Strategy. The portfolios sub-adviser, Janus Henderson Investors US LLC (the sub-adviser), seeks to achieve the portfolios investment objective by normally investing 50-60% of the portfolios assets in equity securities and the remaining assets in fixed-income securities and cash equivalents. The portfolio normally invests at least 40% of its assets in fixed-income senior securities. Fixed-income securities may include corporate debt securities, U.S. Government obligations, mortgage-backed securities and other mortgage-related products, and short-term securities. The sub-adviser uses a bottom-up investment approach to buying and selling investments for the portfolio. A bottom-up approach is looking at individual companies against the context of broader market factors. The portfolio may invest in foreign equity and debt securities, which may include investments in emerging markets. Under normal … Show more… The portfolios sub-adviser, Janus Henderson Investors US LLC (the sub-adviser), seeks to achieve the portfolios investment objective by normally investing 50-60% of the portfolios assets in equity securities and the remaining assets in fixed-income securities and cash equivalents. The portfolio normally invests at least 40% of its assets in fixed-income senior securities. Fixed-income securities may include corporate debt securities, U.S. Government obligations, mortgage-backed securities and other mortgage-related products, and short-term securities. The sub-adviser uses a bottom-up investment approach to buying and selling investments for the portfolio. A bottom-up approach is looking at individual companies against the context of broader market factors. The portfolio may invest in foreign equity and debt securities, which may include investments in emerging markets. Under normal circumstances, the portfolio will invest 40-60% of its assets in U.S. equities, with no more than 5% in small cap stocks, and 0-15% in international equities. The portfolio will, in aggregate, have no more than 15% in real estate investment trusts, bank loans, emerging market equities and emerging market fixed-income, and high yield debt (commonly known as junk bonds). Junk bonds are high risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poors or Fitch or below Baa by Moodys or, if unrated, determined to be of comparable quality by the portfolios sub-adviser). The portfolio may use futures, options, forwards, swap agreements, participatory notes, structured notes and other derivative instruments individually or in combination. The portfolio may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended. Show less