The Global Women’s Fund employs a systematic investment approach intended to closely correspond to or exceed the performance of the Women’s Index. The Fund seeks to maintain risk characteristics that are generally similar to those of the Women’s Index, while overweighting gender leadership factors, rather than adhering to the market capitalization weights used by the Women’s Index.

Under normal circumstances, the Global Women’s Fund invests more than 80% of its total assets in the component securities of the Women’s Index and in American Depositary Receipts, Global Depositary Receipts and Euro Depositary Receipts representing the component securities of the Women’s Index, including at least 40% of its net assets (unless market conditions are not deemed favorable, in which case the Global Women’s Fund would normally invest at least 30% of its assets) in securities of companies organized or located outside the United States or doing a substantial amount of business outside the United States. The Global Women’s Fund’s investments in equity securities may include growth securities (shares in companies whose earnings

are expected to grow more rapidly than the market), value securities (shares that IAM believes are trading at a lower price than their company’s intrinsic value) and companies of any size, including small- and medium-capitalization companies. The Global Women’s Fund generally invests in all of the components included in the Women’s Index, but may use a representative sampling strategy, or an optimized or enhanced strategy, to achieve its investment objective, weighting companies with more favorable characteristics with respect to women’s leadership (e.g., number of women in executive positions or on the board of directors) more heavily than the Women’s Index, which uses market weights exclusively. As a result, the Global Women’s Fund may not always hold the same securities in the same proportions or weightings as the Women’s Index. The Global Women’s Fund also may invest up to 20% of its total assets in certain futures, options and swap contracts, cash and cash equivalents, and stocks not included in the Women’s Index, but which IAM believes will help the Global Women’s Fund to exceed the price and yield performance of the Women’s Index. Any investments in stocks or stock options not included in the Women’s Index will be evaluated by IAM for satisfaction of IAM’s ESG and gender criteria. See “Environmental, Social and Governance (ESG) Criteria” on page 133. Although the Global Women’s Fund will seek to maintain risk characteristics that IAM believes are generally similar to those of the Women’s Index, it is possible that the performance may not correlate with the performance of the Women’s Index.

The Women’s Index is a customized market capitalization-weighted index consisting of equity securities of issuers organized or operating in countries around the world that demonstrate a commitment to advancing and empowering women through gender diversity in management, on their boards and that promote gender equity in the workplace through supportive policies and practices, and an understanding of the potential business advantages associated with greater gender diversity and equity, as rated by the IAM Gender Analytics team, with final approval by the IAM Women’s Index Committee. The Women’s Index is composed of approximately 400 securities. As of December 31, 2022, the Women’s Index included companies with market capitalizations between approximately $2.83 billion and $2,058.40 billion.

IAM intends that, over time, the correlation between the Global Women’s Fund’s performance and that of the Women’s Index, before fees and expenses, will be 95% or better.

In connection with each annual re-constitution and re-balancing of the Women’s Index, the IAM Women’s Index Committee approves the names of the issuers to be included in the Women’s Index, based on recommendations by the IAM Gender Analytics team. IAM has adopted policies and procedures designed to address conflicts of interest between IAM’s role in the creation and maintenance of the Women’s Index and its role in managing the Global Women’s Fund. These policies and procedures are designed so that no individuals with any portfolio management responsibilities for the Global Women’s Fund have any role, responsibility or input regarding the composition of the Women’s Index. In addition, IAM has adopted

policies and procedures that prohibit the Global Women’s Fund’s portfolio managers from acquiring, for the Global Women’s Fund or their own account, securities under consideration for inclusion in the Women’s Index, and from selling, for the Global Women’s Fund or their own account, securities under consideration for removal from the Women’s Index, until the re-constituted Women’s Index has been published by the calculation agent for the Women’s Index. As a result, the Global Women’s Fund will be unable to benefit from any advance knowledge by the Global Women’s Fund’s portfolio managers of changes to the composition of the Women’s Index. IAM may delay or change a scheduled rebalancing or reconstitution of the Women’s Index or the implementation of certain rules at its sole discretion.

The Global Women’s Fund’s investments in securities of non-US issuers may include investments in emerging markets and generally will be diversified across multiple countries or geographic regions. The Fund’s investments in securities of non-U.S. issuers may be denominated in currencies other than the US dollar. The Fund may take significant positions in one or more sectors, including the financial services sector and the information technology sector.

The Women’s Index and the Global Women’s Fund seek to exclude companies that fail to meet certain ESG or sustainability thresholds, including companies involved in the manufacture or sale of weapons, the manufacture of tobacco products and fossil fuel companies. To determine ESG exclusions or companies involved in the manufacture or sale of weapons and sale of tobacco products, the Index and Fund utilize ESG research and ratings determined by MSCI ESG Research. MSCI ESG Research evaluates companies’ ESG characteristics and derives corresponding ESG scores and ratings. Companies are ranked by ESG score against sector peers to determine their eligibility for the MSCI ESG indices and for the Fund. The rating system is based on general and industry-specific ESG criteria, assigning ratings on a 9-point scale from AAA (highest) to C (lowest). Constituents of the MSCI World Index that have an ESG rating of B or above are eligible for inclusion in the Women’s Index and the Fund. ESG research or ratings provided by MSCI ESG Research might reflect assessments that differ from those the Adviser would make.

Under normal market conditions, and as a result of the Adviser’s focus on risks and opportunities accompanying the transition to a more sustainable economy, the Fund is fossil fuel-free - not invested in securities of companies that the Adviser determines derive revenues or profits from exploration, production, refining or processing of thermal coal, oil or gas, or significant (generally more than 5%) revenues or profits from storage, distribution or power generation from the same. However, a company may be included in the portfolio if the Adviser determines that it has established itself as a leader in the transition to a zero-emissions energy economy with reduction objectives that the Adviser believes are aligned with the Paris Agreement’s objective of limiting future warming to 2°C.