Strategy. Under normal circumstances, the Portfolio invests more than 80% of the Portfolios net assets (plus borrowings for investment purposes, if any) in the common stocks of companies that are included in the Nasdaq-100 Index (the Index). In seeking to track the Index, the sub-adviser attempts to allocate the Portfolios investments among stocks in approximately the same weightings as the Index. The Portfolio is rebalanced periodically in accordance with the quarterly scheduled index share adjustment procedures of the Index, and as warranted by the Portfolios cash flow activity. The Portfolio may buy and sell Index futures contracts in furtherance of its strategy. The Portfolio operates as a non-diversified fund, which means it generally invests a greater portion of its assets in … Show more… Under normal circumstances, the Portfolio invests more than 80% of the Portfolios net assets (plus borrowings for investment purposes, if any) in the common stocks of companies that are included in the Nasdaq-100 Index (the Index). In seeking to track the Index, the sub-adviser attempts to allocate the Portfolios investments among stocks in approximately the same weightings as the Index. The Portfolio is rebalanced periodically in accordance with the quarterly scheduled index share adjustment procedures of the Index, and as warranted by the Portfolios cash flow activity. The Portfolio may buy and sell Index futures contracts in furtherance of its strategy. The Portfolio operates as a non-diversified fund, which means it generally invests a greater portion of its assets in the securities of one or more issuers and may invest, overall, in a smaller number of issuers than a diversified fund. The Portfolio does not attempt to hold all of the stocks represented in the Index. The Index is a modified capitalization-weighted index. That means the stocks of larger companies count for more in the Index than do the stocks of smaller companies. While it is composed of 100 of the largest non-financial companies listed on the national market tier of the Nasdaq Stock Market, its capitalization weighting gives a small number (less than 10) of the 100 stocks a majority of the market value of the Index. Thus, the Adviser believes the Portfolio can replicate the Index without owning all 100 stocks. The market capitalization of the Index as of March 31, 2025, ranged from $14.24 billion to $3.34 trillion. The Portfolio currently attempts to replicate the performance of the Index. However, Portfolio expenses reduce the Portfolios ability to exactly track the Index. There can be no assurance that the Portfolios investments will have the desired effect. The Portfolio may not always hold the same securities as the Index and therefore statistical sampling techniques may be used to attempt to track the returns of the Index. The Indexs stock weighting is by market capitalization (i.e. size). Rebalancing is set by the Index vendor, which tends to be quarterly. The Portfolio will attempt to hold approximately the same number of stocks as are in the Index. Show less