Strategy. The Portfolio invests primarily in investment-grade debt securities. Under normal circumstances, at least 80% of the Portfolios total assets are invested in investment grade securities issued by U.S. corporations or by the U.S. Government or its agencies, such as bonds, notes, debentures, zero coupon securities and mortgage-backed securities. Bonds are debt instruments that can be issued by the federal government, government agencies and subdivisions, states, cities, corporations and other institutions. Although the Portfolio only purchases investment-grade bonds, the Portfolio may continue to hold certain corporate bonds in the Portfolios portfolio that are downgraded to below investment grade, commonly referred to as high yield or junk bonds. The Adviser evaluates each security to be purchased and selects securities based on duration, … Show more… The Portfolio invests primarily in investment-grade debt securities. Under normal circumstances, at least 80% of the Portfolios total assets are invested in investment grade securities issued by U.S. corporations or by the U.S. Government or its agencies, such as bonds, notes, debentures, zero coupon securities and mortgage-backed securities. Bonds are debt instruments that can be issued by the federal government, government agencies and subdivisions, states, cities, corporations and other institutions. Although the Portfolio only purchases investment-grade bonds, the Portfolio may continue to hold certain corporate bonds in the Portfolios portfolio that are downgraded to below investment grade, commonly referred to as high yield or junk bonds. The Adviser evaluates each security to be purchased and selects securities based on duration, seeking to maintain duration for the Portfolio overall within +/- 10% of the duration of its benchmark; credit quality as determined by fundamental financial analysis focused on the issuers ability to repay debt; and interest income anticipated to be generated. Show less