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 Global Wide Moat Focus Index is comprised of securities issued by companies that Morningstar, Inc. (Morningstar or the Index provider) determines to have sustainable competitive advantages based on a proprietary methodology that considers quantitative and qualitative factors (wide moat companies). The quantitative factors used by Morningstar to identify competitive advantages currently include historical and projected returns on invested capital relative to cost of capital. The qualitative factors used by Morningstar to identify competitive advantages currently include customer switching cost … 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 Global Wide Moat Focus Index is comprised of securities issued by companies that Morningstar, Inc. (Morningstar or the Index provider) determines to have sustainable competitive advantages based on a proprietary methodology that considers quantitative and qualitative factors (wide moat companies). The quantitative factors used by Morningstar to identify competitive advantages currently include historical and projected returns on invested capital relative to cost of capital. The qualitative factors used by Morningstar to identify competitive advantages currently include customer switching cost ( i.e. , the costs of customers switching to competitors), internal cost advantages, intangible assets ( e.g. , intellectual property and brands), network effects ( i.e. , whether products or services become more valuable as the number of customers grows) and efficient scale ( i.e. , whether the company effectively serves a limited market that potential rivals have little incentive to enter into). Wide moat companies are selected by Morningstar from the universe of companies represented in the Morningstar Global Markets Index SM (the Parent Index) a broad market index representing 97% of developed and emerging market capitalization that meet certain trading frequency, dollar trading volume and turnover and free-float market-capitalization requirements. The Morningstar Global Wide Moat Focus Index targets a select group of wide moat companies: those that according to Morningstars equity research team are attractively priced as of each Morningstar Global Wide Moat Focus Index review. Morningstar utilizes a momentum screen, in which momentum represents a securitys 12-month price change. The momentum screen is used to exclude 20% of wide moat companies in the Parent Index with the worst 12-month momentum based on a 12-month price change of each companys securities. Out of the companies in the Parent Index that Morningstar determines are wide moat companies and display 12-month momentum in the top 80%, Morningstar selects companies to be included in the Morningstar Global Wide Moat Focus Index as determined by the ratio of Morningstars estimate of fair value of the issuers common stock to the price. Morningstars equity research fair value estimates are calculated using a standardized, proprietary valuation model that predominantly relies on a detailed projection of a companys future cash flows. Wide moat companies may include medium-capitalization companies. The Fund, under normal market conditions, will invest at least 40% of its assets in companies organized or located in multiple countries outside the United States or doing a substantial amount of business in multiple countries outside the United States. The Funds 80% investment policy is non-fundamental and may be changed without shareholder approval upon 60 days prior written notice to shareholders. As of December 31, 2025, the Global Wide Moat Focus Index included 74 securities of companies with a market capitalization range of between approximately $4.37 billion and $4.55 trillion and a weighted average full market capitalization of $190.95 billion. The ma ximum weight of an individual country or sector in the Morningstar Global Wide Moat Focus Index is capped at 10% more than its corresponding weight in the parent index at the time of reconstitution, or 40%, whichever is higher. The Morningstar Global Wide Moat Focus Index is divided into two equally weighted sub-portfolios, and each is reconstituted and rebalanced semi-annually on alternating quarters. The Fund, using a passive or indexing investment approach, attempts to approximate the investment performance of the Morningstar Global Wide Moat Focus Index by investing in a portfolio of securities that generally replicates the Morningstar Global Wide Moat Focus Index. Unlike many investment companies that try to beat the performance of a benchmark index, the Fund does not try to beat the Morningstar Global Wide Moat Focus Index and does not seek temporary defensive positions that are inconsistent with its investment objective of seeking to replicate the Morningstar Global Wide Moat Focus 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 Global Wide Moat Focus 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 Global Wide Moat Focus 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 Global Wide Moat Focus Index. The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Morningstar Global Wide Moat Focus Index concentrates in an industry or group of industries. As of September 30, 2025, each of the information technology, consumer staples, consumer discretionary, communication services, health care and industrials sectors represented a significant portion of the Fund. Show less