What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive MLP Infrastructure Index (“Secondary Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index. The Secondary Index is designed to track the performance of the energy infrastructure MLP asset class in the United States.

The Secondary Index is composed of midstream Master Limited Partnerships (“MLPs”) engaged in the transportation, storage, and processing of natural resources, as defined by Solactive AG, the provider of the Secondary Index.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund increased 0.90%, while the Secondary Index increased 1.64%. The Fund had a net asset value of $52.44 per share on December 1, 2024 and ended the reporting period with a net asset value of $49.04 per share on November 30, 2025.

The Fund posted gains over the reporting period amid supportive U.S. energy infrastructure fundamentals. Record domestic oil output in July 2025 and a jump in crude exports in late September helped sustain pipeline volumes and fee-based cash flows. Policy shifts ended the prior pause on liquid natural gas ("LNG") export permits and allowed projects to move forward, including final approval for a large Gulf Coast export facility, improving the outlook for gas flows that support midstream revenues. Recently completed pipeline projects also added meaningful takeaway capacity, much of it directed toward liquids and LNG export terminals, further enhancing throughput potential. At the same time, softer oil-price forecasts, declining rig counts, and concerns about weaker LNG demand acted as headwinds for the broader energy complex, while the Federal Reserve’s September 2025 rate cut provided a countervailing tailwind by easing financing conditions for capital-intensive infrastructure. Sector returns were further supported by strong free-cash-flow generation, which enabled continued distribution growth and share-buyback activity across many MLP operators.

Key Fund Statistics as of November 30, 2025

Sector Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive MLP & Energy Infrastructure Index (“Secondary Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to track the performance of the Midstream Energy sector, which includes Master Limited Partnerships (“MLPs”) and energy infrastructure corporations. Midstream firms principally own and operate assets used in energy logistics, including, but not limited to, pipelines, storage facilities and other assets used in transporting, storing, gathering, and processing natural gas, natural gas liquids, crude oil or refined products. The Secondary Index limits its exposure to MLPs in order to comply with applicable tax diversification rules. To be included in the Secondary Index, securities must be publicly traded in the United States. The Secondary Index is maintained by Solactive AG.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund decreased 0.65%, while the Secondary Index decreased 0.10%. The Fund had a net asset value of $64.25 per share on December 1, 2024 and ended the reporting period with a net asset value of $60.83 per share on November 30, 2025.

The Fund posted a slightly negative result over the reporting period despite North American energy infrastructure benefiting from steady production trends and a more supportive policy backdrop. U.S. crude output reached new highs in mid-2025, sustaining pipeline and Gulf Coast terminal volumes even as OPEC+ production signals weighed on broader sentiment. The outlook for natural gas improved after the Department of Energy lifted its LNG export-permit pause in January, bolstering confidence in midstream networks and pending liquefaction projects. Freeport LNG outages created brief feedgas disruptions, but operations normalized, and two major terminals set to open in 2025 should further expand export capacity. Policy conditions also helped, with the Federal Reserve’s September rate cut easing financing costs for capital-intensive infrastructure.

Key Fund Statistics as of November 30, 2025

Asset/Country Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx SuperDividend Alternatives Index (“Secondary Index”), and in American Depositary Receipts and Global Depositary Receipts based on the securities of the Secondary Index. The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index targets five income-focused categories: MLPs & Infrastructure, Real Estate, Preferreds, Emerging Market Bonds, and Covered Calls.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund increased 7.78%, while the Secondary Index increased 7.83%. The Fund had a net asset value of $12.15 per share on December 1, 2024 and ended the reporting period with a net asset value of $12.06 per share on November 30, 2025.

The Fund's performance was positive over the reporting period, supported by quantitative easing measures that were taken on a global scale. A September rate cut by the U.S. Federal Reserve paved the way for the Fund’s positive returns. The rate cut contributed to improving value for interest‑rate‑sensitive real‑asset exposures, which periodically excelled over the course of 2025. International exposures, meanwhile, experienced an even wider impact from easing interest rates as they worked in tandem with intermittent dips in the value of the U.S. dollar to create an improving backdrop for growth. Emerging market debt exposures were supported by rate and currency factors, and fundamental improvements to fiscal and monetary policy led to enhanced credit quality and wider access to emerging markets. Finally, the Fund's allocations to covered call strategies contributed to its positive performance due to intermittent bouts of volatility that supported premium collection capabilities.

