1-800-742-7272

Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned 3.74% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 3000 Growth Index, which returned 5.80% and underperformed the S&P 500 Index, a broad measure of market performance, which returned 6.20%.

The Fund’s underperformance was driven by a combination of stock-specific dynamics and style factors. From a style perspective, our bias towards small and mid-caps was a headwind. The top detractors for the period came from stock selection in Health Care, including our positions inUnitedHealth Group, West Pharmaceuticals and Agilent Technologies. Other top detractors included ACV Auctions (Industrials) and EPAM Systems (Information Technology). Not owning Netflix (Communication Services) was also a headwind to performance. The top contributors to performance included Cameco (Energy), NVIDIA (Information Technology), Intuit (Information Technology), and Oracle (Information Technology), as well as our underweight to Apple (Information Technology).Not owning Tesla (Consumer Discretionary) was also a tailwind to performance.

TOP PERFORMANCE CONTRIBUTORS

is a company focused on the mining, trading, and processing of uranium, a key input into nuclear power generation. The stock outperformed as the company delivered strong results for the period, supported by higher sales and realized pricing, while maintaining all key 2025 guidance metrics.

is a leading fabless semiconductor company specializing in the design and marketing of high-performance graphics processing unit (“GPU”) chipsets and software systems. The stock outperformed due to robust demand for artificial intelligence infrastructure, particularly due to increased inferencing workloads among major partners and customers.

TOP PERFORMANCE DETRACTORS

is a diversified healthcare company, operating through UnitedHealthcare, offering health insurance across various markets, and Optum, which provides healthcare services, including software and data consultancy. The stock lagged as results fell short of expectations primarily due to underperformance in Optum Health and Medicare Advantage due to higher-than-expected patient use.

a leading supplier of packaging components for injectable drugs and accessories for prefilled syringes and cartridge components. The stock underperformed as forward guidance was below expectations, driven by the loss of two major contract manufacturing customers and weaker-than-expected incentive payments for its SmartDose manufacturing segment.

NVIDIA Corp.	10.7 %
Microsoft Corp.	8.7 %
Amazon.com, Inc.	5.3 %
Apple, Inc.	4.9 %
Broadcom, Inc.	4.8 %
Meta Platforms, Inc.	4.3 %
Alphabet, Inc.	3.5 %
Mastercard, Inc.	3.4 %
Walmart, Inc.	3.3 %
ServiceNow, Inc.	3.0 %

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Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned 3.53% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 3000 Growth Index, which returned 5.80% and underperformed the S&P 500 Index, a broad measure of market performance, which returned 6.20%.

The Fund’s underperformance was driven by a combination of stock-specific dynamics and style factors. From a style perspective, our bias towards small and mid-caps was a headwind. The top detractors for the period came from stock selection in Health Care, including our positions inUnitedHealth Group, West Pharmaceuticals and Agilent Technologies. Other top detractors included ACV Auctions (Industrials) and EPAM Systems (Information Technology). Not owning Netflix (Communication Services) was also a headwind to performance. The top contributors to performance included Cameco (Energy), NVIDIA (Information Technology), Intuit (Information Technology), and Oracle (Information Technology), as well as our underweight to Apple (Information Technology).Not owning Tesla (Consumer Discretionary) was also a tailwind to performance.

TOP PERFORMANCE CONTRIBUTORS

is a company focused on the mining, trading, and processing of uranium, a key input into nuclear power generation. The stock outperformed as the company delivered strong results for the period, supported by higher sales and realized pricing, while maintaining all key 2025 guidance metrics.

is a leading fabless semiconductor company specializing in the design and marketing of high-performance graphics processing unit (“GPU”) chipsets and software systems. The stock outperformed due to robust demand for artificial intelligence infrastructure, particularly due to increased inferencing workloads among major partners and customers.

TOP PERFORMANCE DETRACTORS

is a diversified healthcare company, operating through UnitedHealthcare, offering health insurance across various markets, and Optum, which provides healthcare services, including software and data consultancy. The stock lagged as results fell short of expectations primarily due to underperformance in Optum Health and Medicare Advantage due to higher-than-expected patient use.

a leading supplier of packaging components for injectable drugs and accessories for prefilled syringes and cartridge components. The stock underperformed as forward guidance was below expectations, driven by the loss of two major contract manufacturing customers and weaker-than-expected incentive payments for its SmartDose manufacturing segment.

1-800-742-7272

.

Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned 3.71% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 3000 Growth Index, which returned 5.80% and underperformed the S&P 500 Index, a broad measure of market performance, which returned 6.20%.

The Fund’s underperformance was driven by a combination of stock-specific dynamics and style factors. From a style perspective, our bias towards small and mid-caps was a headwind. The top detractors for the period came from stock selection in Health Care, including our positions inUnitedHealth Group, West Pharmaceuticals and Agilent Technologies. Other top detractors included ACV Auctions (Industrials) and EPAM Systems (Information Technology). Not owning Netflix (Communication Services) was also a headwind to performance. The top contributors to performance included Cameco (Energy), NVIDIA (Information Technology), Intuit (Information Technology), and Oracle (Information Technology), as well as our underweight to Apple (Information Technology).Not owning Tesla (Consumer Discretionary) was also a tailwind to performance.

