Strategy. Under normal market conditions, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in debt securities and financial instruments that derive their value from such securities. The Portfolio uses a strategy that is commonly referred to as an index strategy. In seeking to achieve the Portfolios investment objective, the Sub-Adviser generally will employ a stratified sampling approach to build a portfolio whose broad characteristics match those of the Long Government/Credit Index, which means that the Portfolio is not required to purchase all of the securities represented in the Index. A stratified sampling approach seeks to match the return and characteristics of a particular index without having to purchase every security in that index by … Show more… Under normal market conditions, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in debt securities and financial instruments that derive their value from such securities. The Portfolio uses a strategy that is commonly referred to as an index strategy. In seeking to achieve the Portfolios investment objective, the Sub-Adviser generally will employ a stratified sampling approach to build a portfolio whose broad characteristics match those of the Long Government/Credit Index, which means that the Portfolio is not required to purchase all of the securities represented in the Index. A stratified sampling approach seeks to match the return and characteristics of a particular index without having to purchase every security in that index by selecting a representative sample of securities for the Portfolio based on the characteristics of the index and the particular securities included therein. With respect to the Index, such characteristics may include interest rate sensitivity, credit quality and sector diversification. Individual securities holdings may differ from those of the Long Government/Credit Index, and the Portfolio may not track the performance of the Index due to expenses and transaction costs, the size and frequency of cash flow into and out of the Portfolio, and differences between how and when the Portfolio and the Long Government/Credit Index are valued. The Long Government/Credit Index includes investment grade, U.S. dollar-denominated, fixed-rate treasuries, government-related and corporate securities with 10 or more years to maturity. The Index components are a subset of issues in the Bloomberg U.S. Aggregate Bond Index. The Index is rebalanced monthly, and its components are weighted based on market value, taking into account the component securitys price, accrued interest and par amount outstanding. The Index included more than 3,532 bonds as of December 31, 2024. The Portfolio will normally maintain a dollar-weighted average maturity of more than ten years, which is consistent with that of the Index. The Portfolio may invest in U.S. interest rate futures contracts, a type of derivative, to manage portfolio duration and to hedge against changes in interest rates. The Portfolio will normally maintain an average duration consistent with that of the Index. As of December 31, 2024, the average duration of the Index was 13.56 years. Show less