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 MSCI All Colombia Select 25/50 Index (“Secondary Index”). The Fund is passively managed and generally seeks to fully replicate the Secondary Index.

The Secondary Index is designed to represent the performance of the broad Colombia equity universe, as defined by MSCI, Inc. ("MSCI"), the provider of the Secondary Index. The broad Colombia equity universe includes securities that are classified in Colombia according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Colombia and carry out the majority of their operations in Colombia. The Secondary Index also applies minimum liquidity thresholds as criteria for company inclusion.

For the 12-month period ended October 31, 2025 (the “reporting period”), the Fund increased 64.05%, while the Secondary Index increased 64.02%. The Fund had a net asset value of $23.10 per share on October 31, 2024 and ended the reporting period with a net asset value of $35.26 per share on October 31, 2025.

The Fund recorded positive performance over the reporting period as Colombia’s macro backdrop improved. Inflation cooled and steadied through mid‑2025 while the central bank cut the policy rate in April, helping stabilize borrowing costs and supporting sentiment toward rate‑sensitive areas such as financials. Domestic activity increased, with gross domestic product rising and unemployment easing, underpinning earnings for domestically focused holdings. Currency strength amplified U.S.‑dollar returns as the Colombian peso appreciated significantly against the dollar in 2025. Energy exposure also contributed to positive performance, supported by reserve additions and an active 2025 investment program at Colombia’s national oil company, which bolstered expectations for production and cash generation. These factors outweighed mid‑year policy debate over suspending the fiscal rule — which was designed to limit government debt — and subsequent sovereign downgrades, which briefly lifted risk premiums and added volatility.

Key Fund Statistics as of October 31, 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 MSCI China Consumer Discretionary 10/50 Index (“Secondary Index”). The Fund is passively managed, which means 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 tracks the performance of companies in the MSCI China Index that are classified in the Consumer Discretionary sector, as defined by MSCI, Inc., the Secondary Index provider.

For the 12-month period ended October 31, 2025 (the “reporting period”), the Fund increased 14.55%, while the Secondary Index increased 15.26%. The Fund had a net asset value of $20.67 per share on October 31, 2024 and ended the reporting period with a net asset value of $23.09 per share on October 31, 2025.

The Fund's performance was positive over the reporting period. A series of government measures to boost household spending, especially the expansion of appliance and electronics trade‑in subsidies announced in January 2025, supported consumer‑oriented areas, including automotives and home goods. Consumption trends improved through mid‑year, with retail sales up 5.00% year on year in the first half of 2025, aiding e‑commerce and retail activity. Holiday promotions and state‑backed incentives also led to increased demand during major shopping events late in 2024. However, persistent property‑sector stress and falling resale home prices into September 2025 led to cautious consumer spending on larger scale items. Additional policy signals at the end of the period, including the government’s issuance of a new financing tool worth 500 billion yuan to support national projects, helped stabilize investor sentiment, leading to the Fund’s slightly positive overall performance.

Key Fund Statistics as of October 31, 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 MSCI Norway IMI 25/50 Index (“Secondary Index”). The Fund is passively managed, which means 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 reflect broad based equity market performance in Norway as defined by MSCI, Inc. (“MSCI”), the provider of the Secondary Index. The broad Norway equity universe includes securities that are classified in Norway according to the MSCI Global Investable Market Index Methodology.

For the 12-month period ended October 31, 2025 (the “reporting period”), the Fund increased 21.00%, while the Secondary Index increased 21.67%. The Fund had a net asset value of $25.02 per share on October 31, 2024 and ended the reporting period with a net asset value of $28.91 per share on October 31, 2025.

The Fund posted a gain over the period, supported by favorable domestic policy and energy-sector dynamics. Norges Bank began easing financial conditions with policy rate cuts to 4.25% in June and 4.00% in September, which typically bolsters equity valuations and risk appetite. Energy exposures benefited from episodes of tighter European gas supply and solid operator updates. Macro signals were broadly supportive, with the IMF noting resilient activity and a projected pickup in mainland growth to 1.50% in 2025 as inflation trends lower, reinforcing the case for gradual policy normalization. Currency dynamics also helped late in the period as the Krone strengthened from August alongside slightly better-than-expected data, a backdrop that can support USD-based returns for Norwegian assets. Although oil prices softened toward the end of the period amid signals of increased OPEC+ supply, these headwinds were outweighed by supportive domestic policy, stable production, and firm gas-market conditions, leaving the portfolio with a net advance.