TOP PERFORMANCE CONTRIBUTORS

is a company focused on the mining, trading, and processing of uranium, a key input into nuclear power generation. The stock outperformed as the company delivered strong results for the period, supported by higher sales and realized pricing, while maintaining all key 2025 guidance metrics.

is a leading fabless semiconductor company specializing in the design and marketing of high-performance graphics processing unit (“GPU”) chipsets and software systems. The stock outperformed due to robust demand for artificial intelligence infrastructure, particularly due to increased inferencing workloads among major partners and customers.

TOP PERFORMANCE DETRACTORS

is a diversified healthcare company, operating through UnitedHealthcare, offering health insurance across various markets, and Optum, which provides healthcare services, including software and data consultancy. The stock lagged as results fell short of expectations primarily due to underperformance in Optum Health and Medicare Advantage due to higher-than-expected patient use.

a leading supplier of packaging components for injectable drugs and accessories for prefilled syringes and cartridge components. The stock underperformed as forward guidance was below expectations, driven by the loss of two major contract manufacturing customers and weaker-than-expected incentive payments for its SmartDose manufacturing segment.

NVIDIA Corp.	10.7 %
Microsoft Corp.	8.7 %
Amazon.com, Inc.	5.3 %
Apple, Inc.	4.9 %
Broadcom, Inc.	4.8 %
Meta Platforms, Inc.	4.3 %
Alphabet, Inc.	3.5 %
Mastercard, Inc.	3.4 %
Walmart, Inc.	3.3 %
ServiceNow, Inc.	3.0 %

1-800-742-7272

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Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned 5.83% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 1000 Growth Index (the "Index"), which returned 6.09% and underperformed the Russell 1000 Index, a broad measure of market performance, which returned 6.12%.

The top detractors for the period came from stock selection in Health Care, including our positions in UnitedHealth Group, West Pharmaceuticals and Agilent Technologies. Other top detractors included Salesforce (Information Technology) and Chipotle Mexican Grill (Consumer Discretionary), as well as not owning Netflix (Communication Services) and Palantir Technologies (Information Technology). The top contributors to performance included Meta Platforms (Communication Services), Uber Technologies (Industrials), IDEXX Laboratories (Health Care), Intuit (Information Technology), as well as our underweight to Apple (Information Technology). Not owning Tesla (Consumer Discretionary) and Alphabet (Communication Services) were also tailwinds to performance.

TOP PERFORMANCE CONTRIBUTORS

is a market leader in social media and digital advertising, best known for its platforms including Facebook, Instagram and WhatsApp. The stock outperformed driven by strong digital advertising growth across its family of apps and early momentum in artificial intelligence initiatives.

is a technology platform that develops and operates networks facilitating the movement of products and people. The stock outperformed due to strong demand across mobility and delivery verticals.

TOP PERFORMANCE DETRACTORS

is a diversified healthcare company, operating through UnitedHealthcare, offering health insurance across various markets, and Optum, which provides healthcare services, including software and data consultancy. The stock lagged as results fell short of expectations primarily due to underperformance in Optum Health and Medicare Advantage due to higher-than-expected patient use.

a leading supplier of packaging components for injectable drugs and accessories for prefilled syringes and cartridge components. The stock underperformed as forward guidance was below expectations, driven by the loss of two major contract manufacturing customers and weaker-than-expected incentive payments for its SmartDose manufacturing segment.   

Microsoft Corp.	13.9 %
NVIDIA Corp.	13.4 %
Amazon.com, Inc.	8.0 %
Apple, Inc.	7.3 %
Meta Platforms, Inc.	6.9 %
Broadcom, Inc.	4.9 %
Mastercard, Inc.	4.5 %
Costco Wholesale Corp.	2.7 %
IDEXX Laboratories, Inc.	2.5 %
Intuit, Inc.	2.5 %

1-800-742-7272

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Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned 5.67% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 1000 Growth Index (the "Index"), which returned 6.09% and underperformed the Russell 1000 Index, a broad measure of market performance, which returned 6.12%.

The top detractors for the period came from stock selection in Health Care, including our positions in UnitedHealth Group, West Pharmaceuticals and Agilent Technologies. Other top detractors included Salesforce (Information Technology) and Chipotle Mexican Grill (Consumer Discretionary), as well as not owning Netflix (Communication Services) and Palantir hnologies (Information Technology). The top contributors to performance included Meta Platforms (Communication Services), Uber Technologies (Industrials), IDEXX Laboratories (Health Care), Intuit (Information Technology), as well as our underweight to Apple (Information Technology). Not owning Tesla (Consumer Discretionary) and Alphabet (Communication Services) were also tailwinds to performance.

TOP PERFORMANCE CONTRIBUTORS

is a market leader in social media and digital advertising, best known for its platforms including Facebook, Instagram and WhatsApp. The stock outperformed driven by strong digital advertising growth across its family of apps and early momentum in artificial intelligence initiatives.

is a technology platform that develops and operates networks facilitating the movement of products and people. The stock outperformed due to strong demand across mobility and delivery verticals.

TOP PERFORMANCE DETRACTORS

is a diversified healthcare company, operating through UnitedHealthcare, offering health insurance across various markets, and Optum, which provides healthcare services, including software and data consultancy. The stock lagged as results fell short of expectations primarily due to underperformance in Optum Health and Medicare Advantage due to higher-than-expected patient use.

a leading supplier of packaging components for injectable drugs and accessories for prefilled syringes and cartridge components. The stock underperformed as forward guidance was below expectations, driven by the loss of two major contract manufacturing customers and weaker-than-expected incentive payments for its SmartDose manufacturing segment.   

