Strategy. The Fund generally will invest at least 90% of its total assets in securities that comprise the Underlying Index as well as American depositary receipts (ADRs) and global depositary receipts (GDRs) that represent securities in the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, MSCI Inc. (the Index Provider) compiles, maintains and calculates the Underlying Index, which is designed to track the performance of approximately 500 stocks included in the MSCI ACWI ex Select Countries Index (the Parent Index) that meet certain environmental and climate criteria relative to their peers, as determined by the Index Provider, including their own reductions in carbon and greenhouse gas emissions. The Parent Index is itself a subset of the MSCI ACWI … Show more… The Fund generally will invest at least 90% of its total assets in securities that comprise the Underlying Index as well as American depositary receipts (ADRs) and global depositary receipts (GDRs) that represent securities in the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, MSCI Inc. (the Index Provider) compiles, maintains and calculates the Underlying Index, which is designed to track the performance of approximately 500 stocks included in the MSCI ACWI ex Select Countries Index (the Parent Index) that meet certain environmental and climate criteria relative to their peers, as determined by the Index Provider, including their own reductions in carbon and greenhouse gas emissions. The Parent Index is itself a subset of the MSCI ACWI Index, an index designed to measure the performance of the broader global equity markets. The MSCI ACWI Index is composed of more than 2,500 securities of large- and mid-capitalization companies in 23 developed and 24 emerging market countries around the world. However, the Parent Index excludes securities of companies located in six of the countries within in the MSCI ACWI Index: Finland, Qatar, United Arab Emirates, Saudi Arabia, Kuwait and Indonesia. Securities eligible for inclusion in the Underlying Index include ADRs and GDRs. To construct the Underlying Index, the Index Provider conducts screens on the universe of companies within the Parent Index to exclude companies in the business of tobacco, controversial or nuclear weapons, thermal coal mining, or thermal coal-based power generation. The exclusions for companies in the business of controversial weapons or nuclear weapons are categorical, meaning that the Underlying Index will not include any securities from such companies, while the exclusions for companies in the business of tobacco, thermal coal mining, or thermal coal-based power generation are based on percentage of revenue thresholds. The Index Provider then evaluates companies that are directly involved in environmental, social, and/or governance (ESG) business controversy cases. The Index Provider defines such ESG controversies as an event or ongoing situation in which a company's operations, products and/or services may potentially result in a negative ESG impact. For example, cases could include single events, such as a hazardous spill or accident, company violations of existing laws and/or regulations to which they are subject, or an alleged company action or event that violates commonly accepted international norms. To evaluate companies, the Index Provider utilizes a methodology that assesses companies' reputational and brand risk based on actual or alleged involvement in adverse impact activities as reported by the media, nongovernmental organizations, civil society groups, academia and regulators. The Index Provider monitors across five categories of ESG impact - environment, human rights and community impact, labor rights and supply chain, customers and governance - and 28 sub-categories (including, for example, energy and climate change, human rights concerns, and controversial investments). MSCI has a dedicated team of analytical staff who identify and assess the severity of controversy cases, review the reported allegations and apply consistent scoring for each controversy case, based on, among other things, the severity of impact in each case. The evaluation framework used in MSCI ESG Controversy Scores is designed to be consistent with international norms represented by the United Nations (UN) Declaration of Human Rights, the International Labour Organization Declaration on Fundamental Principles and Rights at Work, and the UN Global Compact. In each case, business controversies are scored on a scale of 0 to 10, with 0 being the most severe controversy. All companies having faced very severe controversies pertaining to ESG issues, defined as companies with an MSCI ESG Controversy Score of 0, are ineligible for inclusion in the Underlying Index. Companies not assessed an MSCI ESG Controversy Score are also excluded. After applying these exclusionary screens to the Parent Index, the Index Provider uses data provided by MSCI ESG Research LLC and other sources to assess companies for inclusion in the Underlying Index based on current emissions intensity and emissions reduction targets. The final portfolio of securities is constructed according to certain constraints within the Underlying Index methodology that are designed to minimize the Parent Index's exposure to physical and transition risks of climate change: ? at least a 10% average reduction per year in greenhouse gas (GHG) emissions connected to a companys revenue, taking into account Scope 1 and 2 emissions relative to the GHG Intensity of the Parent Index as of November 2020. Scope 1 emissions are direct GHG emissions that occur from sources that are controlled or owned by an organization. Scope 2 emissions are indirect GHG emissions generated in the production of electricity consumed by the organization. GHG Intensity measures a companys Scope 1 and 2 emissions relative to its sales. ? at least a 7% average reduction per year in GHG emissions related to a companys financing activities, taking into account Scope 1 and 2 emissions relative to the GHG Intensity of the Parent Index as of November 2020. GHG Intensity measures a company's Scope 1 and 2 emissions relative to its enterprise value including cash. at least a 20% increase, relative to the Parent Index, in the aggregate weight of companies having one or more active carbon emissions reduction target(s) approved by the Science Based Targets initiative (SBTi), starting from November 2021. In addition, the Underlying Index's country and sector weightings are constrained so as to minimize significant differences relative to the Parent Index. Sector weights are limited to +/- 3% the weight of that sector in the Parent Index, and country weights are capped at +/- 5% of the weight of that country in the Parent Index. As of December 31, 2025, the Underlying Index was composed of 502 constituents with market capitalizations ranging from approximately $2.7 billion to $4.5 trillion. 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 is non-diversified and therefore is not required to meet certain diversification requirements under the Investment Company Act of 1940, as amended (the 1940 Act). Concentration Policy. The Fund will concentrate its investments (i.e., invest more than 25% of the value of its net 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. As of October 31, 2025, the Fund had significant exposure to the information technology sector. The Fund's portfolio, and the extent to which it concentrates its investments, are likely to change over time. Show less