Just to clarify LOL! and Nords points. I have a fairly standard slice and diced diversified portfolio of index funds created after determining my AA. It contains MF/ETF's that correspond to the following indices:
FTSE All-World ex-US Index
MSCI US Small Cap Value index
WisdomTree International SmallCap Dividend index
Morgan Stanley REIT index
MSCI US Prime Market Value index
MSCI US Broad Market index
MSCI Emerging Markets index
no S&P 500 index anywhere...
Having said that, however if my 401k/b had a 500 index fund and all my other domestic LC choices were loaded, expensive actively managed MF's  I'd take the index fund and "fix" my AA in my IRA or taxable account.
DD
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