Abstract. Motivated by data demonstrating fluctuating relative and absolute fitnesses for white-versus blue-flowered morphs of the desert annual Linanthus parryae, we present conditions under which temporally fluctuating selection and fluctuating contributions to a persistent seed bank will maintain a stable single-locus polymorphism. In L. parryae, blue flower color is determined by a single dominant allele. To disentangle the underlying diversity-maintaining mechanism from the mathematical complications associated with departures from Hardy-Weinberg genotype frequencies and dominance, we successively analyze a haploid model, a diploid model with three distinguishable genotypes, and a diploid model with complete dominance. For each model, we present conditions for the maintenance of a stable polymorphism, then use a diffusion approximation to describe the long-term fluctuations associated with these polymorphisms. Our protected polymorphism analyses show that a genotype whose arithmetic and geometric mean relative fitnesses are both less than one can persist if its relative fitness exceeds one in years that produce the most offspring. This condition is met by data from a population of L. parryae whose white morph has higher fitness (seed set) only in years of relatively heavy rain fall. The data suggest that the observed polymorphism may be explained by fluctuating selection. However, the yearly variation in flower color frequencies cannot be fully explained by our simple models, which ignore age structure and possible selection in the seed bank. We address two additional questions-one mathematical, the other biological-concerning the applicability of diffusion approximations to intense selection and the applicability of long-term predictions to datasets spanning decades for populations with long-lived seed banks. Through the seminal papers of Epling and Dobzhansky (1942) and Wright (1943a, b), the flower color polymorphism in the diminutive desert annual Linanthus parryae played a central role in shaping population genetic theory and opinions concerning the roles of natural selection, genetic drift, and migration in evolution. In their 1941 survey of 427 sampling locations in the Mojave Desert, California, Epling and Dobzhansky (1942) found a preponderance of monomorphic populations with most having white flowers. About 19% of their 1261 samples were polymorphic, and white flowers predominated in most of these. Wright (1943b; 1978, pp. 194-223) analyzed the spatial pattern of flower color frequencies and concluded that despite some evidence for directional selection favoring white, selection was generally negligible, and drift, migration and, possibly, mutation-selection balance determined allele frequencies in these populations. Wright argued that the effects of drift could explain the spatial pattern of polymorphic frequencies if effective local population sizes were on the order of 100 or less. However, after monitoring these same populations for another 15 years, Epling et al. (1960) found little change ...