SPRE

About SPRE

TheFund uses a “passive management” (or indexing) approach to track the performance, before fees and expenses, of the Index. TheIndex includes all real estate investment trust (“REIT”) securities listed in developed and emerging markets and includedas constituents of the S&P Global BMI Shariah Index, a comprehensive global Sharia-compliant index of publicly-traded equity securities.Constituents included in the S&P Global BMI Shariah Index must have a float-adjusted market capitalization of at least $100 millionand an annual trading value of at least $50 million. A REIT is a security of a company that invests in real estate, either through realestate property, mortgages and similar real estate investments, or all of the foregoing. Islamic religious law commonly known as Shariahas certain restrictions regarding finance and commercial activities permitted for Muslims, including interest restrictions and prohibitedindustries. Constituents of the S&P Global BMI Shariah Index, and therefore constituents of the Index, have been screened for non-compliantbusiness activities (companies that offer products and services that are not compliant with Sharia law such as gambling, alcohol, ortobacco) and compliance with certain accounting-based financial ratios (companies must satisfy financial ratios governing leverage, cash,and the share of revenues derived from non-compliant activities). TheIndex is rebalanced and reconstituted monthly. Each security in the Index is subject to certain individual security weight caps. As ofFebruary 29, 2024, the Index was composed of 46 constituents, representing investments in 9 countries. TheIndex was developed in 2020 by S&P Dow Jones Indices LLC (the “Index Provider”), a division of S&P Global, with activecontribution by ShariaPortfolio, Inc. (the “Sub-Adviser”), the Fund’s sub-adviser. The Index is owned and administeredby the Index Provider. The S&P Global BMI Shariah Index was developed in 2008 by the Index Provider and is owned and administeredby the Index Provider. TheFund’s Investment Strategy TheFund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index. Under normal circumstances,at least 80% of the Fund’s total assets will be invested in the component securities of the Index. This policy may be changed withoutshareholder approval upon 60 days’ written notice to shareholders. The Fund’s investment adviser expects that, over time,the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better. TheFund generally may invest up to 20% of its total assets in Sharia-compliant securities or other Sharia-compliant investments not includedin the Index, but which the Sub-Adviser believes will help the Fund track the Index. For example, the Fund may invest in Sharia-compliantsecurities that are not components of the Index to reflect various corporate actions and other changes to the S&P Global BMI ShariahIndex (such as reconstitutions, additions, and deletions). Each investment made by the Fund is pre-screened and approved as Sharia compliantbefore investment by the Fund. TheFund will generally use a “replication” strategy to achieve its investment objective, meaning the Fund will generally investin all of the component securities of the Index in the same approximate proportions as in the Index. However, the Fund may use a “representativesampling” strategy, meaning it may invest in a sample of the securities in the Index whose risk, return, and other characteristicsclosely resemble the risk, return, and other characteristics of the Index as a whole, when the Fund’s investment adviser believesit is in the best interests of the Fund (e.g., when replicating the Index involves practical difficulties or substantial costs,an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations thatapply to the Fund but not to the Index).  Tothe extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry orgroup of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. The Fund is classifiedas non-diversified and therefore may invest a larger percentage of its assets in the securities of a single company or a smaller numberof companies than diversified funds. The Index is expected to be concentrated (i.e., holding more than 25% of its total assets)in REITs. TheFund is deemed to be non-diversified under the Investment Company Act of 1940, as amended (the “1940 Act”), which means thatit may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was adiversified fund.