Strategy. The Portfolios assets normally are allocated between two or more investment managers, each of which manages its portion of the Portfolio using a different but complementary investment strategy. One portion of the Portfolio is actively managed (Active Allocated Portion); the other portion of the Portfolio seeks to track the performance of a particular index or indices (Index Allocated Portion). Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in equity securities. The Portfolios investments in equity securities may include common stocks, preferred stocks, warrants, depositary receipts, and other equity securities, and financial instruments that derive their value from such securities, including a variety of equity-related derivatives, which may include equity futures … Show more… The Portfolios assets normally are allocated between two or more investment managers, each of which manages its portion of the Portfolio using a different but complementary investment strategy. One portion of the Portfolio is actively managed (Active Allocated Portion); the other portion of the Portfolio seeks to track the performance of a particular index or indices (Index Allocated Portion). Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in equity securities. The Portfolios investments in equity securities may include common stocks, preferred stocks, warrants, depositary receipts, and other equity securities, and financial instruments that derive their value from such securities, including a variety of equity-related derivatives, which may include equity futures and equity index futures. The Active Allocated Portion consists of approximately 30% of the Portfolios net assets, and the Index Allocated Portion consists of approximately 70% of the Portfolios net assets. These percentages are targets established by the Adviser; actual allocations may deviate from these targets. Under normal circumstances, the Portfolio invests primarily in equity securities of U.S. and foreign companies . The Portfolio can invest without limit in foreign securities, including depositary receipts, and can invest in any country, including countries with emerging markets. However, the Portfolio currently emphasizes its investments in developed markets such as the United States and Western European countries. The Portfolio normally will invest a significant portion of its assets in foreign securities. The Portfolio may invest in securities of issuers of any market capitalization. The Active Allocated Portion invests primarily in equity securities of U.S. and non-U.S. companies that, in the view of the Sub-Advisers, have good prospects for future growth. Other factors, such as country or regional factors and thematic factors, are considered by the Sub-Advisers. The Active Allocated Portions Sub-Advisers may sell a security for a variety of reasons, such as to make other investments believed by a Sub-Adviser to offer superior investment opportunities. The Active Allocated Portion may utilize foreign currency forward exchange contracts, which are derivatives, in connection with its investments in foreign securities. The Index Allocated Portion (which consists of approximately 70% of the Portfolios net assets) is allocated approximately evenly between two strategies that seek to track the performance (before fees and expenses) of the Standard & Poors 500 Composite Stock Index and the Morgan Stanley Capital International EAFE Index, respectively, each with minimal tracking error. Actual allocations between the two strategies may vary by up to 10%. Each strategy is commonly referred to as an indexing strategy. Generally, both strategies use a full replication technique, although in certain instances a sampling approach may be utilized. Each portion of the Index Allocated Portion also may invest in other instruments, such as futures and options contracts, that provide comparable exposure as the index without buying the underlying securities comprising the index. The Adviser also may utilize futures and options, such as exchange-traded futures and options contracts on securities indices, to manage equity exposure. Futures and options can provide exposure to the performance of a securities index without buying the underlying securities comprising the index. They also provide a means to manage the Portfolios equity exposure without having to buy or sell securities. When market volatility is increasing above specific thresholds set for the Portfolio, the Adviser may limit equity exposure by reducing investments in securities, shorting or selling long futures and options positions on an index, increasing cash levels, and/or shorting an index. During such times, the Portfolios exposure to equity securities may be significantly less than that of a traditional equity portfolio, but may remain sizable. Conversely, when the market volatility indicators decrease, the Adviser may increase equity exposure in the Portfolio such as by investing in futures contracts on an index. During periods of heightened market volatility, the Portfolios exposure to equity securities may remain sizable if, in the Advisers judgment, such exposure is warranted in order to produce better risk-adjusted returns over time. Volatility is a statistical measure of the magnitude of changes in the Portfolios returns, without regard to the direction of those changes. Higher volatility generally indicates higher risk and is often reflected by frequent and sometimes significant movements up and down in value. Volatility management techniques could reduce potential losses and/or mitigate financial risks to insurance companies that provide certain benefits and guarantees available under the Contracts and offer the Portfolio as an investment option in their products. Accordingly, volatility management techniques could also benefit the insurance companies by reducing the risk that the insurance companies will be required to pay amounts to meet the benefits and guarantees from their own resources. It is anticipated that the Portfolios derivative instruments will consist primarily of exchange-traded futures and options contracts on securities indices, but the Portfolio also may utilize other types of derivatives. The Portfolios investments in derivatives may be deemed to involve the use of leverage because the Portfolio is not required to invest the full market value of the contract upon entering into the contract but participates in gains and losses on the full contract price. The use of derivatives also may be deemed to involve the use of leverage because the heightened price sensitivity of some derivatives to market changes may magnify the Portfolios gain or loss. The Portfolio may maintain a significant percentage of its assets in cash and cash equivalent instruments, some of which may serve as margin or collateral for the Portfolios obligations under derivative transactions. Show less