Strategy. The Fund normally invests at least 80% of its total assets in securities that comprise the Funds benchmark index. For purposes of this policy, the term assets means net assets plus the amount of any borrowings for investment purposes. The Morningstar US Dividend Valuation Index is comprised of securities of companies with a high dividend yield, strong financial health and an attractive uncertainty-adjusted valuation. Companies are selected by Morningstar, Inc. (Morningstar or the Index provider) from the universe of companies represented in the Morningstar US Market Index SM (the Parent Index), a broad market index representing 97% of U.S. market capitalization that meet certain trading frequency, exchange listing and liquidity requirements. The Morningstar US Dividend Valuation Index targets a select … Show more… The Fund normally invests at least 80% of its total assets in securities that comprise the Funds benchmark index. For purposes of this policy, the term assets means net assets plus the amount of any borrowings for investment purposes. The Morningstar US Dividend Valuation Index is comprised of securities of companies with a high dividend yield, strong financial health and an attractive uncertainty-adjusted valuation. Companies are selected by Morningstar, Inc. (Morningstar or the Index provider) from the universe of companies represented in the Morningstar US Market Index SM (the Parent Index), a broad market index representing 97% of U.S. market capitalization that meet certain trading frequency, exchange listing and liquidity requirements. The Morningstar US Dividend Valuation Index targets a select group of eligible securities from the Parent Index that rank in: (i) the top 50% as measured by trailing twelve month dividend yield; (ii) the top 50% of their Morningstar sector peer group as measured by its distance to default score; and (iii) the top 70% of Morningstars star score metric. Morningstar also utilizes a momentum screen, in which momentum represents a securitys 12-month total return. A momentum signal is used to exclude 30% of the stocks in the Parent Index with the worst 12-month momentum based on a 12-month total return of each stock. An eligible security must meet each of these independent criteria to qualify for inclusion in the Morningstar US Dividend Valuation Index. Buffers are applied around the targeted thresholds to mitigate turnover. Distance to default score is a measure of the financial stability of a company as determined by recent market data and financial accounting reports. Morningstars star score metric represents uncertainty-adjusted security valuation, which reflects the relationship between a companys market price and its fair value (as determined by Morningstars standardized, proprietary valuation model). As of December 31, 2025, the US Dividend Valuation Index included 69 securities of companies with a full market capitalization range of between approximately $4.63 billion and $507.47 billion and a weighted average full market capitalization of $172.29 billion. These amounts are subject to change. The Funds 80% investment policy is non-fundamental and may be changed without shareholder approval upon 60 days prior written notice to shareholders. The Morningstar US Dividend Valuation Index is reconstituted and rebalanced semi-annually. The Fund, using a passive or indexing investment approach, attempts to approximate the investment performance of the Morningstar US Dividend Valuation Index by investing in a portfolio of securities that generally replicates the Morningstar US Dividend Valuation Index. Unlike many investment companies that try to beat the performance of a benchmark index, the Fund does not try to beat the Morningstar US Dividend Valuation Index and does not seek temporary defensive positions that are inconsistent with its investment objective of seeking to replicate the Morningstar US Dividend Valuation Index. The Fund may become non-diversified as defined under the Investment Company Act of 1940, as amended (the Investment Company Act of 1940), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Morningstar US Dividend Valuation Index. This means that the Fund may invest a greater percentage of its assets in a limited number of issuers than would be the case if the Fund were always managed as a diversified management investment company. The Fund intends to be diversified in approximately the same proportion as the Morningstar US Dividend Valuation Index. Shareholder approval will not be sought when the Fund crosses from diversified to non-diversified status due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Morningstar US Dividend Valuation Index. The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Morningstar US Dividend Valuation Index concentrates in an industry or group of industries. As of September 30, 2025, each of the health care, consumer staples, utilities and energy sectors represented a significant portion of the Fund. Show less