span style="font-family:Arial;font-size:9.30pt;margin-left:0%;"The Portfolio invests primarily in a combination of underlying funds, which are actively managed funds or passively managed /spanspan style="font-family:Arial;font-size:9.30pt;"funds (index funds) (collectively, the “Underlying Funds”). The Underlying Funds may or may not be affiliated with the Investment Adviser. The Underlying Funds invest in U.S. stocks, international stocks, U.S. bonds, and other debt instruments and the Portfolio uses an asset allocation strategy designed for investors saving for retirement. The Portfolio's current approximate target investment allocation (expressed as a percentage of its net assets) (the “Target Allocation”) among the Underlying Funds is: 61% in equity securities and 39% in debt instruments. Although this is the Target Allocation, the actual allocation of the Portfolio’s assets may deviate from the percentages shown./spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;"The Portfolio normally invests at least 80% of its assets in Underlying Funds affiliated with the Investment Adviser, although /spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"the sub-adviser (the “Sub-Adviser”) may in its discretion invest up to 20% of the Portfolio’s assets in Underlying Funds that are not affiliated with the Investment Adviser, including exchange-traded funds (“ETFs”)./spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;"The Target Allocation is measured with reference to the principal investment strategies of the Underlying Funds; actual exposure /spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"to equity securities and debt instruments will vary from the Target Allocation if an Underlying Fund is not substantially invested in accordance with its principal investment strategy. The Portfolio will deviate from the Target Allocation based on an assessment of the current market conditions or other factors. Generally, the deviations fall within the range of +/- 10% relative to the current Target Allocation. The Sub-Adviser may determine, in light of market conditions or other factors, to deviate by a wider margin in order to protect the Portfolio, achieve its investment objective, or to take advantage of particular opportunities./spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;"The Underlying Funds provide exposure to a wide range of traditional asset classes which include, but are not limited to: /spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"stocks, bonds, and cash and non-traditional asset classes (also known as alternative strategies) which include, but are not limited to the following: real estate, commodities, and floating rate loans./spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;"Equity securities in which the Underlying Funds invest include, but are not limited to the following: domestic and international /spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"large-, mid-, and small-capitalization stocks (which may be growth oriented, value oriented, or a blend); emerging market securities; domestic and international real estate-related securities, including real estate investment trusts (“REITs”); and natural resource/commodity securities./spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;"Debt instruments in which the Underlying Funds invest include, but are not limited to the following: domestic and international /spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"long-, intermediate-, and short-term bonds; high-yield bonds commonly referred to as “junk bonds;” floating rate loans; and U.S. Treasury Inflation-Protected Securities./spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;"When investing in Underlying Funds, the Sub-Adviser takes into account a wide variety of factors and considerations, including /spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"among other things the investment strategy employed in the management of a potential Underlying Fund, and the extent to which an Underlying Fund’s investment adviser considers environmental, social, and governance (“ESG”) factors as part of its investment process. The manner in which an investment adviser uses ESG factors in its investment process will be only one of many considerations in the Sub-Adviser’s evaluation of any potential Underlying Fund, and the extent to which the consideration of ESG factors by an investment adviser will affect the Sub-Adviser’s decision to invest in an Underlying Fund, if at all, will depend on the analysis and judgment of the Sub-Adviser./spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;"The Portfolio may also invest in derivatives, including futures and swaps (including interest rate swaps, total return swaps, /spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"and credit default swaps), to make tactical asset allocations, to seek to minimize risk, and to assist in managing cash./spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;"The Portfolio may also allocate in the future to the following asset class: emerging markets debt instruments. There can be /spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"no assurance that this allocation will occur./spanspan style="color:#000000;font-family:Arial;font-size:9.30pt;"The Target Allocation may be changed at any time by the Sub-Adviser./span