Strategy. The Fund generally will invest at least 90% of its total assets in securities that comprise the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices (S&P DJI or the Index Provider) compiles, maintains and calculates the Underlying Index, which is composed of constituents of the S&P Developed ex-U.S. LargeMidCap (the Parent Index) that the Index Provider identifies as being of the highest qualitythat is, stocks of companies that seek to generate higher revenue and cash flow than their average counterparts through prudent use of assets and finances. The Parent Index is designed to measure the top 85% of float-adjusted market cap in each developed country, excluding the United States. In selecting constituent securities … Show more… The Fund generally will invest at least 90% of its total assets in securities that comprise the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices (S&P DJI or the Index Provider) compiles, maintains and calculates the Underlying Index, which is composed of constituents of the S&P Developed ex-U.S. LargeMidCap (the Parent Index) that the Index Provider identifies as being of the highest qualitythat is, stocks of companies that seek to generate higher revenue and cash flow than their average counterparts through prudent use of assets and finances. The Parent Index is designed to measure the top 85% of float-adjusted market cap in each developed country, excluding the United States. In selecting constituent securities for the Underlying Index, the Index Provider calculates the quality score of each security in the Parent Index and selects the top 20% of securities with the highest quality scores based on a composite of the following three factors: (i) return-on-equity, calculated as the companys trailing 12-month earnings per share divided by the companys latest book value per share; (ii) accruals ratio, computed using the change of the companys net operating assets over the last year divided by the companys average total assets over the last two fiscal years; and (iii) financial leverage, calculated as the companys latest total debt divided by the companys book value. Eligible securities also must have a minimum three-month average daily trading volume of $3 million. The Underlying Index is modified market-capitalization weighted, weighting component securities by multiplying their market capitalization and their quality score; securities with higher scores receive relatively greater weights. As of December 31, 2025, the Underlying Index was comprised of 194 securities with market capitalizations ranging from $1.7 billion to $419.7 billion and represented the following countries: Australia, Austria, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, South Korea, Spain, Sweden, Switzerland, and the United Kingdom (UK). The Fund employs a full replication methodology in seeking to track the Underlying Index, meaning that the Fund generally invests in all of the securities comprising the Underlying Index in proportion to their weightings in the Underlying Index. The Fund intends to be diversified, as defined in the Investment Company Act of 1940, as amended (the 1940 Act), to the extent that the Underlying Index is diversified. The Fund may become non-diversified as defined in the 1940 Act solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. Should the Fund become non-diversified, it will no longer be required to meet certain diversification requirements under the 1940 Act and may invest a greater portion of its assets in securities of a small group of issuers or in any one individual issuer than can a diversified fund. Shareholder approval will not be sought when the Fund crosses from diversified to non-diversified status solely due to a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. In seeking to track the Underlying Index, the Fund was managed as diversified as of October 31, 2025. Concentration Policy. The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. Show less