Strategy. The Portfolio primarily invests in the 500 common stocks included in the S&P 500 Index to replicate, to the extent practicable and cost effective, the weightings of such stocks in the Index. The components of the Index are market capitalization weighted, adjusted for free float, which is the value of shares readily available in the market as held by public investors. Under normal circumstances, at least 80% of the Portfolios total assets are invested in securities included in the S&P 500 Index, which at December 31, 2022, included companies with market capitalizations above $12.7 billion. The Portfolio is rebalanced at approximately the same time that the S&P 500 Index to which the Portfolio is benchmarked is rebalanced and reconstituted, which … Show more… The Portfolio primarily invests in the 500 common stocks included in the S&P 500 Index to replicate, to the extent practicable and cost effective, the weightings of such stocks in the Index. The components of the Index are market capitalization weighted, adjusted for free float, which is the value of shares readily available in the market as held by public investors. Under normal circumstances, at least 80% of the Portfolios total assets are invested in securities included in the S&P 500 Index, which at December 31, 2022, included companies with market capitalizations above $12.7 billion. The Portfolio is rebalanced at approximately the same time that the S&P 500 Index to which the Portfolio is benchmarked is rebalanced and reconstituted, which currently occurs on the third Friday of the last month of each quarter. The Portfolio will typically concentrate its investments in an industry or group of industries to the extent that the index being tracked is also so concentrated. The Portfolio may become non-diversified, as defined under the 1940 Act, as a result of a change in relative market capitalization or index weighting of one or more constituents of the S&P 500 Index to which the Portfolio is benchmarked. This means that the Portfolio may invest a greater percentage of its assets in a limited number of issuers than would be the case if the Portfolio were always managed as a diversified management investment company. The Portfolio intends to be diversified in approximately the same proportion as the S&P 500 Index. Shareholder approval will not be sought when the Portfolio crosses from diversified to non-diversified status due to a change in the relative market capitalization or index weighting of one or more constituents of the S&P 500 Index. Show less