Key Fund Statistics as of November 30, 2025

Asset/Sector Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Concinnity Conscious Companies Index (“Secondary Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to track the performance of well-managed companies that achieve financial performance in a sustainable and responsible manner as measured by their ability to achieve positive outcomes that are consistent with a multi-stakeholder operating system ("MsOS"), as defined by Concinnity Advisors LP, the provider of the Secondary Index. The MsOS is a corporate governance structure that seeks to account for the multiple stakeholders that are critical for the ongoing success of the business, and incorporate the considerations of these stakeholders into the corporate decision-making and problem-solving process.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund increased 9.64%, while the Secondary Index increased 10.10%. The Fund had a net asset value of $40.61 per share on December 1, 2024 and ended the reporting period with a net asset value of $44.11 per share on November 30, 2025.

Performance over the reporting period was positive, aided by a late-year shift toward easier U.S. monetary policy as the Federal Reserve cut rates in September, supporting valuation‑sensitive growth exposures in technology and communication services. U.S. sector‑level tailwinds tied to accelerating AI and data center build‑outs, supported megacap technology ecosystems that are prominent within the Fund's equity allocations. These "well-managed" companies demonstrated an ability to achieve solid financial results while operating in a sustainable and responsible manner. Additionally, the Fund's equal-weighting approach and sector balancing helped to mitigate concentration risk and provide diversified exposure during the reporting period.

Key Fund Statistics as of November 30, 2025

Sector Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the ICE BofA Diversified Core U.S. Preferred Securities Index (“Secondary Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to track the broad-based performance of the U.S. preferred securities market. Qualifying securities must be listed on a U.S. exchange, meet a minimum amount outstanding, be denominated in U.S. dollars, and meet minimum price, liquidity, maturity, and other requirements as determined by ICE Data Indices, LLC, the provider of the Secondary Index.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund decreased 1.52%, while the Secondary Index decreased 1.28%. The Fund had a net asset value of $20.51 per share on December 1, 2024 and ended the reporting period with a net asset value of $18.97 per share on November 30, 2025.

Over the reporting period, performance dipped slightly as interest-rate factors and credit risks outweighed positive sector news. The Federal Reserve maintained its restrictive policy until mid-September, when it delivered its first cut of 2025. Treasury issuance concerns and tariff-related inflation kept longer-term yields elevated, pressuring rate‑sensitive preferreds. Despite the rate cut, the 10‑year Treasury yield remained rangebound in the mid‑4% range for much of 2025. In the financial sector, which comprises the plurality of preferred issuers, June 2025 stress tests showed large U.S. banks passing with capital levels well above required minimums. The outlook improved late in the reporting period with officials signaling a lighter regulatory proposal, suggesting smaller capital increases for big banks—potentially positive for financial issuer flexibility. However, employment data and fears of a weakening economy later in the year weighed on preferred performance.

Key Fund Statistics as of November 30, 2025

Sector Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at https://www.globalxetfs.com/funds/pffd or upon request at 1-888-493-8631.

After the close of business on May 31, 2025, the Fund modified its Principal Investment Strategies to reflect a change to its Secondary Index. As of April 1, 2025, constituents in the Fund's Secondary Index are capitalization-weighted based on their current amount outstanding times the market price plus accrued interest. The total allocation to an individual issuer across the Secondary Index is capped at 4.75%, and the aggregate weight of all issuers with a weight greater than 4.5% is capped at 23% each month.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P 500 Quality High Dividend Index (“Secondary Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index measures the performance of S&P 500 stocks that exhibit both high quality and high dividend yield characteristics. Index constituents are equally-weighted, subject to a 25% sector weight cap.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund decreased 2.81%, while the Secondary Index decreased 2.60%. The Fund had a net asset value of $37.14 per share on December 1, 2024 and ended the reporting period with a net asset value of $35.00 per share on November 30, 2025.

