Strategy. Under normal circumstances, the Portfolio invests at least 80% of its net assets in a broad range of debt securities. The debt securities in which the Portfolio invests may be of any maturity or credit quality, including high-yield, high-risk bonds, notes, debentures and other debt obligations commonly known as junk bonds. At the time of purchase, these high-yield securities are rated below BBB- by S&P, or Baa3 by Moody's, or unrated but considered to be of comparable quality by the Adviser. The Portfolio may also invest in investment-grade corporate bonds, asset-backed securities, mortgage-backed securities (including commercially backed ones), sovereign and emerging market debt (both U.S. dollar and non-U.S. dollar denominated), preferred stock, and other types of securities. Should the Adviser … Show more… Under normal circumstances, the Portfolio invests at least 80% of its net assets in a broad range of debt securities. The debt securities in which the Portfolio invests may be of any maturity or credit quality, including high-yield, high-risk bonds, notes, debentures and other debt obligations commonly known as junk bonds. At the time of purchase, these high-yield securities are rated below BBB- by S&P, or Baa3 by Moody's, or unrated but considered to be of comparable quality by the Adviser. The Portfolio may also invest in investment-grade corporate bonds, asset-backed securities, mortgage-backed securities (including commercially backed ones), sovereign and emerging market debt (both U.S. dollar and non-U.S. dollar denominated), preferred stock, and other types of securities. Should the Adviser change the investments used for purposes of this 80% threshold, you will be notified at least 60 days prior to the change. The Portfolio utilizes derivatives primarily in the form of U.S. Treasury futures contracts in order to manage the Portfolios duration, or interest rate risk. The Portfolio may enter into derivatives contracts traded on exchanges or in the over the counter market. The Portfolio may invest in foreign securities, including those of issuers in emerging markets. An emerging market country is any country determined by the Adviser to have an emerging market economy, considering factors such as the countrys credit rating, its political and economic stability and the development of its financial and capital markets. The Portfolio may also pursue its investment strategy by investing in other mutual funds managed by the Adviser or an affiliate. The Adviser uses fundamental and other investment research techniques to determine what to buy and sell. Fundamental techniques assess a securitys value based on factors such as an issuers financial profile, management, and business prospects, as applicable. Show less