1-800-742-7272

.

Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned 5.83% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 1000 Growth Index (the "Index"), which returned 6.09% and underperformed the Russell 1000 Index, a broad measure of market performance, which returned 6.12%.

The top detractors for the period came from stock selection in Health Care, including our positions in UnitedHealth Group, West Pharmaceuticals and Agilent Technologies. Other top detractors included Salesforce (Information Technology) and Chipotle Mexican Grill (Consumer Discretionary), as well as not owning Netflix (Communication Services) and Palantir Technologies (Information Technology). The top contributors to performance included Meta Platforms (Communication Svices), Uber Technologies (Industrials), IDEXX Laboratories (Health Care), Intuit (Information Technology), as well as our underweight to Apple (Information Technology). Not owning Tesla (Consumer Discretionary) and Alphabet (Communication Services) were also tailwinds to performance.

is a technology platform that develops and operates networks facilitating the movement of products and people. The stock outperformed due to strong demand across mobility and delivery verticals.

a leading supplier of packaging components for injectable drugs and accessories for prefilled syringes and cartridge components. The stock underperformed as forward guidance was below expectations, driven by the loss of two major contract manufacturing customers and weaker-than-expected incentive payments for its SmartDose manufacturing segment.   

1-800-742-7272

.

Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned 1.96% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell Midcap Value Index, which returned 3.12% and underperformed the Russell 3000 Index, a broad measure of market performance, which returned 5.75%.

The Fund’s underperformance its benchmark was driven by poor stock selection in the Financials, Consumer Discretionary, and Real Estate sectors. Poor sector allocations in 6 of the 11 Global Industry Classification Standard economic sectors also detracted from relative performance. Conversely, positive stock selection in the Information Technology, Materials, and Health Care sectors contributed to relative performance in the period.

TOP PERFORMANCE CONTRIBUTORS

is a manufacturing services company, which serves automotive, consumer health, data centers, energy, and aerospace & defense sectors worldwide. Jabil has benefited from its diversified revenue segments with success in their cloud and data centers business fueled by artificial intelligence adoption. 

engages in the provision of information solutions and services in support of national security missions and government transformation for intelligence, defense, and federal civilian customers. CACI has benefited from increased defense spending caused by geopolitical uncertainty.

engages in the provision of products, solutions, and infrastructure which include fire detection & suppression, security, HVAC equipment, building automation and controls, digital, industrial refrigeration, residential & smart home, retail, distributed energy storage, and batteries. Johnson Controls has benefited from strong organic growth and a healthy order backlog.

TOP PERFORMANCE DETRACTORS

engages in the provision of intelligent power and sensing solutions with a primary focus on automative and industrial markets. The company’s large auto exposure has led to margin contraction, causing an overhang in the stock during most of the year-to-date period.

engages in the provision of medical technology products. Teleflex’s large supply chain exposure to China and Mexico coupled with weakness in their urology, interventional, anesthesia, and OEM businesses have continually hurt the stock.

is a clinical research organization, which engages in the provision of outsourced development services to the pharmaceutical, biotechnology, and medical device industries. ICON has suffered from their lowest book-to-bill ratio since 2016 caused by depressed R&D spend post COVID-19.

1-800-742-7272

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Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned 1.96% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell Midcap Value Index, which returned 3.12% and underperformed the Russell 3000 Index, a broad measure of market performance, which returned 5.75%.

The Fund’s underperformance its benchmark was driven by poor stock selection in the Financials, Consumer Discretionary, and Real Estate sectors. Poor sector allocations in 6 of the 11 Global Industry Classification Standard economic sectors also detracted from relative performance. Conversely, positive stock selection in the Information Technology, Materials, and Health Care sectors contributed to relative performance in the period.

TOP PERFORMANCE CONTRIBUTORS

is a manufacturing services company, which serves automotive, consumer health, data centers, energy, and aerospace & defense sectors worldwide. Jabil has benefited from its diversified revenue segments with success in their cloud and data centers business fueled by artificial intelligence adoption. 

engages in the provision of information solutions and services in support of national security missions and government transformation for intelligence, defense, and federal civilian customers. CACI has benefited from increased defense spending caused by geopolitical uncertainty.

engages in the provision of products, solutions, and infrastructure which include fire detection & suppression, security, HVAC equipment, building automation and controls, digital, industrial refrigeration, residential & smart home, retail, distributed energy storage, and batteries. Johnson Controls has benefited from strong organic growth and a healthy order backlog.

TOP PERFORMANCE DETRACTORS

engages in the provision of intelligent power and sensing solutions with a primary focus on automative and industrial markets. The company’s large auto exposure has led to margin contraction, causing an overhang in the stock during most of the year-to-date period.

engages in the provision of medical technology products. Teleflex’s large supply chain exposure to China and Mexico coupled with weakness in their urology, interventional, anesthesia, and OEM businesses have continually hurt the stock.

is a clinical research organization, which engages in the provision of outsourced development services to the pharmaceutical, biotechnology, and medical device industries. ICON has suffered from their lowest book-to-bill ratio since 2016 caused by depressed R&D spend post COVID-19.

