Strategy. Under normal circumstances, the Fund 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 Index is comprised of equity securities of companies that Morningstar, Inc. (Morningstar or the Index provider) determines (a) have sustainable competitive advantages based on a proprietary methodology that considers quantitative and qualitative factors (wide moat companies) and (b) are attractively priced and weighted according to a modified equal weighting scheme that tilts exposure in favor of pure value companies. According to Morningstar, value companies tend to trade at low price ratios (based on metrics like earnings, book value … Show more… Under normal circumstances, the Fund 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 Index is comprised of equity securities of companies that Morningstar, Inc. (Morningstar or the Index provider) determines (a) have sustainable competitive advantages based on a proprietary methodology that considers quantitative and qualitative factors (wide moat companies) and (b) are attractively priced and weighted according to a modified equal weighting scheme that tilts exposure in favor of pure value companies. According to Morningstar, value companies tend to trade at low price ratios (based on metrics like earnings, book value and sales, or high dividend yields) and have low growth rates (based on earnings, sales, book value and cash flow). Wide moat companies are selected 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. Wide moat companies included in the Parent Index are those that Morningstar believes will maintain their competitive advantage(s) for at least 20 years. 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), 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). The Index targets a select group of equity securities of wide moat companies from the Parent Index: those that, according to Morningstars equity research team, are attractively priced based on pre-defined factors as of each index review. Morningstar selects companies to be included in the Index as determined by the ratio of the issuers common stock price to Morningstars estimate of fair value. Morningstars fair value estimates are calculated using standardized, proprietary valuation models. Morningstar also considers a companys style characteristics. Wide moat companies are divided into three groups that represent their style characteristics along the growth/value spectrum: pure growth, blend, and pure value. Pure growth companies are excluded from the Index. Morningstar determines a companys style orientation with a 10-factor model incorporating backward- and forward-looking metrics such as earnings, dividends, sales, cash flow and book value. 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 Morningstar US Broad Value Wide Moat Focus Index included securities of 39 companies with a full market capitalization range of between approximately $5.47 billion and $3.60 trillion and a weighted average full market capitalization of $128.30 billion. These amounts are subject to change. The Index is divided into two sub-portfolios and each is reconstituted and rebalanced semi-annually on alternating quarters. Each sub-portfolio follows the same eligibility and selection rules and the differences in components between the sub-portfolios are a result of the timing of the review of each sub-portfolio. The Fund, using a passive or indexing investment approach, attempts to approximate the investment performance of the Index by investing in a portfolio of securities that generally replicates the Index. Unlike many investment companies that try to beat the performance of a benchmark index, the Fund does not try to beat the Index and does not seek temporary defensive positions that are inconsistent with its investment objective of seeking to track the Index. The Fund is classified as a non-diversified fund under the Investment Company Act of 1940, as amended (the "Investment Company Act of 1940") and, therefore, may invest a greater percentage of its assets in a particular issuer. The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries. As of September 30, 2025, each of the health care, industrials and consumer staples sectors represented a significant portion of the Fund. Show less