Strategy. Under normal circumstances, the Portfolio intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in 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. Bonds, notes and debentures are examples of debt securities. The Portfolio may invest up to 20% of its net assets in non-investment grade securities (commonly known as junk bonds). The Adviser will generally allocate the Portfolios assets among four or more Sub-Advisers, each of which manages its portion of the Portfolio using different yet complementary investment strategies. Under normal circumstances, one portion of the … Show more… Under normal circumstances, the Portfolio intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in 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. Bonds, notes and debentures are examples of debt securities. The Portfolio may invest up to 20% of its net assets in non-investment grade securities (commonly known as junk bonds). The Adviser will generally allocate the Portfolios assets among four or more Sub-Advisers, each of which manages its portion of the Portfolio using different yet complementary investment strategies. Under normal circumstances, one portion of the Portfolio will track the performance of a particular index (Index Allocated Portion) and the other portions of the Portfolio will be actively managed (Active Allocated Portions). Under normal circumstances, the Adviser anticipates allocating approximately 25% of the Portfolios net assets to the Index Allocated Portion and the remaining 75% of the Portfolios net assets among the Active Allocated Portions. These percentages are targets established by the Adviser and actual allocations between the portions may deviate from these targets by up to 20% of the Portfolios net assets. The Index Allocated Portion seeks to track the performance (before fees and expenses and including reinvestment of coupon payments) of the Bloomberg U.S. Intermediate Government/Credit Bond Index (Government/Credit Index) with minimal tracking error. This strategy is commonly referred to as an indexing strategy. The Government/Credit Index covers U.S. dollar denominated, investment grade, fixed-rate securities, which include U.S. Treasury and government-related, corporate, credit and agency fixed-rate debt securities. Generally, the Index Allocated Portion uses a sampling technique. The Active Allocated Portions may invest in debt securities of U.S. and foreign issuers, including issuers located in emerging markets. The Active Allocated Portions investments may include government securities, corporate bonds, bonds of foreign issuers (including those denominated in foreign currencies or U.S. dollars), commercial and residential mortgage-backed securities, floating or variable rate obligations, 144A bonds, and asset-backed securities. The Active Allocated Portions also may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis (including on a TBA (to be announced) basis). With TBA transactions, the particular securities to be delivered are not identified at the trade date, but the delivered securities must meet specified terms and standards (such as yield, duration, and credit quality). The Active Allocated Portions may use investment techniques such as sale-buybacks or dollar rolls to obtain market exposure to certain securities. In sale-buyback and dollar roll transactions, the Portfolio sells a security to another party and simultaneously agrees to repurchase the same security (in the case of a sale-buyback) or a similar, but not the same, security (in the case of a dollar roll) on a specified date and predetermined price. Foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) normally will be limited to 10% of the Portfolios total assets. Non-investment grade securities include those securities rated Ba1 or lower by Moodys Investors Service, Inc. or BB+ or lower by Fitch Ratings Ltd. or by Standard & Poors Global Ratings or, if unrated, deemed to be of comparable quality by the Adviser or a Sub-Adviser. The Active Allocated Portions may engage in active and frequent trading to achieve the Portfolios investment objective. Securities are purchased for the Active Allocated Portions when a Sub-Adviser determines that they have the potential for above-average total return. A Sub-Adviser may sell a security for a variety of reasons, such as to make other investments believed by the Sub-Adviser to offer superior investment opportunities. The Portfolio may invest in derivatives. It is anticipated that the Portfolios derivative instruments will consist primarily of forward contracts and exchange-traded futures and options contracts on individual securities or securities indices, but the Portfolio also may utilize other types of derivatives, including swaps. The Portfolios investments in derivatives may be deemed to involve the use of leverage because the Portfolio is not required to invest the full market value of the contract upon entering into the contract but participates in gains and losses on the full contract price. The use of derivatives also may be deemed to involve the use of leverage because the heightened price sensitivity of some derivatives to market changes may magnify the Portfolios gain or loss. The Portfolios investments in derivatives may require it to maintain a percentage of its assets in cash and cash equivalent instruments to serve as margin or collateral for the Portfolios obligations under derivative transactions. The Portfolio may purchase bonds of any maturity, but generally the Portfolios overall effective duration will be of an intermediate-term nature (similar to that of three- to seven-year U.S. Treasury notes) and will generally have a comparable duration in the range of the Government/Credit Index (approximately 3.59 years as of December 31, 2024) and the Bloomberg U.S. Aggregate Bond Index (approximately 5.90 years as of December 31, 2024) as calculated by the Sub-Advisers. The Portfolio also may use derivative instruments such as futures and options to manage duration. Duration is a measure used to determine the sensitivity of a securitys price 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. Show less