Strategy. The Fund pursues its objective by investing in the securities that make up the S&P 500 Index*, although the Fund may not invest in every security in the S&P 500 Index if it is not practical to do so under the circumstances (such as when the transaction costs are too high, there is a liquidity issue, or there is a pending corporate action). The Fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the Index, holding each stock in approximately the same proportion as its weighting in the Index. The Fund, under normal market conditions, invests at least 90% of its assets in the securities of issuers … Show more… The Fund pursues its objective by investing in the securities that make up the S&P 500 Index*, although the Fund may not invest in every security in the S&P 500 Index if it is not practical to do so under the circumstances (such as when the transaction costs are too high, there is a liquidity issue, or there is a pending corporate action). The Fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the Index, holding each stock in approximately the same proportion as its weighting in the Index. The Fund, under normal market conditions, invests at least 90% of its assets in the securities of issuers included in the S&P 500 Index. The S&P 500 Index is a widely used measure of large U.S. company stock performance. The market capitalization range of the S&P 500 Index was $5.28 billion to $3.34 trillion as of March 31, 2025. The stocks in the S&P 500 account for nearly three-quarters of the value of all U.S. stocks. The S&P 500 Index is a well-known stock market index that includes common stocks of 500 companies from a number of sectors, and that measures the performance of the large-cap sector of the U.S. equity market. As of December 31, 2024, a significant portion of the Funds investment exposure comprised companies in the information technology sector. The Fund may invest in stock index futures as a substitute for a comparable market position in the securities underlying the S&P 500 Index. An index futures contract commits one party to sell and the other party to buy a stipulated quantity of a market index at a set price on or before a given date. This tactic can reduce the costs associated with direct investing. It also allows the Fund to approach the returns of a fully invested portfolio while keeping cash on hand, either in anticipation of shareholder redemptions or because the Fund has not yet invested new shareholder money. * The S&P 500 Index is a product of S&P Dow Jones Indices LLC or its affiliates (SPDJI), and has been licensed for use by the investment adviser on behalf of the Fund. S&P(R), S&P 500(R), US 500, The 500, iBoxx(R), iTraxx(R) and CDS(R) are registered trademarks of S&P Global, Inc. or its affiliates (S&P); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the investment adviser on behalf of the Fund. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index. Show less