Fund Description

The fund generally invests in the stocks that comprise the S&P 500 Index in approximately the proportions they are represented in the index, and the Advisor considers the stocks that comprise the S&P 500 Index to be those of large companies. Under normal market conditions, at least 95% of net assets will be invested in S&P 500 constituents, and at least 80% in securities of large U.S. companies. Securities are typically sold only for index changes, corporate actions, or to meet redemptions, with trading possibly before or after reconstitution. In seeking to approximate the total investment return of the S&P 500 Index, the fund may also adjust the representation of securities after considering such securities' characteristics and other factors the Advisor determines to be appropriate. The fund may use U.S. equity futures and options on futures to manage equity market exposure, may lend securities for income, and may become non-diversified due to index weighting changes.