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 Fabless Index is composed of U.S.-listed common stocks of companies that derive at least 50% of their revenues from the semiconductor industry and operate as fabless semiconductor companies. A fabless semiconductor company is generally defined as an advanced chip designer without a production line. More specifically, a fabless semiconductor company is engaged in the design and sale of semiconductors and hardware while outsourcing most semiconductor fabrication and product manufacturing. Furthermore, the Fabless Index does not currently include companies engaged in … 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 Fabless Index is composed of U.S.-listed common stocks of companies that derive at least 50% of their revenues from the semiconductor industry and operate as fabless semiconductor companies. A fabless semiconductor company is generally defined as an advanced chip designer without a production line. More specifically, a fabless semiconductor company is engaged in the design and sale of semiconductors and hardware while outsourcing most semiconductor fabrication and product manufacturing. Furthermore, the Fabless Index does not currently include companies engaged in the production of equipment used in the manufacturing of semiconductors or semiconductor materials used in visual displays. Semiconductor design companies may include small, medium- and large-capitalization companies which may be domiciled outside the U.S., including in emerging market countries. The Fund may invest in depositary receipts and securities denominated in foreign currencies. As of December 31, 2025, the Fabless Index included 22 securities of companies with a market capitalization range of between approximately $1.97 billion and $4.53 trillion and a weighted average market capitalization of $1.25 trillion. These amounts are subject to change. The Funds 80% investment policy is non-fundamental and may be changed without shareholder approval upon 60 days prior written notice to shareholders. The Fabless Index is published by MarketVector Indexes GmbH (the Index Provider) which is a wholly owned subsidiary of the Adviser. The Fabless Index is reconstituted semiannually and rebalanced quarterly. The Fund, using a passive or indexing investment approach, attempts to approximate the investment performance of the Fabless Index by investing in a portfolio of securities that generally replicates the Fabless Index. Unlike many investment companies that try to beat the performance of a benchmark index, the Fund does not try to beat the Fabless Index and does not seek temporary defensive positions that are inconsistent with its investment objective of seeking to replicate the Fabless Index. The Fund is classified as a non-diversified fund under 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 Fabless Index concentrates in an industry or group of industries. As of September 30, 2025, the semiconductor industry represented a significant portion of the Fund. Show less