Strategy. Under normal circumstances, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in lower-rated (BB or lower) corporate debt obligations commonly referred to as junk bonds. Some of these fixed income securities may involve equity features. Capital growth will be considered, but only when consistent with the objective of seeking high current income. Lower-rated debt securities are subject to a greater risk of loss of principal and interest than investments in higher rated bonds. The Portfolio is managed by the Adviser. Lower-rated debt securities typically have higher yields because of their greater risk of default. The Adviser seeks to reduce this financial risk through careful security selection and diversification by both company … Show more… Under normal circumstances, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in lower-rated (BB or lower) corporate debt obligations commonly referred to as junk bonds. Some of these fixed income securities may involve equity features. Capital growth will be considered, but only when consistent with the objective of seeking high current income. Lower-rated debt securities are subject to a greater risk of loss of principal and interest than investments in higher rated bonds. The Portfolio is managed by the Adviser. Lower-rated debt securities typically have higher yields because of their greater risk of default. The Adviser seeks to reduce this financial risk through careful security selection and diversification by both company and industry. The Adviser looks for bonds believed to offer superior potential returns for the financial risk assumed. The Advisers analysis focuses on the issuers financial condition, competitive position and management expertise. The Adviser also considers current economic, market and industry factors affecting the issuer. The Adviser typically does not consider interest rate risks because the prices of high yield bonds typically are influenced much more by financial risks, including potential default, than by changes in the general level of interest rates. Fixed income securities in which the Portfolio invests may include bonds, debentures, notes and zero-coupon securities. The Portfolios investments are generally rated BB or lower by S&P or Fitch, or Ba or lower by Moodys, or are not rated but are determined by the Adviser to be of comparable quality, and may include bonds in default. There is no lower limit with respect to rating categories for securities in which the Portfolio may invest. These lower-rated securities have speculative characteristics. Changes in economic conditions or other circumstances are likely to make it more difficult for the companies issuing the bonds to make principal and interest payments than is the case with companies issuing higher rated bonds. The Portfolio may invest in various kinds of convertible securities that can be exchanged for or converted into common stock. Convertible securities are often rated below investment grade or not rated because they generally fall below debt obligations and just above common stock in order of preference on the issuers balance sheet. The Portfolio may invest its assets, without limitation, in foreign securities, including those not publicly traded in the United States and emerging market debt securities, as defined by Bloombergs classification standards. The Portfolio may invest in loan (and loan-related) instruments, which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or groups of lenders known as lending syndicates (loans and loan participations). Such instruments may include loans made in connection with trade financing transactions. Typically, administration of the instrument, including the collection and allocation of principal and interest payments due from the borrower, is the responsibility of a single bank that is a member of the lending syndicate and referred to as the agent bank or mandated lead arranger. The Portfolio may invest in non-currency derivative contracts (such as, for example, futures options, credit default swaps, credit default swap indices (CDX), and CDX tranches) to implement its investment strategies. The Portfolio may also use derivative contracts to increase or decrease the Portfolios exposure to the investments underlying the derivative contracts in an attempt to benefit from changes in the value of the underlying investments. There can be no assurance that the Portfolios uses of derivatives contracts will work as intended. Derivative investments made by the Portfolio are included within the Portfolios 80% policy and are calculated at market value. A CDX is an index of credit default swaps designed to track a segment of the credit market (e.g., investment grade, high volatility, below investment grade or emerging markets) and provides investors with exposure to specific issuers of certain debt instruments. Standardized CDX tranches are created and administered by IHS Markit. Investment in CDX tranches provides exposure to certain segments of the CDXs potential loss distribution, and credit events affect the tranches according to the seniority of the tranche in the loss distribution. The Portfolio may have exposure to any tranche of a CDX, including the lowest level tranche which is referred to as the equity or first loss tranche. Show less