Key Fund Statistics as of October 31, 2025

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 FTSE/ASEAN 40 Index (“Secondary Index”).

The Secondary Index tracks the performance of the 40 largest companies in five of the Association of Southeast Asian Nations region’s markets: Indonesia, Philippines, Singapore, Malaysia and Thailand, as determined by FTSE International Limited ("FTSE"), the provider of the Secondary Index. To be eligible for inclusion in the Secondary Index, a company must be a member of the FTSE All World Country Index for Singapore, Malaysia, Thailand, Indonesia or the Philippines.

For the 12-month period ended October 31, 2025 (the “reporting period”), the Fund increased 10.58%, while the Secondary Index increased 11.45%. The Fund had a net asset value of $16.63 per share on October 31, 2024 and ended the reporting period with a net asset value of $17.73 per share on October 31, 2025.

The Fund demonstrated a positive performance during the reporting period as policy easing and macro developments across key ASEAN markets were a tailwind. Financials, which comprise the largest sector exposure within the Fund, remained a primary driver of returns, supported by stable credit demand and improving asset quality in key markets. In Singapore, the central bank twice reduced its exchange-rate policy band in 2025 to cushion softer growth and inflation, aiding rate‑sensitive sectors and exporters. The Philippines also cut reserve requirements and had successive policy rate reductions, supporting domestic demand and the financial sector. In Indonesia, initial rate cuts buoyed sentiment, but late‑period weakness in the Indonesian rupiah tightened financial conditions and weighed on equity returns. Thailand’s slower growth and tariff‑related pressures led to additional central‑bank easing, though slowed tourism and consumption trends continued to restrain equity performance. In Malaysia, targeted fuel‑subsidy reforms alongside a mid‑year rate cut helped contain inflation and support spending, offsetting some external trade uncertainty. Overall, accommodative regional policies and easing price pressures aided performance while currency swings and tariff risks capped gains.

Key Fund Statistics as of October 31, 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 MSCI All Argentina 25/50 Index (“Secondary Index”). The Fund is passively managed, which means 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 represent the performance of the broad Argentina equity universe, as defined by MSCI, Inc., the provider of the Secondary Index (“Index Provider”), while including a minimum number of constituents. The broad Argentina equity universe includes securities that are classified in Argentina according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Argentina and carry out the majority of their operations in Argentina. The Secondary Index targets a minimum of 25 securities and 20 issuers at construction.

For the 12-month period ended October 31, 2025 (the “reporting period”), the Fund increased 30.87%, while the Secondary Index increased 31.45%. The Fund had a net asset value of $72.79 per share on October 31, 2024 and ended the reporting period with a net asset value of $94.10 per share on October 31, 2025.

The Fund recorded positive performance during the reporting period, indicating positive sentiment toward Argentine equities. Signals of fiscal consolidation and deregulation improved investor confidence, which supported banks and other domestically oriented companies as operating outlooks brightened. Though the Fund’s performance was positive, currency policy shifts and Argentine peso volatility periodically offset local market gains, acting as a headwind to performance during the reporting period. Developments in the energy sector and efforts to expand export capacity underpinned energy production, while consumer-oriented holdings contended with pressure on real incomes and changing price frameworks. Headlines around budget targets, external financing discussions, and legislative negotiations intermittently raised risk premiums, contributing to volatility. Overall, supportive policy expectations outweighed macro frictions, leading to a net positive result for the reporting period.

Key Fund Statistics as of October 31, 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 MSCI All Greece Select 25/50 Index (“Secondary Index”). The Fund is passively managed, which means 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 represent the performance of the broad Greece equity universe, as defined by MSCI, Inc. ("MSCI"), the Secondary Index provider. The broad Greece equity universe includes securities that are classified in Greece according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Greece and carry out the majority of their operations in Greece.