The Fund’s performance was negative during the reporting period, with headwinds stemming from defensive sectors of the market. A key catalyst was the shift in U.S. tariff policy announced during the middle of the reporting period. This drove negative sentiment towards consumer driven names within the Fund. The Federal Reserve’s mid‑September 2025 rate cut eased financing costs and aided rate‑sensitive dividend areas like utilities and the Fund's lack of exposure to this high-dividend-paying-sector was a detractor to performance. Reduced grocery spending among users of glucagon-like peptide-1 (“GLP-1”) drugs has contributed to valuation pressure on the Fund’s food and beverage holdings. Shifting leadership between defensive and growth cohorts limited upside and resulted in the Fund underperforming its Primary Index, the S&P 500 Index, over the course of the reporting period.

Key Fund Statistics as of November 30, 2025

Sector Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Adaptive Wealth Strategies^® U.S. Factor Index (“Secondary Index”). The Fund is passively managed and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to dynamically allocate across three sub-indices that provide exposure to U.S. equities that exhibit characteristics of one of three primary factors: value, momentum and low volatility. Each factor is represented by a subindex that is derived from the Solactive U.S. Large & Mid Cap Index, which is designed to measure the 1,000 largest companies, by free float market capitalization, that are exchange-listed in the United States.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund increased 5.81%, while the Secondary Index increased 6.14%. The Fund had a net asset value of $44.98 per share on December 1, 2024 and ended the reporting period with a net asset value of $46.19 per share on November 30, 2025.

The Fund posted positive performance over the reporting period as U.S. economic policy shifted toward modest easing and the macro backdrop steadied. Inflation remained somewhat elevated throughout the reporting period, reducing immediate tightening risks while still limiting valuation multiple expansion potential. Labor conditions gradually softened, which favored the Fund’s multi‑factor equity exposure. The shutdown of the U.S. government in October 2025, which delayed key data releases and temporarily heightened investor uncertainty, as well as new tariff actions, which added cost pressures for supply chains, each created headwinds for the Fund. Additionally, manufacturing remained in contraction territory, however, expectations for continued policy support helped offset these headwinds and supported a positive outcome over the reporting period.

Key Fund Statistics as of November 30, 2025

Sector Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the ICE U.S. Variable Rate Preferred Securities Index (“Secondary Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to track the broad-based performance of the U.S.-listed variable rate preferred securities market. Qualifying securities must be listed on a U.S. exchange, meet a minimum amount outstanding, be denominated in U.S. dollars, and meet minimum price, liquidity, maturity, and other requirements as determined by ICE Data Indices, LLC, the provider of the Secondary Index.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund increased 0.16%, while the Secondary Index increased 0.74%. The Fund had a net asset value of $24.32 per share on December 1, 2024 and ended the reporting period with a net asset value of $22.62 per share on November 30, 2025.

The Fund's performance over the reporting period was positive, helped by floating-rate coupons while short-term benchmark rates remained elevated. The Federal Reserve lowered the target range to 4.00%–4.25% in September 2025, signaling additional easing, which softened coupon tailwinds but supported bank funding and credit conditions. Bank balance sheets were strong over the reporting period: the 2025 stress tests showed all major U.S. banks exceeded their capital requirements, reinforcing confidence in preferred securities which are largely issued by financial institutions. Progress in recalibrating the regulatory  proposal reduced the perceived risk of capital hikes for U.S. lenders, benefiting issuers of preferreds. Soft employment data and lingering credit fears kept investors cautious, reducing demand for additional credit risk and limiting the scope for further spread compression. Regardless, steady income from floating-rate coupons and clearer policy signals helped offset these pressures, resulting in a modest gain.

Key Fund Statistics as of November 30, 2025

Sector Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at https://www.globalxetfs.com/funds/pffv or upon request at 1-888-493-8631.

