Strategy. Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in a broad range of high-yield, below investment-grade bonds. For purposes of this investment policy, a debt security is considered a bond. Debt securities represent an issuers obligation to repay a loan of money that generally pays interest to the holder. Bank loans, bonds, loan participations, notes and debentures are examples of debt securities. It is expected that the Portfolio will invest primarily in high-yield corporate bonds. Securities below investment grade include those securities rated Ba1 or lower by Moodys Investors Service, Inc. (Moodys) or BB+ or lower by Fitch Ratings Ltd. (Fitch) or by Standard & Poors Global Ratings (S&P) or, … Show more… Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in a broad range of high-yield, below investment-grade bonds. For purposes of this investment policy, a debt security is considered a bond. Debt securities represent an issuers obligation to repay a loan of money that generally pays interest to the holder. Bank loans, bonds, loan participations, notes and debentures are examples of debt securities. It is expected that the Portfolio will invest primarily in high-yield corporate bonds. Securities below investment grade include those securities rated Ba1 or lower by Moodys Investors Service, Inc. (Moodys) or BB+ or lower by Fitch Ratings Ltd. (Fitch) or by Standard & Poors Global Ratings (S&P) or, if unrated, deemed to be of comparable quality by the Adviser or the Sub-Adviser. The below investment grade securities in which the Portfolio invests are generally rated at least Ca by Moodys or at least CC by Fitch or S&P or, if unrated, deemed to be of comparable quality by the Adviser or the Sub-Adviser. The Portfolio may continue to hold securities that are downgraded below these ratings subsequent to purchase. The Portfolio does not normally invest in securities that are in default or have defaulted with respect to the payment of interest or repayment of principal, but may do so depending on market or other conditions. Split rated securities, which are securities that receive different ratings from two or more rating agencies, will be considered to have the lower credit rating. The Portfolio may invest in debt securities issued by companies of any size. The Portfolio may invest up to 25% of its net assets in debt securities of issuers located outside the United States, including emerging markets issuers and U.S. dollar-denominated securities of non-U.S. issuers. Certain debt instruments in which the Portfolio may invest may be structured as pay-in-kind securities. The Portfolio may invest in privately placed and restricted securities (including 144A bonds). The Portfolios assets normally are allocated among two portions, each of which is managed using a different but complementary investment strategy. One portion of the Portfolio is actively managed (Active Allocated Portion) and the other portion of the Portfolio invests in ETFs that are passively managed and that meet the investment objective of the Portfolio (ETF Allocated Portion). Under normal circumstances, at least 90% of the Portfolios net assets are allocated to the Active Allocated Portion and up to 10% of the Portfolios net assets are allocated to the ETF Allocated Portion. The Active Allocated Portion will invest in high yield corporate debt securities as well as floating rate loans, and participations in and assignments of loans. The Active Allocated Portion may invest in securities of any maturity ; in selecting securities, the Sub-Advisers to the Active Allocated Portion place greater emphasis on credit risk than on maturity or duration. Maturity measures the average final payable dates of debt instruments. Duration is a measure used to determine the sensitivity of a securitys value to changes in interest rates. The longer a securitys duration, the more sensitive it will be to changes in interest rates, which may increase the volatility of the securitys value and may lead to losses. The ETF Allocated Portion currently invests in the following ETFs: the iShares iBoxx $ High Yield Corporate Bond ETF, the iShares Broad USD High Yield Corporate Bond ETF, the SPDR Bloomberg High Yield Bond ETF, and the SPDR Portfolio High Yield Bond ETF. These ETFs seek investment results that correspond generally to the price and yield performance, before fees and expenses, of a fixed-income securities benchmark index. An investor in the Portfolio will bear both the expenses of the Portfolio as well as the indirect expenses associated with the ETFs held by the ETF Allocated Portion. The ETFs in which the ETF Allocated Portion may invest may be changed from time to time without notice or shareholder approval. Show less