PIEL

The fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the components of the index and investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities. The index uses an objective, rules-based methodology to measure the performance of an equal weight portfolio of approximately 100 large- and mid-capitalization non-U.S. companies with a high percentage of foreign sales and high free cash flow growth. It is non-diversified.