STMicroelectronics N.V.	2.2 %
Kirby Corporation	2.1 %
KKR & Co., Inc.	2.1 %
Amdocs Ltd.	2.0 %
Regency Centers Corp.	2.0 %
Flex Ltd.	2.0 %
State Street Corporation	2.0 %
Willis Towers Watson PLC	2.0 %
Everest Group Ltd.	2.0 %
Encompass Health Corp.	2.0 %

1-800-742-7272

.

Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned -3.08% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 2500 Index, which returned 0.44% and underperformed the Russell 3000 Index, a broad measure of market performance, which returned 5.75%.

Relative performance was driven by a of stock-specific dynamics and style headwinds. From a style perspective, our underweight to unprofitable companies and bias towards more consistent business models were headwinds, which were concentrated in the latter half of the period. The Fund notably outperformed during the acute market correction from late February through the April 8th bottom but lagged during the strong recovery that followed, from April 9th to the end of the period. From a stock-specific perspective, our top individual detractors included New Fortress (Energy), Embecta (Health Care), e.l.f. Beauty (Consumer Staples), Neogen (Health Care) and ACV Auctions (Industrials). Stock selection in Consumer Staples and Information Technology also detracted from relative returns. Our top individual contributors included Talen Energy (Utilities), Gogo (Communication Services), Marex Group (Financials), Cameco (Energy) and Stride (Consumer Discretionary). 

TOP PERFORMANCE CONTRIBUTORS

is an integrated independent power producer that sells to utilities and end users. Shares advanced during the period, in part due to an expanded relationship with Amazon. Talen announced a long-term power purchase agreement for its Susquehanna nuclear plant to provide carbon-free power to Amazon Web Services data centers in the region.

is a provider of telecommunication services (e.g., internet, phone, text) to personal and business jets via an owned network of air-to-ground cellular towers and Low-Earth-Orbit (“LEO”) satellites. The company reported earnings results that exceeded expectations, reiterated 2025 revenue guidance and provided commentary on a strong and growing pipeline for its LEO satellite internet product, Galileo.

TOP PERFORMANCE DETRACTORS

develops, finances and constructs liquified natural gas (LNG) assets and related infrastructure. Shares were pressured during the period as the likelihood of the company winning a material long-term gas contract with Puerto Rico declined, in part due to uncertainty regarding the terms of the contract. We liquidated our position.

is a manufacturer of the consumable needle used with multidose insulin and GLP-1 pens. The company reduced guidance in anticipation of store closures following the recent private equity purchase of Walgreens.

Talen Energy Corporation	2.2 %
Baldwin Insurance Group, Inc.	2.0 %
Everest Group Ltd.	2.0 %
CACI International, Inc.	1.9 %
Primo Brands Corporation	1.9 %
Diebold Nixdorf, Inc.	1.9 %
Carlyle Group, Inc.	1.8 %
Doximity, Inc.	1.8 %
Western Alliance Bancorp	1.8 %
SharkNinja, Inc.	1.7 %

1-800-742-7272

.

Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned -3.07% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 2500 Index, which returned 0.44% and underperformed the Russell 3000 Index, a broad measure of market performance, which returned 5.75%.

Relative performance driven by a combination of stock-specific dynamics and style headwinds. From a style perspective, our underweight to unprofitable companies and bias towards more consistent business models were headwinds, which were concentrated in the latter half of the period. The Fund notably outperformed during the acute market correction from late February through the April 8th bottom but lagged during the strong recovery that followed, from April 9th to the end of the period. From a stock-specific perspective, our top individual detractors included New Fortress (Energy), Embecta (Health Care), e.l.f. Beauty (Consumer Staples), Neogen (Health Care) and ACV Auctions (Industrials). Stock selection in Consumer Staples and Information Technology also detracted from relative returns. Our top individual contributors included Talen Energy (Utilities), Gogo (Communication Services), Marex Group (Financials), Cameco (Energy) and Stride (Consumer Discretionary). 

TOP PERFORMANCE CONTRIBUTORS

is an integrated independent power producer that sells to utilities and end users. Shares advanced during the period, in part due to an expanded relationship with Amazon. Talen announced a long-term power purchase agreement for its Susquehanna nuclear plant to provide carbon-free power to Amazon Web Services data centers in the region.

is a provider of telecommunication services (e.g., internet, phone, text) to personal and business jets via an owned network of air-to-ground cellular towers and Low-Earth-Orbit (“LEO”) satellites. The company reported earnings results that exceeded expectations, reiterated 2025 revenue guidance and provided commentary on a strong and growing pipeline for its LEO satellite internet product, Galileo.

TOP PERFORMANCE DETRACTORS

develops, finances and constructs liquified natural gas (LNG) assets and related infrastructure. Shares were pressured during the period as the likelihood of the company winning a material long-term gas contract with Puerto Rico declined, in part due to uncertainty regarding the terms of the contract. We liquidated our position.

is a manufacturer of the consumable needle used with multidose insulin and GLP-1 pens. The company reduced guidance in anticipation of store closures following the recent private equity purchase of Walgreens.

1-800-742-7272

.

Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned -6.39% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 2500 Growth Index, which returned -0.71% and underperformed the Russell 3000 Index, a broad measure of market performance, which returned 5.75%.