For the 12-month period ended October 31, 2025 (the “reporting period”), the Fund increased 65.92%, while the Secondary Index increased 67.07%. The Fund had a net asset value of $39.86 per share at the start of the period on October 31, 2024 and ended the reporting period with a net asset value of $62.45 per share on October 31, 2025.

The Fund delivered positive performance over the reporting period, aided by Greece’s credit rating upgrades to “investment grade” by various ratings agencies, which improved risk perceptions and supported equity valuations. Fiscal outperformance, including strong primary surplus metrics, reinforced confidence and demand for Greek assets. Record tourism activity in 2025 contributed to strong earnings in travel, services, and consumer‑facing companies. EU Recovery and Resilience Fund momentum also helped, with the amended national plan approved and expected disbursements supporting investment and credit growth. Progress in the banking sector, including completion of post‑crisis privatizations and the return of dividends, was a key tailwind given the Greek market's bank‑heavy composition.

Key Fund Statistics as of October 31, 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 closely correspond to the price and yield performance, before fees and expenses, of the DAX^® Index (“Secondary Index”). The Fund is passively managed, which means 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 tracks the segment of the largest and most actively traded companies – known as blue chips – on the German equities market. The Secondary Index is comprised of shares of among the 30 largest and most liquid companies admitted to the Frankfurt Stock Exchange in the Prime Standard segment. The 30 stocks contained in the Secondary Index represent about 80% of the free-float market capitalization authorized in Germany.

For the 12-month period ended October 31, 2025 (the “reporting period”), the Fund increased 32.73%, while the Secondary Index increased 32.74%. The Fund had a net asset value of $33.69 per share on October 31, 2024 and ended the reporting period with a net asset value of $44.02 per share on October 31, 2025.

The Fund recorded a positive performance over the reporting period, supported by easier financial conditions and steadier domestic macro signals. Political sentiment improved as a more market-friendly government took office, signaling a shift toward pro-growth reforms and enhanced fiscal coordination. The new administration’s fiscal package, emphasizing infrastructure modernization and increased defense spending, bolstered expectations for domestic investment and industrial demand. The European Central Bank lowered policy rates multiple times in 2025, including cuts announced in April and June, which reduced financing costs for rate-sensitive areas such as industrials and automotives. Inflation cooled through the middle of the reporting period, lifting real incomes and aiding consumer sentiment. Lower energy prices also aided returns, easing input costs for energy-intensive manufacturers that are prominent in Germany’s market. Offsetting factors included lessening new orders in manufacturing and a late-period rise in unemployment. However, these headwinds were outweighed, and broader European benchmarks increased throughout the reporting period, reinforcing the supportive backdrop.

Key Fund Statistics as of October 31, 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 MSCI Vietnam Select 25-50 Index (“Secondary Index”). The Fund is passively managed, which means 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 represent the performance of the broad Vietnam equity universe, while including a minimum number of constituents, as defined by MSCI, Inc. ("MSCI"), the provider of the Secondary Index ("Index Provider"). The broad Vietnam equity universe includes securities that are classified in Vietnam according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Vietnam and carry out the majority of their operations in Vietnam, as determined by the Index Provider.

For the 12-month period ended October 31, 2025 (the “reporting period”), the Fund increased 42.87%, while the Secondary Index increased 43.91%. The Fund had a net asset value of $15.90 per share on October 31, 2024 and ended the reporting period with a net asset value of $22.46 per share on October 31, 2025.

The Fund delivered a positive outcome over the reporting period as Vietnamese equities rebounded from the April tariff shock and the Secondary Index recovered to multi-year highs by late May. Market sentiment improved further after the KRX trading system went live in May; the Korea-designed platform modernizes Vietnam’s market infrastructure and is viewed as an important step toward a potential market-classification upgrade that could attract more foreign capital. Macro supports also helped: gross domestic product expanded in the first half of 2025 while exports accelerated through mid-year, reinforcing the earnings outlook for manufacturers and consumer names. Although the dong weakened and the State Bank of Vietnam sold foreign currency to steady markets, equities largely looked through the currency noise as disbursed foreign direct investment reached multi-year highs, signaling durable external interest. By late Q3, business conditions had stabilized, with factory activity showing modest growth and easing concerns about a prolonged slowdown.

Key Fund Statistics as of October 31, 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.