Fund Description

The fund invests in common stocks of companies generally within the capitalization range of its underlying index and in derivatives, primarily equity index swaps, futures, and options on securities, futures, and stock indices, including over-the-counter instruments, and expects primarily to purchase swaps. These instruments may be used to pursue its objective without investing directly in index securities or in the same proportions as the index. Under normal circumstances, it invests at least 80% of net assets, plus any borrowings, in securities of companies in the underlying index and instruments expected to correspond to the index. Derivatives can create financial leverage, magnifying gains and losses and increasing volatility, and may require liquidation of other holdings to comply with limits on leverage imposed by the Investment Company Act of 1940, meet margin or collateral requirements, or satisfy redemptions. It may hold short-term U.S. government securities or cash equivalents for collateral and may trade near market close to remain fully invested. It is non-diversified and may concentrate by industry to the extent the index does.