Strategy. Under normal circumstances, the Sub-Adviser will allocate the Portfolios assets to achieve targeted exposures among equity investments and fixed income investments. The Portfolios current target allocation for long-term investments is approximately 55% of its net assets in equity investments and approximately 45% of its net assets in U.S. fixed income investments. The Portfolio may from time to time make tactical increases or decreases beyond these target allocations based on a broad range of market and economic trends and quantitative factors. This means at any time the Portfolios asset mix may be significantly different than the target allocations. The Portfolios equity allocation will be invested in the following equity asset categories: U.S. Large Cap Equity, U.S. Mid Cap Equity, U.S. Small … Show more… Under normal circumstances, the Sub-Adviser will allocate the Portfolios assets to achieve targeted exposures among equity investments and fixed income investments. The Portfolios current target allocation for long-term investments is approximately 55% of its net assets in equity investments and approximately 45% of its net assets in U.S. fixed income investments. The Portfolio may from time to time make tactical increases or decreases beyond these target allocations based on a broad range of market and economic trends and quantitative factors. This means at any time the Portfolios asset mix may be significantly different than the target allocations. The Portfolios equity allocation will be invested in the following equity asset categories: U.S. Large Cap Equity, U.S. Mid Cap Equity, U.S. Small Cap Equity, and International Equity (excluding emerging markets). The Portfolios current target is to invest approximately the following percentages of its net assets in instruments that provide exposure to these equity asset categories: U.S. Large Cap Equity (22%), U.S. Mid Cap Equity (4%), U.S. Small Cap Equity (4%), and International Equity (25%). The allocations among the equity asset categories may be changed by the Sub-Adviser without notice or shareholder approval. To gain exposure to each equity asset category, the Sub-Adviser generally will invest the Portfolios assets in ETFs and other equity-related instruments in a manner that is intended to track the performance (before fees and expenses) of an unmanaged index selected by the Sub-Adviser that measures the equity market performance of the asset category. In addition to ETFs , the Portfolios equity investments may include common and preferred stocks, options, rights, warrants, convertible securities and other equity-related instruments, including, but not limited to, derivatives as described below. The Sub-Adviser will periodically rebalance the Portfolios allocations among the equity asset categories to maintain the desired exposure to each asset category. Securities in which the Portfolio may invest may be denominated in any currency. The Portfolios fixed income allocation will be invested in ETFs or in instruments that provide exposure to the U.S. Treasuries asset category, such as U.S. Treasuries and U.S. Treasury futures contracts, with a short to intermediate weighted average duration (generally, 3-7 years). The Portfolios investments in fixed income securities may include floating or variable rate obligations, zero coupon securities and pay-in-kind securities. The longer a securitys duration, the more sensitive it will be to changes in interest rates, which may increase the volatility of the securitys value and may lead to losses. The Sub-Adviser also will implement a volatility management strategy that seeks to reduce the Portfolios market risk exposure and overall volatility during periods of expected heightened market volatility. Volatility is a statistical measure of the magnitude of changes in the Portfolios returns. A higher volatility level generally indicates higher risk and often results in more frequent and sometimes significant changes in the Portfolios returns. To implement this volatility management strategy, the Sub-Advisers analysis will emphasize short-term market movements while also considering market correlations over longer-term periods. When the expected market volatility increases to a certain level as determined by the Sub-Adviser based on its volatility management strategy, the Portfolio may reduce its exposure to equity investments by shorting equity futures or by investing up to 100% of its target equity allocation in cash or cash equivalents. During such times, the Portfolios overall exposure to equity investments may deviate significantly from its target allocation and could be substantially less than 55% of the Portfolios net assets (and could be 0%). In addition, over time the use of a volatility management strategy could result in the Portfolios having average exposure to equity investments that is lower than its target allocation. Although these actions are intended to reduce the overall risk of investing in the Portfolio, they could result in periods of underperformance, including during periods when market values are increasing, but market volatility is high. The Sub-Adviser may determine, in its sole discretion, not to implement the volatility management strategy or to allocate the Portfolios assets in a manner different than the target allocations described above for various reasons including, but not limited to, if the volatility management strategy would result in de minimis trades or result in excess trading due to expected flows into or out of the Portfolio, or in connection with market events and conditions and other circumstances as determined by the Sub-Adviser. 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. In pursuing its investment objectives, the Portfolio may invest in derivatives for the efficient management of the Portfolio (including to enhance returns), to implement the volatility management strategy , or for the hedging of certain market risks. It is anticipated that the Portfolios derivative instruments will consist primarily of long and short positions on exchange-traded equity and fixed income futures contracts and options on futures contracts and securities indexes as well as currency forwards. The Portfolio also may utilize other types of derivatives and may engage in short sales. 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. It is not generally expected, however, that the Portfolio will be leveraged by borrowing money for investment purposes. From time to time or potentially for extended periods of time in periods of continued market distress, the Portfolio may maintain a considerable percentage of its total assets in cash and cash equivalent instruments as margin or collateral for the Portfolios obligations under derivative transactions and for other portfolio management purposes. The larger the value of the Portfolios derivative positions, as opposed to positions held in non-derivative instruments, the more the Portfolio will be required to maintain cash and cash equivalents as margin or collateral for such derivatives. Show less