Strategy. The Portfolio invests primarily in intermediate-term and long-term fixed-income securities. These generally have a remaining maturity of 5 years or more when purchased. Under normal circumstances, at least 80% of the Portfolios net assets (plus borrowings for investment purposes, if any) is invested in: ? publicly traded, investment grade, non-convertible corporate debt securities issued by United States corporations and assigned one of the four highest bond ratings by Moodys or Standard and Poors (S&P); and ? corporate debt securities used for short-term investment and limited to the top grade of these two rating services. This Portfolio normally includes debt securities with varying maturities selected from various industries, depending upon the Advisers evaluation of current and anticipated market conditions. This Portfolio … Show more… The Portfolio invests primarily in intermediate-term and long-term fixed-income securities. These generally have a remaining maturity of 5 years or more when purchased. Under normal circumstances, at least 80% of the Portfolios net assets (plus borrowings for investment purposes, if any) is invested in: ? publicly traded, investment grade, non-convertible corporate debt securities issued by United States corporations and assigned one of the four highest bond ratings by Moodys or Standard and Poors (S&P); and ? corporate debt securities used for short-term investment and limited to the top grade of these two rating services. This Portfolio normally includes debt securities with varying maturities selected from various industries, depending upon the Advisers evaluation of current and anticipated market conditions. This Portfolio may also invest in U.S. government securities as well as the debt securities of foreign issuers. The portfolio manager considers a variety of factors in determining whether to sell a security, including changes in market conditions, changes in prospects for the security, alternative investment possibilities and other factors he believes to be relevant. 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