The Fund's relative performance was driven by a combination of stock-specific dynamics and style headwinds. From a style perspective, our underweight to unprofitable companies and bias towards more consistent business models were headwinds, which were concentrated in the latter half of the period. The Fund notably outperformed during the acute market correction from late February through the April 8th bottom but lagged during the strong recovery that followed, from April 9th to the end of the period. From a stock-specific perspective, our selection in Consumer Staples, including our positions in e.l.f. Beauty and Freshpet, and Financials, including our position in Flywire, detracted from relative performance. Other laggards included New Fortress (Energy) and Neogen (Health Care). Our top individual contributors included Talen Energy (Utilities), Stride (Consumer Discretionary), Cameco (Energy), Curtiss-Wright (Industrials) and Blueprint Medicines (Health Care).

TOP PERFORMANCE CONTRIBUTORS

is an integrated independent power producer that sells to utilities and end users. Shares advanced during the period, in part due to an expanded relationship with Amazon. Talen announced a long-term power purchase agreement for its Susquehanna nuclear plant to provide carbon-free power to Amazon Web Services data centers in the region.

is a leading provider of online and blended education programs. The company reported strong enrollment growth across its general and career education segments.

TOP PERFORMANCE DETRACTORS

develops, finances and constructs liquified natural gas (LNG) assets and related infrastructure. Shares were pressured during the period as the likelihood of the company winning a material long-term gas contract with Puerto Rico declined, in part due to uncertainty regarding the terms of the contract. We liquidated our position.

designs and manufactures premium quality cosmetic and skincare products with broad appeal at accessible price points under the e.l.f., Well People, Keys Soulcare and Naturium brands. Shares declined during the period on disappointing new product innovations and tariff headwinds.

Talen Energy Corporation	3.1 %
Pure Storage, Inc.	2.6 %
Cameco Corp.	2.5 %
Primo Brands Corporation	2.4 %
Doximity, Inc.	2.4 %
nVent Electric PLC	2.1 %
Mercury Systems, Inc.	2.0 %
Dynatrace, Inc.	2.0 %
Ciena Corporation	2.0 %
Manhattan Associates, Inc.	1.9 %

1-800-742-7272

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Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned -6.52% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 2500 Growth Index, which returned -0.71% and underperformed the Russell 3000 Index, a broad measure of market performance, which returned 5.75%.

The Fund's relative performance was driven by a combination of stock-specific dynamics and style headwinds. From a style perspective, our underweight to unprofitable companies and bias towards more consistent business models were headwinds, which were concentrated in the latter half of the period. The Fund notably outperformed during the acute market correction from late February through the April 8th bottom but lagged during the strong recovery that followed, from April 9th to the end of the period. From a stock-specific perspective, our selection in Consumer Staples, including our positions in e.l.f. Beauty and Freshpet, and Financials, including our position in Flywire, detracted from relative performance. Other laggards included New Fortress (Energy) and Neogen (Health Care). Our top individual contributors included Talen Energy (Utilities), Stride (Consumer Discretionary), Cameco (Energy), Curtiss-Wright (Industrials) and Blueprint Medicines (Health Care).

TOP PERFORMANCE CONTRIBUTORS

is an integrated independent power producer that sells to utilities and end users. Shares advanced during the period, in part due to an expanded relationship with Amazon. Talen announced a long-term power purchase agreement for its Susquehanna nuclear plant to provide carbon-free power to Amazon Web Services data centers in the region.

is a leading provider of online and blended education programs. The company reported strong enrollment growth across its general and career education segments.

TOP PERFORMANCE DETRACTORS

develops, finances and constructs liquified natural gas (LNG) assets and related infrastructure. Shares were pressured during the period as the likelihood of the company winning a material long-term gas contract with Puerto Rico declined, in part due to uncertainty regarding the terms of the contract. We liquidated our position.

designs and manufactures premium quality cosmetic and skincare products with broad appeal at accessible price points under the e.l.f., Well People, Keys Soulcare and Naturium brands. Shares declined during the period on disappointing new product innovations and tariff headwinds.

1-800-742-7272

.

Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned -6.36% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 2500 Growth Index, which returned -0.71% and underperformed the Russell 3000 Index, a broad measure of market performance, which returned 5.75%.

The Fund's relative performance was driven by a combination of stock-specific dynamics and style headwinds. From a style perspective, our underweight to unprofitable companies and bias towards more consistent business models were headwinds, which were concentrated in the latter half of the period. The Fund notably outperformed during the acute market correction from late February through the April 8th bottom but lagged during the strong recovery that followed, from April 9th to the end of the period. From a stock-specific perspective, our selection in Consumer Staples, including our positions in e.l.f. Beauty and Freshpet, and Financials, including our position in Flywire, detracted from relative performance. Other laggards included New Fortress (Energy) and Neogen (Health Care). Our top individual contributors included Talen Energy (Utilities), Stride (Consumer Discretionary), Cameco (Energy), Curtiss-Wright (Industrials) and Blueprint Medicines (Health Care).

TOP PERFORMANCE CONTRIBUTORS

is an integrated independent power producer that sells to utilities and end users. Shares advanced during the period, in part due to an expanded relationship with Amazon. Talen announced a long-term power purchase agreement for its Susquehanna nuclear plant to provide carbon-free power to Amazon Web Services data centers in the region.

is a leading provider of online and blended education programs. The company reported strong enrollment growth across its general and career education segments.

