Strategy. The portfolio seeks to provide upside participation in the stock market when the stock market advances and to reduce declines in the portfolios value when the stock market declines. The portfolios strategy is designed to provide upside equity participation while seeking to reduce downside risk over the course of a full market cycle. The portfolio does not invest directly in equity securities. The portfolio gains equity exposure through investments in S&P 500 Index options and futures. The portfolio also invests in U.S. Treasuries, U.S. Treasury futures, U.S. agency bonds and bonds issued by supranational agencies. The portfolios sub-adviser, PGIM Quantitative Solutions LLC (the sub-adviser), periodically rebalances the asset mix of U.S. Treasuries, U.S. Treasury futures, U.S. agency bonds, bonds issued … Show more… The portfolio seeks to provide upside participation in the stock market when the stock market advances and to reduce declines in the portfolios value when the stock market declines. The portfolios strategy is designed to provide upside equity participation while seeking to reduce downside risk over the course of a full market cycle. The portfolio does not invest directly in equity securities. The portfolio gains equity exposure through investments in S&P 500 Index options and futures. The portfolio also invests in U.S. Treasuries, U.S. Treasury futures, U.S. agency bonds and bonds issued by supranational agencies. The portfolios sub-adviser, PGIM Quantitative Solutions LLC (the sub-adviser), periodically rebalances the asset mix of U.S. Treasuries, U.S. Treasury futures, U.S. agency bonds, bonds issued by supranational agencies and equity index options and futures to respond to changing market conditions and to achieve what it believes to be the optimal balance between risk and reward. When determining the allocation and when to rebalance, the sub-adviser takes into account, among other factors: interest rates, the portfolios equity exposure, the percentage of the portfolio invested in options, the current level of the S&P 500 Index, the volatility of S&P 500 Index options, bond and dividend yields, the delta of the portfolios options positions (which is a measure of the sensitivity of the portfolios option prices to changes in price of the S&P 500 Index), and time to maturity of the options. The sub-adviser also considers internal research generated by its asset allocation team when evaluating the relative attractiveness of equity versus fixed-income exposure. There are no limitations on the amount of the portfolios assets that may be invested in fixed-income or equity investments. The portfolio is non-diversified. Show less