The investment seeks to match, as closely as possible, before expenses, the performance of the Standard & Poor's 500® Index. It pursues its investment objective by seeking to replicate the total return performance of the index, which is composed of 500 selected common stocks. The fund is a feeder fund, meaning that it invests all of its investable assets in a master portfolio. It invests its assets in the S&P 500 Index Master Portfolio. Under normal circumstances, at least 90% of the value of the Master Portfolio’s assets, plus the amount of any borrowing for investment purposes, is invested in securities comprising the index.