Strategy. The Portfolio is a fund of funds. The Portfolios main investment strategy is to invest in unaffiliated registered investment companies and exchange-traded funds (ETFs) (the Underlying Funds). The Portfolio will normally invest at least 80% of its total assets in Underlying Funds which invest in investment grade fixed-income securities or mortgage pass-through securities rated within the four highest grades by Moodys Investors Service, Inc. (Moodys), Standard & Poors Corporation (S&P) or Fitch Inc. (Fitch) or, if not rated, securities considered by an Underlying Funds adviser to be of comparable quality. In deciding which Underlying Funds to buy, hold or sell in pursuing the Portfolios investment objective, the Manager considers economic developments, interest rate trends and performance history of an Underlying … Show more… The Portfolio is a fund of funds. The Portfolios main investment strategy is to invest in unaffiliated registered investment companies and exchange-traded funds (ETFs) (the Underlying Funds). The Portfolio will normally invest at least 80% of its total assets in Underlying Funds which invest in investment grade fixed-income securities or mortgage pass-through securities rated within the four highest grades by Moodys Investors Service, Inc. (Moodys), Standard & Poors Corporation (S&P) or Fitch Inc. (Fitch) or, if not rated, securities considered by an Underlying Funds adviser to be of comparable quality. In deciding which Underlying Funds to buy, hold or sell in pursuing the Portfolios investment objective, the Manager considers economic developments, interest rate trends and performance history of an Underlying Funds management team, among other factors. The average maturity of the securities held by an Underlying Fund will generally range from three to ten years. Mortgage pass-through securities are mortgage-backed securities that represent a participation interest in a pool of residential mortgage loans originated by the United States government or private lenders such as banks. They differ from conventional debt securities, which provide for periodic payment of interest in fixed amounts and principal payments at maturity or on specified call dates. Mortgage pass-through securities provide for monthly payments that are a pass-through of the monthly interest and principal payments made by the individual borrowers on the pooled mortgage loans. An Underlying Fund may invest in mortgage pass-through securities that are issued or guaranteed by Ginnie Mae, Fannie Mae or Freddie Mac. Ginnie Mae securities are backed by the full faith and credit of the United States government. Fannie Mae and Freddie Mac securities are not backed by the full faith and credit of the United States government, but they have the right to borrow from the U.S. Department of the Treasury (the Treasury) to meet their obligations, although the Treasury is not legally required to extend credit to the agencies/instrumentalities. Private mortgage pass-through securities also can be Underlying Fund investments. They are issued by private originators of and investors in mortgage loans, including savings and loan associations and mortgage banks. Since private mortgage pass-through securities typically are not guaranteed by an entity having the credit status of a U.S. government agency, the securities generally are structured with one or more type of credit enhancement. In addition, the Portfolio may invest up to 5% of its net assets in Underlying Funds that invest in fixed-income securities of any grade, including those that are rated lower than investment grade at the time of purchase, commonly known as junk bonds. Show less