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Why invest in this Fund?

The fund seeks to match the performance of the Standard & Poor's 500 Composite Stock Price Index('S&P 500 Index').

To pursue this goal, the fund generally is fullyinvested in stocks included in the S&P 500 Index, and in futures whose performance is tied to the S&P 500 Index. The fund attempts to have a correlation between its performance and that of the index of at least .95, before expenses. A correlation of 1.00 would mean that the fund and the S&P 500 Index were perfectly correlated.

The fund generally invests in all 500 stocks in the S&P 500 Index in proportion to their weighting in the S&P 500 Index. The S&P 500 Index is a capitalization-weighted unmanaged index of 500 common stocks chosen to reflect the industries of the U.S.economy and is often considered a proxy for the stock market in general. The fund may also use stock index futures as a substitute for the sale or purchase of securities.

Min. class investment
Class Inception Date
Fund Assets
$2,663,761,157  As of  10/02/23
Class Assets
$2,610,777,708  As of  10/02/23
Portfolio Turnover Rate
1.85% As of fiscal year end  12/31/22
Morningstar Category
Large Blend
S&P 500® Index
Morningstar Overall Rating
Fund Holdings
504 As of 08/31/23

Morningstar Rating™ as of August 31, 2023 for the Initial Shares class shares; other classes may have different performance characteristics. Overall rating for the Large Blend category. Fund ratings are out of 5 Stars: Overall 4 Stars (1277 funds rated); 3 Yrs. 3 Stars (1277 funds rated); 5 Yrs. 4 Stars (1178 funds rated); 10 Yrs. 4 Stars (874 funds rated). The Morningstar Rating™ for funds, or "star rating", is calculated for managed products with at least a 3-year history. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance (not including the effects of sales charges, loads and redemption fees if applicable), placing more emphasis on downward variations and rewarding consistent performance. Managed products; including open-end mutual funds, closed-end funds and exchange-traded funds; are considered a single population for comparative purposes. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. © Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The fund represents a single portfolio with multiple share classes that have different expense structures. Other share classes may have achieved different results.


This fund is only offered as an underlying investment option for variable annuity contracts and variable life insurance policies and is not sold directly to the general public. Please refer investors to the applicable variable annuity or variable life insurance prospectus as well as the underlying fund prospectus for more detailed information and other important considerations, which should be read carefully before investing.

Portfolio Managers

  • David  France

    David France, CFA

    Portfolio Manager, Mellon Investments Corporation

    2 yr(s). on fund

  • Todd Frysinger

    Todd Frysinger, CFA

    Portfolio Manager, Mellon Investments Corporation

    2 yr(s). on fund

  • Vlasta Sheremeta

    Vlasta Sheremeta, CFA

    Portfolio Manager, Mellon Investments Corporation

    2 yr(s). on fund

  • Michael  Stoll

    Michael Stoll

    Portfolio Manager, Mellon Investments Corporation

    2 yr(s). on fund

  • Marlene  Walker Smith

    Marlene Walker Smith

    Portfolio Manager, Mellon Investments Corporation

    2 yr(s). on fund

Fees & Expenses

Variable insurance products have additional fees, charges and expenses. Please consult the applicable variable contract prospectus for more detailed information.

Portfolio Manager/Sub-Investment Adviser

The fund's investment adviser is BNY Mellon Investment Adviser, Inc. (BNYM Investment Adviser). BNYM Investment Adviser has engaged its affiliate, Mellon Investments Corporation (Mellon), to serve as the fund's index manager. David France, CFA, Todd Frysinger, CFA, Vlasta Sheremeta, CFA, Michael Stoll and Marlene Walker Smith are the fund's primary portfolio managers, positions they have held since October 2020. Messrs. France, Frysinger and Stoll and Ms. Sheremeta are each a vice president and senior portfolio manager at Mellon. Ms. Walker Smith is a director and head of equity index portfolio management at Mellon.

Top Holdings

As of 08/31/23

Asset Allocation

      Main Risks

      An investment in the fund is not a bank deposit. It is not insured or guaranteed by the FDIC or any other government agency. It is not a complete investment program. The fund's share price fluctuates, sometimes dramatically, which means you could lose money.
      Equity funds are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund's prospectus.
      The fund uses an indexing strategy. It does not attempt to manage market volatility, use defensive strategies or reduce the effects of any long-term periods of poor stock performance.

      Risk Metrics

      As of  08/31/23  3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
      17.74 -1.64 1.00 100.00 0.45

      All risk metrics are provided by Morningstar. The index used in the calculations are determined by Morningstar which may not be the funds primary benchmark. The index Morningstar used for this analysis is S&P 500® Index.


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