TOP PERFORMANCE DETRACTORS

develops, finances and constructs liquified natural gas (LNG) assets and related infrastructure. Shares were pressured during the period as the likelihood of the company winning a material long-term gas contract with Puerto Rico declined, in part due to uncertainty regarding the terms of the contract. We liquidated our position.

designs and manufactures premium quality cosmetic and skincare products with broad appeal at accessible price points under the e.l.f., Well People, Keys Soulcare and Naturium brands. Shares declined during the period on disappointing new product innovations and tariff headwinds.

1-800-742-7272

.

Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned -3.92% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 2500 Value Index, which returned 1.03% and underperformed the Russell 3000 Index, a broad measure of market performance, which returned 5.75%.

The Fund’s underperformance versus its benchmark was driven by poor sector stock selection in the Financials, Energy, and Consumer Discretionary sectors. Conversely, the Fund had positive sector allocations in 6 of the 11 Global Industry Classification Standard economic sectors during the period. Positive stock selection contributed to relative performance in the Materials, Real Estate, and Information Technology sectors in the period.

TOP PERFORMANCE CONTRIBUTORS

is a manufacturing services company, which serves automotive, consumer health, data centers, energy, and aerospace & defense sectors worldwide. Jabil has benefited from its diversified revenue segments with success in their cloud and data centers business fueled by artificial intelligence adoption.  

is an electronics manufacturing services company that designs and develops original design manufacturing products for aerospace & defense, cloud, digital health, lighting, housing, energy, industrial, and communication industries. Flex has been able to achieve strong operating margins, thus generating significant free cash flow. 

engages in the provision of information solutions and services in support of national security missions and government transformation for intelligence, defense, and federal civilian customers. CACI has benefited from increased defense caused by geopolitical uncertainty.

TOP PERFORMANCE DETRACTORS

is an investment holding company, which acquires controlling interests in small to middle-market businesses. A restatement of financials in their largest portfolio company due to accounting irregularities caused a sharp sell-off.

engages in the provision of behavioral healthcare services across the U.S. Acadia’s fundamentals have been weaker on the heels of damaging headlines in the press, as well as lawsuits citing abuse in multiple facilities.

is an independent energy & production company, which specializes in natural gas and crude oil. E&P companies have broadly struggled due to oil price volatility caused by geopolitical tensions and OPEC supply.

1-800-742-7272

.

Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned -3.83% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 2500 Value Index, which returned 1.03% and underperformed the Russell 3000 Index, a broad measure of market performance, which returned 5.75%.

The Fund’s underperformance versus its benchmark was driven by poor sector stock selection in the Financials, Energy, and Consumer Discretionary sectors. Conversely, the Fund had positive sector allocations in 6 of the 11 Global Industry Classification Standard economic sectors during the period. Positive stock selection contributed to relative performance in the Materials, Real Estate, and Information Technology sectors in the period.

TOP PERFORMANCE CONTRIBUTORS

is a manufacturing services company, which serves automotive, consumer health, data centers, energy, and aerospace & defense sectors worldwide. Jabil has benefited from its diversified revenue segments with success in their cloud and data centers business fueled by artificial intelligence adoption.  

is an electronics manufacturing services company that designs and develops original design manufacturing products for aerospace & defense, cloud, digital health, lighting, housing, energy, industrial, and communication industries. Flex has been able to achieve strong operating margins, thus generating significant free cash flow. 

engages in the provision of information solutions and services in support of national security missions and government transformation for intelligence, defense, and federal civilian customers. CACI has benefited from increased defense spending caused by geopolitical uncertainty.

TOP PERFORMANCE DETRACTORS

is an investment holding company, which acquires controlling interests in small to middle-market businesses. A restatement of financials in their largest portfolio company due to accounting irregularities caused a sharp sell-off.

engages in the provision of behavioral healthcare services across the U.S. fundamentals have been weaker on the heels of damaging headlines in the press, as well as lawsuits citing abuse in multiple facilities.

is an independent energy & production company, which specializes in natural gas and crude oil. E&P companies have broadly struggled due to oil price volatility caused by geopolitical tensions and OPEC supply.

1-800-742-7272

.

Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned -5.26% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 2000 Growth Index, which returned -0.48% and underperformed the Russell 3000 Index, a broad measure of market performance, which returned 5.75%.

The Fund’s underperformance was primarily driven by stock-specific dynamics. The Fund notably outperformed during the acute market correction from late February through the April 8th bottom but lagged during the strong recovery that followed, from April 9th to the end of the period. The top detractors included New Fortress Energy(Energy), Credo Technologies (Information Technology), Flywire (Financials), Neogen (Health Care), and Acadia Healthcare (Health Care). The top contributors were Gogo Inc. (Information Technology), JFrog (Information Technology), Marex Group (Financials), Alignment Healthcare (Health Care), and Mercury Systems (Industrials).

TOP PERFORMANCE

is a provider of telecommunication services (e.g., internet, phone, text) to personal and business jets via an owned network of air-to-ground cellular towers and Low-Earth-Orbit (“LEO”) satellites. The company reported earnings results that exceeded expectations, reiterated 2025 revenue guidance and provided commentary on a strong and growing pipeline for its LEO satellite internet product, Galileo.

is the dominant provider of binary repositories, a very strategic component in modern software development workflows. The stock outperformed due to strong cloud revenue growth and key performance indicators. The company also secured a deal with a major artificial intelligence technology leader to manage their model delivery and agent services.