After the close of business on May 31, 2025, the Fund modified its Principal Investment Strategies to reflect a change to its Secondary Index. As of April 1, 2025 the constituents in the Fund's Secondary Index are capitalization-weighted based on their current amount outstanding times the market price plus accrued interest. The total allocation to an individual issuer across the Underlying Index is capped at 4.75%, and the aggregate weight of all issuers with a weight greater than 4.5% is capped at 23% each month.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Adaptive Wealth Strategies U.S. Risk Management Index (“Secondary Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is owned and was developed by Adaptive Wealth (the "Index Provider"), and is designed to dynamically allocate between either 100% exposure to the Solactive GBS United States 500 Index TR (“U.S. Equity Position”) or 100% exposure to the Solactive US 1-3 Year Treasury Bond Index (“U.S. Treasury Position”). The Secondary Index seeks to provide exposure to the U.S. Equity Position during periods of normal equity market returns and seeks to provide exposure to the U.S. Treasury Position prior to and during periods of adverse market conditions, as determined by four technical indicators including moving average, drawdown, MACD, and volatility that had been developed by the Index Provider.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund increased 6.19%, while the Secondary Index increased 6.66%. The Fund had a net asset value of $36.14 per share on December 1, 2024 and ended the reporting period with a net asset value of $37.94 per share on November 30, 2025.

Over the performance period, the Fund's performance was positive, supported by late‑period easing in U.S. financial conditions. A September 2025 rate cut to 4%–4.25% helped underpin equity valuations and reduced funding pressures. Inflation cooled to 2.70% year over year in July before rising to 3% in September as energy and tariff effects re-emerged. Growth concerns from a −0.20% contraction in Q1 2025 were alleviated by a 3.80% rebound in Q2, supporting equity exposure. In April, a Treasury sell-off briefly pushed yields higher and tightened financial conditions, favoring a defensive stance before improvement. Overall, the mid‑year growth rebound, gradual policy easing, and moderate inflation helped drive gains, while yield spikes and tariff news created periods where reducing risk could have preserved capital.

Key Fund Statistics as of November 30, 2025

Asset/Sector Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive 1-3 Month US T-Bill Index (“Secondary Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to measure the performance of public obligations of the U.S. Treasury (“T-Bills”) that have a remaining maturity of greater than or equal to 1 month and less than 3 months. Each security in the Secondary Index must be zero coupon, be denominated in U.S. dollars and have an amount outstanding of at least $250 million on the selection date, as determined by Solactive AG, the provider of the Secondary Index. A zero-coupon bond is a bond that is sold at a discount, does not pay intermediary coupons, and pays its face value at maturity.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 4.30%, while the Secondary Index increased 4.35%. The Fund had a net asset value of $100.44 per share on December 1, 2024 and ended the reporting period with a net asset value of $100.40 per share on November 30, 2025.

The Fund ended the reporting period slightly higher, supported by elevated front‑end policy rates through most of the year and a modest U.S. Federal Reserve (“Fed”) rate cut in mid‑September 2025. Inflation hovered near 3% throughout the reporting period, keeping the Fed cautious and front-end yields elevated. The U.S. Department of the Treasury’s reliance on front-end issuance ensured ample supply of T-Bills throughout the reporting period. Demand stayed strong as money market fund assets reached record highs, indicating cash migrating into T‑bills and supporting liquidity and Treasury pricing of T-Bills. While T-bill yields eased somewhat after the September rate cut, income continued to underpin performance even as price moves were limited. Overall, the combination of elevated short‑term rates, steady T-bill supply, and contained inflation helped the Fund deliver a positive outcome.

Key Fund Statistics as of November 30, 2025

Asset Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Global X U.S. Cash Flow Kings 100 Index (“Secondary Index”). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is owned and was developed by Global X Management Company LLC (“Index Provider”), an affiliate of the Fund and the Fund's investment adviser. The Secondary Index is administered and calculated by Mirae Asset Global Indices Pvt. Ltd. (the "Index Administrator"), an affiliate of the Index Provider. The Secondary Index is designed to provide exposure to large- and mid-capitalization U.S. equity securities that exhibit high free cash flow yields relative to the eligible universe of companies, as determined by the Index Administrator.

For the 12-month period ended November 30, 2025 (the "reporting period"), the Fund increased 7.24%, while the Secondary Index increased 7.69%. The Fund had a net asset value of $33.59 per share on December 1, 2024 and ended the reporting period with a net asset value of $35.21 per share on November 30, 2025.

