Fund Description

The fund generally invests in stocks included in the S&P 500 Index and, under normal circumstances, invests at least 80% of net assets (including borrowings for investment purposes) in those stocks, typically considerably more, with 60 days' notice before changing this policy. It seeks to replicate index performance by matching index weightings, but may adjust weights for odd-lot, tax, or liquidity considerations, and may trade in anticipation of index additions or removals. It may use derivatives, principally futures, and lend securities to help minimize performance gaps from expenses and cash holdings. It may concentrate as the index does and may become non-diversified due to index weighting shifts.