PID

About PID

TheFund generally will invest at least 90% of its total assets in the securities that comprise the Underlying Index.Strictlyin accordance with its guidelines and mandated procedures, Nasdaq,Inc. (“Nasdaq” or the “Index Provider”) includes dividend-paying common stocks and other securities in the UnderlyingIndex pursuant to a proprietary selection methodology that identifies companies that have increased their aggregate annual regular cashdividend payments consistently for at least each of the last five consecutive calendar years. The Underlying Index is composed of GlobalDepositary Receipts (“GDRs”) that are listed on the London Stock Exchange (“LSE”) or the London InternationalExchange, American Depositary Receipts (“ADRs”), non-U.S. common or ordinary stocks, limited partnership interests and sharesof limited liability companies that are listed on the New York Stock Exchange (“NYSE”), The Nasdaq Stock Market (“Nasdaq”),Cboe Exchange (“Cboe”) or NYSE American.Asof June 30, 2023, the Underlying Index was comprised of 46securities with market capitalizations ranging from $2.7 billionto $364.9 billion. TheFund employs a “full replication” methodology in seeking to track theUnderlying Index, meaning that the Fund generally invests in all of the securities comprisingthe Underlying Index in proportion to their weightings in the Underlying Index.TheFund intends to be “diversified,” as defined in theInvestment Company Act of 1940, as amended (the “1940 Act”), to the extent that the Underlying Index is diversified. The Fundmay become “non-diversified” as defined in the 1940 Act solely as a result of a change in relative market capitalization orindex weighting of one or more constituents of the Underlying Index. Should the Fund become “non-diversified,” it will nolonger be required to meet certain diversification requirements under the 1940 Actand may invest a greater portion of its assets in securities ofa small group of issuers or in any one individual issuer than can a diversified fund. Shareholder approval will not be sought when theFund crosses from diversified to non-diversified status solely due to a change in relative market capitalization or index weighting ofone or more constituents of the Underlying Index. In seeking to track the Underlying Index, the Fund was managed as diversified as ofApril 30, 2023.ConcentrationPolicy. TheFund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in securities of issuers in any oneindustry 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.