities and 35% to 60% invested in fixed income securities. The equity allocation is invested in common, preferred, and ADR securities. The fixed income allocation may be invested directly or indirectly in all sectors of fixed income securities, including high-yield (junk bonds), bank loans (which are generally floating rate and may include both secured loans and covenant lite loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics), mortgage-backed and asset-backed, collateralized mortgage obligations, real estate mortgage investment conduits, and other pass-through securities, government, corporate, and municipal debt obligations. Indirect investment for this purpose means investment in mutual funds that invest in one or more sectors of fixed income securities, which may include affiliated funds that are also managed by the Series subadviser. Under normal circumstances, the average duration of the fixed income portion of the Series is maintained at a level similar to that of its fixed income benchmark, the Bloomberg U.S. Aggregate Bond Index, which normally results in a dollar-weighted average duration of between two and eight years. As of December 31, 2024, the modified adjusted duration of the Bloomberg U.S. Aggregate Bond Index was 6.08 years; the modified adjusted duration of the Series was 3.84 years. Typically, for a Series maintaining a modified adjusted duration of 3.84 years, a one percent increase in interest rates would cause a 3.84% decrease in the value of the Series fixed income assets. Similarly, a one percent decrease in interest rates typically would cause the value of the Series fixed income assets to increase by 3.84%. The Series may invest in both U.S. and foreign (non-U.S.) securities, including those of issuers in emerging market countries, and may invest in issuers of any size. Allocation percentages are measured at time of purchase. Generally, the Series U.S. equity investments are in large market capitalization companies. As of the date of this Prospectus, the Series subadviser considers large market capitalization companies for this purpose to be those companies that, at the time of initial purchase, have market capitalizations within the range of the Russell 1000 Index on a rolling three-year basis. On this basis, as of December 31, 2024, the market capitalization range of companies included in the Russell 1000 Index was $67.5 million to $3.79 trillion. The Series non-U.S. equity investments are principally in small- and mid-capitalization companies. As of the date of this Prospectus, the Series equity subadviser considers small- and mid-capitalization companies to be those companies that, at the time of initial purchase, have market capitalizations generally within the range of companies included in the MSCI All Country World ex USA SMID Cap Index on a rolling three-year basis. On this basis, as of December 31, 2024, the total market capitalization range of companies included in the MSCI All Country World ex USA SMID Cap Index over the past three years was $0 to $39.3 billion. Show less