PRF

About PRF

TheFund generally will invest at least 90% of its total assets in securities that comprise the Underlying Index.Strictlyin accordance with their guidelines and mandated procedures, FTSEInternational Limited and Research Affiliates LLC (“FTSE” and “RA”, respectively, and collectively, the “IndexProvider”) compile and maintain the Underlying Index, which is composed of approximately 1,000 common stocks and is designed totrack the performance of the largest U.S. companies based on the following four fundamental measures of firm size: book value, cash flow,sales and dividends. Asof June 30, 2023, the Underlying Index was comprised of 1,012constituents with market capitalizations ranging from $85.4 millionto $3.1 trillion.TheFund employs a “full replication” methodology in seeking to track theUnderlying Index, meaning that the Fund generally invests in all of the securities comprising the Underlying Index in proportion to theirweightings 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 or indexweighting of one or more constituents of the Underlying Index. Should the Fund become “non-diversified,” it will no longerbe 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.