Strategy. The Portfolio invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes, if any) in U.S. common stocks of companies included in the S&P 500 Index, utilizing Intech Investment Management LLCs (Intech) mathematical investment process. The Portfolio only invests in common stocks of companies that compose the S&P 500 Index. A small allocation to cash is maintained for liquidity purposes only. The S&P 500 Index is an unmanaged index of 500 stocks that is generally representative of the performance of larger companies in the United States. Over time, and under normal market conditions, the Portfolio seeks to achieve returns similar to the S&P 500 Index (the Portfolios benchmark index) over the long-term, with … Show more… The Portfolio invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes, if any) in U.S. common stocks of companies included in the S&P 500 Index, utilizing Intech Investment Management LLCs (Intech) mathematical investment process. The Portfolio only invests in common stocks of companies that compose the S&P 500 Index. A small allocation to cash is maintained for liquidity purposes only. The S&P 500 Index is an unmanaged index of 500 stocks that is generally representative of the performance of larger companies in the United States. Over time, and under normal market conditions, the Portfolio seeks to achieve returns similar to the S&P 500 Index (the Portfolios benchmark index) over the long-term, with lower absolute volatility than the S&P 500 Index. In this context, absolute volatility refers to the variation in the returns of the Portfolio and the benchmark index. The Portfolio is a diversified fund. Due to the defensive nature of the Portfolio and given the objective of minimizing the Portfolios absolute risk, the Portfolio tends to overweight some sectors which are considered to be defensive. As a result, the Portfolio will tend to underperform in a market environment in which defensive sectors underperform. The Portfolio pursues its investment objective by applying a mathematical investment process to construct an investment portfolio from the universe of stocks within the S&P 500 Index. The goal of this process is to combine stocks that individually have higher relative volatility and lower correlations with each other in an effort to reduce the Portfolios absolute volatility, while still generating returns similar to the S&P 500 Index over a full market cycle. Although the Portfolio may underperform its benchmark index in sustained up markets, this strategy seeks to minimize losses in down markets. In applying this strategy, Intech establishes target proportions of its holdings from stocks within the S&P 500 Index using an optimization process designed to determine the most effective weightings of each stock in the Portfolio. The optimization uses proprietary estimates of volatility and correlation. Within certain risk controls, the optimizations objective is to minimize the absolute risk of the Portfolio while generating returns similar to the S&P 500 Index over the long-term. Once Intech determines such proportions and the Portfolios investments are selected, the Portfolio is periodically rebalanced to the set target proportions and re-optimized. The optimization and rebalancing follow a regular schedule reflecting the right balance between capturing a trading profit through rebalancing and controlling trading costs. The rebalancing techniques used by Intech may result in a higher relative portfolio turnover rate compared to a buy and hold strategy. Show less