TOP PERFORMANCE DETRACTORS

develops, finances and constructs liquified natural gas (LNG) assets and related infrastructure. Shares were pressured during the period as the likelihood of the company winning a material long-term gas contract with Puerto Rico declined, in part due to uncertainty regarding the terms of the contract. We liquidated our position.

is a leading, global payments enablement and software company. Shares underperformed due to a decline in international student visa approvals impacting education demand. Compounding concerns, the company initiated a restructuring plan and announced a broad strategic review. We sold our position during the period.

Casella Waste Systems, Inc.	2.0 %
BWX Technologies, Inc.	2.0 %
Brink's Co.	1.9 %
Varonis Systems, Inc.	1.8 %
Confluent, Inc.	1.7 %
Montrose Environmental Group, Inc.	1.7 %
Doximity, Inc.	1.7 %
FirstService Corp.	1.6 %
Q2 Holdings, Inc.	1.6 %
Rush Street Interactive, Inc.	1.5 %

1-800-742-7272

.

Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned -5.38% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 2000 Growth Index, which returned -0.48% and underperformed the Russell 3000 Index, a broad measure of market performance, which returned 5.75%.

The Fund’s underperformance was primarily driven by stock-specific dynamics. The Fund notably outperformed during the acute market correction from late February through the April 8th bottom but lagged during the strong recovery that followed, from April 9th to the end of the period. The top detractors included New Fortress Energy(Energy), Credo Technologies (Information Technology), Flywire (Financials), Neogen (Health Care), and Acadia Healthcare (Health Care). The top contributors were Gogo Inc. (Information Technology), JFrog (Information Technology), Marex Group (Financials), Alignment Healthcare (Health Care), and Mercury Systems (Industrials).

TOP PERFORMANCE

is a provider of telecommunication services (e.g., internet, phone, text) to personal and business jets via an owned network of air-to-ground cellular towers and Low-Earth-Orbit (“LEO”) satellites. The company reported earnings results that exceeded expectations, reiterated 2025 revenue guidance and provided commentary on a strong and growing pipeline for its LEO satellite internet product, Galileo.

is the dominant provider of binary repositories, a very strategic component in modern software development workflows. The stock outperformed due to strong cloud revenue growth and key performance indicators. The company also secured a deal with a major artificial intelligence technology leader to manage their model delivery and agent services.

TOP PERFORMANCE DETRACTORS

develops, finances and constructs liquified natural gas (LNG) assets and related infrastructure. Shares were pressured during the period as the likelihood of the company winning a material long-term gas contract with Puerto Rico declined, in part due to uncertainty regarding the terms of the contract. We liquidated our position.

is a leading, global payments enablement and software company. Shares underperformed due to a decline in international student visa approvals impacting education demand. Compounding concerns, the company initiated a restructuring plan and announced a broad strategic review. We sold our position during the period.

1-800-742-7272

.

Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned -5.24% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 2000 Growth Index, which returned -0.48% and underperformed the Russell 3000 Index, a broad measure of market performance, which returned 5.75%.

The Fund’s underperformance was primarily driven by stock-specific dynamics. The Fund notably outperformed during the acute market correction from late February through the April 8th bottom but lagged during the strong recovery that followed, from April 9th to the end of the period. The top detractors included New Fortress Energy(Energy), Credo Technologies (Information Technology), Flywire (Financials), Neogen (Health Care), and Acadia Healthcare (Health Care). The top contributors were Gogo Inc. (Information Technology), JFrog (Information Technology), Marex Group (Financials), Alignment Healthcare (Health Care), and Mercury Systems (Industrials).

TOP PERFORMANCE CONTRIBUTORS

is a provider of telecommunication services (e.g., internet, phone, text) to personal and business jets via an owned network of air-to-ground cellular towers and Low-Earth-Orbit (“LEO”) satellites. The company reported earnings results that exceeded expectations, reiterated 2025 revenue guidance and provided commentary on a strong and growing pipeline for its LEO satellite internet product, Galileo.

is the dominant provider of binary repositories, a very strategic component in modern software development workflows. The stock outperformed due to strong cloud revenue growth and key performance indicators. The company also secured a deal with a major artificial intelligence technology leader to manage their model delivery and services.

TOP PERFORMANCE DETRACTORS

develops, finances and constructs liquified natural gas (LNG) assets and related infrastructure. Shares were pressured during the period as the likelihood of the company winning a material long-term gas contract with Puerto Rico declined, in part due to uncertainty regarding the terms of the contract. We liquidated our position.

is a leading, global payments enablement and software company. Shares underperformed due to a decline in international student visa approvals impacting education demand. Compounding concerns, the company initiated a restructuring plan and announced a broad strategic review. We sold our position during the period.

1-800-742-7272

.

Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned -6.05% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 2000 Value Index, which returned -3.16% and underperformed the Russell 3000 Index, a broad measure of market performance, which returned 5.75%.

The Fund’s underperformance versus its benchmark was driven by poor stock selection in the Financials, Consumer Discretionary, and Information Technology sectors. Conversely, the Fund had positive stock selection in 6 of the 11 Global Industry Classification Standard economic sectors during the period. Positive stock selection contributed to relative performance in the Health Care, Industrials, and Energy sectors.

