Strategy. Under normal circumstances, the portfolios sub-adviser, BlackRock Investment Management, LLC (the sub-adviser), seeks to achieve the portfolios objective by investing its assets primarily in a combination of underlying exchange-traded funds (ETFs) advised by an affiliate of the sub-adviser. The portfolios target allocation for long-term investments (the Strategic Asset Allocation) is approximately 70% in equity ETFs and approximately 30% in fixed-income ETFs that are not money market funds (fixed-income ETFs). The portfolios sub-adviser may periodically adjust the portfolios asset class allocations in accordance with its investment process and in an effort to appropriately position the portfolio to changing market environments. The sub-adviser may also allow the relative weighting of the portfolios investments within asset classes to vary from its Strategic Asset … Show more… Under normal circumstances, the portfolios sub-adviser, BlackRock Investment Management, LLC (the sub-adviser), seeks to achieve the portfolios objective by investing its assets primarily in a combination of underlying exchange-traded funds (ETFs) advised by an affiliate of the sub-adviser. The portfolios target allocation for long-term investments (the Strategic Asset Allocation) is approximately 70% in equity ETFs and approximately 30% in fixed-income ETFs that are not money market funds (fixed-income ETFs). The portfolios sub-adviser may periodically adjust the portfolios asset class allocations in accordance with its investment process and in an effort to appropriately position the portfolio to changing market environments. The sub-adviser may also allow the relative weighting of the portfolios investments within asset classes to vary from its Strategic Asset Allocation in response to market conditions, and may from time to time make tactical increases or decreases to the portfolios investment in a particular asset class beyond the Strategic Asset Allocation based on a broad range of market and economic trends and quantitative factors, such as market pricing and economic growth, inflation and policy data. The portfolios equity exposure will generally range from 30% to 95% of its net assets under periods of normal market conditions. The sub-adviser will seek to manage the portfolios volatility in an effort to stabilize performance. The sub-adviser will monitor the expected volatility of the portfolio on a daily basis. The sub-adviser will apply a volatility control framework that may cause the sub-adviser to respond to periods of higher than expected volatility by deviating from the Strategic Asset Allocation, allocating away from riskier asset classes such as equities, and increasing the portfolios exposure to cash and defensive assets in order to attempt to reduce volatility within the portfolio. Under this framework, if the sub-advisers risk forecast exceeds the portfolios volatility ceiling of 14%, the sub-adviser will normally allocate the portfolios assets away from riskier asset classes and to defensive assets in an effort to remain at or below the volatility ceiling. The sub-adviser expects to allocate back to riskier assets away from defensive assets as volatility normalizes. The strategy is intended to result in lower volatility of the portfolios net asset value under negative market conditions. The underlying ETFs have a variety of investment focuses. The underlying equity ETFs include ETFs that are based on large cap U.S. equity, small cap U.S. equity and international equity (including emerging markets) indexes. The underlying fixed-income ETFs include ETFs that are based on broad, short, intermediate and long-term fixed-income indexes, as well as high yield (commonly known as junk bonds) and floating rate bond indexes. Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poors or Fitch or below Baa by Moodys or, if unrated, determined to be of comparable quality by the portfolios sub-adviser). The portfolios net asset value will fluctuate, and the fluctuations may be sizable. The portfolio may also invest in short-term defensive instruments (including Treasury bills, repurchase agreements, money market funds and cash). Show less