Strategy. The Fund employs a passive management (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index The Index uses an objective, rules-based methodology to provide exposure to high dividend yielding companies within the S&P 500 Index (the S&P 500) that have paid dividends for the past five consecutive years while maintaining high free cash flow (FCF) margins and high FCF return on invested capital (ROIC). S&P Dow Jones Indices LLC (the Index Provider) compiles, maintains and calculates the Index. The Indexs universe is derived from the component companies of the S&P 500. The S&P 500 is comprised of common stocks of approximately 500 large-capitalization companies that generally represent the large-cap … Show more… The Fund employs a passive management (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index The Index uses an objective, rules-based methodology to provide exposure to high dividend yielding companies within the S&P 500 Index (the S&P 500) that have paid dividends for the past five consecutive years while maintaining high free cash flow (FCF) margins and high FCF return on invested capital (ROIC). S&P Dow Jones Indices LLC (the Index Provider) compiles, maintains and calculates the Index. The Indexs universe is derived from the component companies of the S&P 500. The S&P 500 is comprised of common stocks of approximately 500 large-capitalization companies that generally represent the large-cap segment of the U.S. equity market. Free Cash Flow (FCF): net cash flow from operating activities minus capital expenditures FCF Margin: FCF / revenue FCF ROIC: FCF / (total debt plus total equity) The Indexs initial universe of companies is screened based on a companys dividend history. To be included in the Index, a company must have paid dividends for the past five consecutive years. Companies classified as being in the real estate sector and mortgage REITs are excluded from the Index universe. For companies in the Financials sector classified as banks, insurance, investment banking & brokerage, specialized finance, and asset management & custody banks, FCF is calculated as follows: Net Cash Flow from Operating Activities (minus) Changes in Net Working Capital (minus) Capital Expenditures. The remaining companies are ranked in descending order by their FCF Score, which is calculated using the five-year average of the companys FCF Margin and the five-year average of the companys FCF ROIC. The top 50% of companies, based on their FCF Score, within each Global Industry Classification Standard (GICS) sectors are eligible for inclusion. Companies are then ranked in descending order by the last 12 months dividend yield (LTM Dividend Yield), and the top 100 companies are selected for the Index. Index components are weighted based on LTM dividend yield. However, the Index Provider applies a weighting methodology that limits the LTM dividend yield values used to calculate constituent weights to 10%, subject to security and sector constraints. The maximum weight of each constituent is capped at 4.5% and each constituents weight is floored at 0.05%. The aggregate weight of constituents within each GICS sector is capped at the lesser of i) 30% or ii) the weight of such sector in the S&P 500 plus 10%. Weight above individual security and sector limitations are typically redistributed among the other Index constituents in proportion to their weights. As of October 31, 2025, the companies included in the Index had a market capitalization range of $7.5 billion and $855.5 billion. The Index is typically reconstituted and rebalanced semi-annually as of the close of business on the third Friday of April and October based on data as of the last business days of March and September, respectively. The Index is also reviewed semi-annually in January and July based on each constituents weight; recapping is performed if the aggregate weight of constituents with an individual weight greater than 4.8% exceeds 24% of the Indexs total weight. If that threshold is breached, the current constituent weights are recapped, with the weights of individual constituents capped at 10% and the aggregate weight of constituents with an individual weight greater than 4.5% capped at 22.5% of the Indexs total weight. The Funds Investment Strategy Under normal circumstances, at least 80% of the Funds net assets (plus any borrowings for investment purposes) will be invested in dividend-paying equity securities that are the component securities of the Index. The Fund defines equity securities to mean common stocks, and may include preferred stocks, rights, warrants, and depositary receipts. The Adviser expects that, over time, the correlation between the Funds performance and that of the Index, before fees and expenses, will be 95% or better. The Fund will generally use a replication strategy to achieve its investment objective, meaning it will invest in all of the component securities of the Index in the same approximate proportion as in the Index. The Fund is non-diversified and therefore may invest a larger percentage of its assets in the securities of a single company than diversified funds. To the extent the Index concentrates ( i.e. , holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of October 31, 2025, the Index was not concentrated in any industry or group of industries. Show less