Strategy. Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) in equity and income securities at the time of investment. The Portfolio seeks to achieve its investment objective by investing primarily in income-producing equity instruments (including common stocks, preferred stocks, and convertible securities) and investment-grade quality debt instruments. Investment-grade debt instruments are securities rated BBB or higher by S&P Global Ratings or Baa or higher by Moody's Ratings or unrated securities determined by the sub-adviser (the Sub-Adviser) to be of comparable quality. The composition of the Portfolio's investments will vary over time based upon evaluations of economic conditions by the Sub-Adviser and its belief about which securities would best accomplish the … Show more… Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) in equity and income securities at the time of investment. The Portfolio seeks to achieve its investment objective by investing primarily in income-producing equity instruments (including common stocks, preferred stocks, and convertible securities) and investment-grade quality debt instruments. Investment-grade debt instruments are securities rated BBB or higher by S&P Global Ratings or Baa or higher by Moody's Ratings or unrated securities determined by the sub-adviser (the Sub-Adviser) to be of comparable quality. The composition of the Portfolio's investments will vary over time based upon evaluations of economic conditions by the Sub-Adviser and its belief about which securities would best accomplish the Portfolio's investment objective. The Sub-Adviser generally seeks to identify companies that are undervalued and have identifiable factors that might lead to improved valuations. The Sub-Adviser looks for catalysts for change that may positively impact a company. These catalysts could come from within the company in the form of new management, operational enhancements, restructuring, or reorganization. A catalyst could also be an external factor, such as an improvement in industry conditions or a regulatory change. The aim is to uncover these catalysts for change, and then benefit from potential stock price appreciation of the change taking place at the company. The Portfolio may invest in securities that do not pay dividends or interest and securities that have above-average volatility of price movement, including warrants or rights to acquire securities. Because prices of equity securities and debt instruments fluctuate, the value of an investment in the Portfolio will vary based on the Portfolios investment performance. In an effort to reduce the Portfolio's overall exposure to any individual security price decline, the Portfolio spreads its investments over many different companies in a variety of industries. The Portfolio may invest in securities of issuers of all capitalization sizes; however, under normal market conditions, it is currently expected that the Portfolio will invest a substantial percentage of its assets in large-capitalization issuers. The Sub-Adviser considers a large-capitalization issuer to be one that has a market capitalization, at the time of purchase, within the range of market capitalizations of the issuers included in the Russell 1000 Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month. A companys market capitalization is the value of its outstanding stock. Under normal market conditions, the Portfolio invests a majority of its net assets in income-producing equity securities and up to 10% of its assets in illiquid securities and certain restricted securities. The Portfolio also invests in U.S. government obligations, including U.S. Treasury bills and notes, and obligations issued or guaranteed by the U.S. government or its agencies or instrumentalities. The Portfolio may invest up to 25% of its assets in securities of foreign (non-U.S.) issuers, which may include depositary receipts. The Portfolio may invest in real estate-related securities, including real estate investment trusts ( REITs). The Portfolio may purchase and sell certain derivative instruments, such as options, futures and options on futures, forward foreign currency exchange contracts, structured notes and other types of structured investments, and swaps for various portfolio management purposes, including to earn income, facilitate portfolio management, and mitigate risks. The Portfolio may invest in other investment companies, including exchange-traded funds ( ETFs), to the extent permitted under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, and under the terms of applicable no-action relief or exemptive orders granted thereunder. The Portfolio may dispose of a security when, in the opinion of the Sub-Adviser, the security reaches the Sub-Advisers estimate of fair value or when the Sub-Adviser identifies a more attractive investment opportunity. The Portfolio may lend portfolio securities on a short-term or long-term basis, up to 33 ?1 / 3 % of its total assets. Show less