Strategy. The Portfolio employs a passive management, or indexing, investment approach designed to track the performance of the S&P SmallCap 600 Index. S&P SmallCap 600 Index is composed of domestic stocks with market capitalizations ranging between approximately $427.30 million and $12.05 billion as of March 31, 2025. Normally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in stocks included in the underlying index. Further, the Portfolio attempts to achieve its objective by investing all, or substantially all, of its assets in stocks that make up the S&P SmallCap 600 Index, holding each stock in approximately the same proportion as its weighting in the Index. This is known as a full replication strategy. The Portfolio … Show more… The Portfolio employs a passive management, or indexing, investment approach designed to track the performance of the S&P SmallCap 600 Index. S&P SmallCap 600 Index is composed of domestic stocks with market capitalizations ranging between approximately $427.30 million and $12.05 billion as of March 31, 2025. Normally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in stocks included in the underlying index. Further, the Portfolio attempts to achieve its objective by investing all, or substantially all, of its assets in stocks that make up the S&P SmallCap 600 Index, holding each stock in approximately the same proportion as its weighting in the Index. This is known as a full replication strategy. The Portfolio may also invest in equity index futures and exchange traded funds for cash management and liquidity purposes and to help achieve full replication. Standard & Poors constructs the index by first identifying major industry categories and then allocating a representative sample of the larger and more liquid stocks in those industries to the index. S&P weights each stock according to its float-adjusted market value. For example, the 50 largest companies in the index may account for over 50% of its value. Because the Portfolio is managed with a goal of fully replicating the underlying S&P SmallCap 600 Index, the approach employed by the Portfolio with respect to reconstitution and rebalancing aligns with the process followed generally by the S&P SmallCap 600 Index. Changes to the underlying company constituents of the S&P SmallCap 600 Index are made on an as-needed basis and are usually announced several days before they are scheduled to be implemented. The S&P SmallCap 600 Index typically makes weightings adjustments based on changes in the amount of a constituent companys shares outstanding on a quarterly basis. The constituent and share-based weightings changes made by S&P SmallCap 600 Index will be made in a parallel fashion by the Portfolio on substantially the same timeline. Additionally, the Portfolio utilizes cash equitization instruments, and rebalancing occurs as necessary to maintain balances within established target ranges for these instruments. Cash equitization as employed by the Portfolio is a strategy pursuant to which the Portfolio will acquire certain derivative instruments, such as equity index futures, whereby the futures will be utilized to replicate index returns and enable the Portfolio to be fully invested, while still maintaining cash balances as needed by the Portfolio. This strategy works to limit the extent to which uninvested cash will weigh negatively on overall Portfolio returns when markets go up. The Index 600 Stock Portfolios ability to match the performance of the S&P SmallCap 600 Index will be affected to some extent by the size and timing of cash flows into and out of the Index 600 Stock Portfolio. The Portfolio will be managed with a view to reducing such effects. Show less