Performance during the reporting period was positive, supported by a favorable backdrop for U.S. equities. A steady drop in long‑term yields beginning in the middle of the reporting period aided equity valuations for consumer cyclical and communication services companies held in the Fund. The Fund's sole investment in the Utilities sector during the reporting period, NRG Energy Inc., provided a significant level of positive performance amid increased electricity demand coupled with recent firm initiatives to increase its power plant portfolio. Security selection in the technology sector was a detractor to the Fund's performance as some hardware companies were negatively impacted by U.S. tariff policies. Retailers in the Fund's consumer defensive allocation underperformed as some holdings were forced to cut prices amid cost pressures from privately owned competitors.

Key Fund Statistics as of November 30, 2025

Sector Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE US Treasury 1-3 Years Laddered Bond Index ("Secondary Index"). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to measure the performance of a strategy commonly referred to as bond “laddering” as applied to public obligations of the U.S. Treasury that have maturities between 1 and 3 years as of the last business day of February of each year (the “annual rebalance”). The Index allocates its holdings equally across two "rungs," each representing a one-year maturity range. Components within each rung are weighted by market capitalization. At each annual rebalance, bonds shift to the next shorter maturity rung, with bonds in the 1-2 year rung removed and new bonds with 2-3 year maturities added.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund increased 4.69%, while the Secondary Index increased 4.81%. The Fund had a net asset value of $50.02 per share on December 1, 2024 and ended the reporting period with a net asset value of $50.40 per share on November 30, 2025.

Performance was positive over the past year, supported by elevated front-end U.S. Treasury yields and a modest price lift following the Federal Reserve’s September rate cut. Attractive short-maturity yields provided a steady income base, while expectations for additional easing encouraged some duration-seeking, adding to returns. Inflation remained above target but contained, which tempered views on aggressive rate cuts but kept the carry profile appealing for short-tenor instruments. The portfolio’s conservative positioning in the short end of the yield curve helped manage volatility and avoided the larger price swings seen in longer-dated bonds. Overall, attractive front-end yields and incremental price appreciation contributed to a modestly positive outcome, with income accrual driving most gains.

Key Fund Statistics as of November 30, 2025

Asset Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform in the last year?

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE US Treasury 3-10 Years Laddered Bond Index ("Secondary Index"). The Fund is passively managed, and the investment adviser does not attempt to take defensive positions in declining markets. The Fund generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to measure the performance of a strategy commonly referred to as bond “laddering” as applied to public obligations of the U.S. Treasury that have maturities between 3 and 10 years as of the last business day of February of each year (each an “annual rebalance”). The Index allocates holdings equally across multiple "rungs," each representing a one-year maturity range. Components within each rung are weighted by market capitalization. At each annual rebalance, bonds shift to the next shorter maturity rung, with bonds in the 3-4 year rung removed and new bonds with 9–10-year maturities added.

For the 12-month period ended November 30, 2025 (the “reporting period”), the Fund increased 6.29%, while the Secondary Index increased 6.39%. The Fund had a net asset value of $48.85 per share on December 1, 2024 and ended the reporting period with a net asset value of $50.05 per share on November 30, 2025.

Performance over the reporting period was positive, aided by the Federal Reserve's late-September decision to trim its policy rate by 0.25 percentage points, which generally supported intermediate U.S. Treasury prices. Earlier in the year, easing inflation strengthened expectations for Federal Reserve rate cuts and helped push yields lower in the 3- to 10-year part of the curve. By late summer, a soft August payrolls report increased demand for duration ahead of the September Fed meeting, which boosted intermediate-maturity Treasury prices. Treasury's quarterly refunding updates indicated steady coupon auction sizes while scaling up buybacks, easing concerns about supply increases and supporting market liquidity. However, the federal government shutdown that began on October 1 obscured the interest-rate outlook by delaying key data releases, weighing on late-period performance. Although some inflation readings came in above expectations and caused temporary setbacks, overall muted inflation, softer labor data, and a more accommodative Federal Reserve supported the Fund’s gains.

Key Fund Statistics as of November 30, 2025

Asset Weightings^{Footnote Reference*}

Top Ten Holdings

Material Fund Changes

There were no material changes during the reporting period that are required to be disclosed in this report. For more complete information about other changes to the Fund, you may review the Fund's current prospectus, which is available upon request.