Investment objective & strategy
As of May 1, 2025 · prospectusObjective. The Fund seeks to match the performance of the Standard & Poors MidCap 400 Index (S&P 400 Index) as closely as possible.
Strategy. The Fund employs a passive management approach, investing in a portfolio of assets whose performance is expected to match approximately the performance of the S&P 400 Index before the deduction of Fund expenses. Under normal circumstances, the Fund invests at least 80% of the value of its net assets in a statistically selected sampling of equity securities of companies included in the S&P 400 Index and in derivative instruments linked to the S&P 400 Index, primarily futures contracts. The S&P 400 Index is a market-weighted index composed of approximately 400 common stocks of medium-sized U.S. companies in a wide range of businesses chosen by Standard & Poors based on a number of factors, including industry representation, market value, economic sector … The Fund employs a passive management approach, investing in a portfolio of assets whose performance is expected to match approximately the performance of the S&P 400 Index before the deduction of Fund expenses. Under normal circumstances, the Fund invests at least 80% of the value of its net assets in a statistically selected sampling of equity securities of companies included in the S&P 400 Index and in derivative instruments linked to the S&P 400 Index, primarily futures contracts. The S&P 400 Index is a market-weighted index composed of approximately 400 common stocks of medium-sized U.S. companies in a wide range of businesses chosen by Standard & Poors based on a number of factors, including industry representation, market value, economic sector and operating/financial condition. As of February 28 , 2025 , the market capitalizations of companies in the S&P 400 Index ranged from $ 1.3 billion to $ 24.6 billion. The Fund does not necessarily invest in all of the securities in the S&P 400 Index or in the same weightings as the securities have in the index. The Funds Subadviser chooses investments so that the market capitalizations, industry weightings, and other fundamental characteristics of the securities chosen are similar to the S&P 400 Index as a whole. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the S&P 400 Index is concentrated.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| TECHNIPFMC PLC | — | $3.91M | 0.87% |
| CASEY'S GENERAL | — | $3.73M | 0.83% |
| UNITED THERAPEUTICS CORP DEL | — | $3.56M | 0.79% |
| CURTISS WRIGHT CORPORATION | — | $3.51M | 0.78% |
| FLEX LTD | — | $3.35M | 0.75% |
| XPO LOGISTICS INC | — | $3.18M | 0.71% |
| DREYFUS-TR SE-IN | DIRXX | $3.09M | 0.69% |
| WOODWARD INC | — | $2.98M | 0.67% |
| ROYAL GOLD INC | — | $2.83M | 0.63% |
| US FOODS HOLDING CORP | — | $2.82M | 0.63% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| AVIP S&P MidCap 400 Index Portfolio | 99% | 0.40% |
| THRIVENT MID CAP INDEX PORTFOLIO | 98% | 0.25% |
| Empower S&P Mid Cap 400 Index Fund · MXMDX, MXBUX, MXNZX | 97% | 0.18% |
Advisers
| Firm | Role |
|---|---|
| BlackRock Investment Management, LLC | Sub-adviser |
| Allianz Investment Management LLC | Adviser |
Footnotes
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
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