TOP PERFORMANCE CONTRIBUTORS

is a multi-industrial company which produces engineered products and systems for various defense and other industrial applications. ESCO has benefited from a strong order flow and backlog, as well as the U.S. Department of Defense’s prioritization of naval programs, particularly submarines.

provides a suite of processing and related services, which includes software and professional services which automate customer care and billing functions. CSG Systems has benefited from management’s execution in their turnaround strategy by continuing to grow revenue outside of their legacy cable business, as well as margin expansion.

engages in the provision of business process management solutions, which include industry-specific offerings, customer interaction, finance & accounting, human resources, procurement, and research & analytics. WNS benefitted from speculation surrounding the company potentially being acquired.

TOP PERFORMANCE DETRACTORS

is an investment holding company, which acquires controlling interests in small to middle-market businesses. A restatement of financials in their largest portfolio company due to accounting irregularities caused a sharp sell-off.

designs, sources, and markets fashion-forward footwear, accessories & apparel for women, men, and children. Large supplier concentration within China and Vietnam exposed to potential tariffs, as well as a large wholesale exposure caused earnings estimates to decline in the period.

operates as an international apparel design, sourcing, and marketing company, which distributes its lifestyle branded products through a variety of upscale department stores, as well as owned stores and e-commerce platforms. Post-pandemic spend has largely rolled off and margins have come under pressure, which have caused earnings estimates to decline in the period.

Gulfport Energy Corp.	1.6 %
Ameris Bancorp	1.5 %
Texas Capital Bancshares, Inc.	1.5 %
CareTrust REIT, Inc.	1.5 %
Taylor Morrison Home Corp.	1.4 %
John Wiley & Sons, Inc.	1.4 %
Old National Bancorp	1.3 %
Selective Insurance Group, Inc.	1.2 %
Seacoast Banking Corp. of Florida	1.2 %
Hancock Whitney Corp.	1.2 %

1-800-742-7272

.

Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned -6.17% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 2000 Value Index, which returned -3.16% and underperformed the Russell 3000 Index, a broad measure of market performance, which returned 5.75%.

The Fund’s underperformance versus its benchmark was driven by poor stock selection in the Financials, Consumer Discretionary, and Information Technology sectors. Conversely, the Fund had positive stock selection in 6 of the 11 Global Industry Classification Standard economic sectors during the period. Positive stock selection contributed to relative performance in the Health Care, Industrials, and Energy sectors.

TOP PERFORMANCE CONTRIBUTORS

is a multi-industrial company which produces engineered products and systems for various defense and other industrial applications. ESCO has benefited from a strong order flow and backlog, as well as the U.S. Department of Defense’s prioritization of naval programs, particularly submarines.

provides a suite of processing and related services, which includes software and professional services which automate customer care and billing functions. CSG Systems has benefited from management’s execution in their turnaround strategy by continuing to grow revenue outside of their legacy cable business, as well as margin expansion.

engages in the provision of business process management solutions, which include industry-specific offerings, customer interaction, finance & accounting, human resources, procurement, and research & analytics. WNS benefitted from speculation surrounding the company potentially being acquired.

TOP PERFORMANCE DETRACTORS

is an investment holding company, which acquires controlling interests in small to middle-market businesses. A restatement of financials in their largest portfolio company due to accounting irregularities caused a sharp sell-off.

designs, sources, and markets fashion-forward footwear, accessories & apparel for women, men, and children. Large supplier concentration within China and Vietnam exposed to potential tariffs, as well as a large wholesale exposure caused earnings estimates to decline in the period.

operates as an international apparel design, sourcing, and marketing company, which distributes its lifestyle branded products through a variety of upscale department stores, as well as owned stores and e-commerce platforms. Post-pandemic spend has largely rolled off and margins have come under pressure, which have caused earnings estimates to decline in the period.

1-800-742-7272

.

Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned -5.98% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 2000 Value Index, which returned -3.16% and underperformed the Russell 3000 Index, a broad measure of market performance, which returned 5.75%.

The Fund’s underperformance versus its benchmark was driven by poor stock selection in the Financials, Consumer Discretionary, and Information Technology sectors. Conversely, the Fund had positive stock selection in 6 of the 11 Global Industry Classification Standard economic sectors during the period. Positive stock selection contributed to relative performance in the Health Care, Industrials, and Energy sectors.

TOP PERFORMANCE CONTRIBUTORS

is a multi-industrial company which produces engineered products and systems for various defense and other industrial applications. ESCO has benefited from a strong order flow and backlog, as well as the U.S. Department of Defense’s prioritization of naval programs, particularly submarines.

provides a suite of processing and related services, which includes software and professional services which automate customer care and billing functions. CSG Systems has benefited from management’s execution in their turnaround strategy by continuing to grow revenue outside of their legacy cable business, as well as margin expansion.

engages in the provision of business process management solutions, which include industry-specific offerings, customer interaction, finance & accounting, human resources, procurement, and research & analytics. WNS benefitted from speculation surrounding the company potentially being acquired.

TOP PERFORMANCE DETRACTORS

is an investment holding company, which acquires controlling interests in small to middle-market businesses. A restatement of financials in their largest portfolio company due to accounting irregularities caused a sharp sell-off.

designs, sources, and markets fashion-forward footwear, accessories & apparel for women, men, and children. Large supplier concentration within China and Vietnam exposed to potential tariffs, as well as a large wholesale exposure caused earnings estimates to decline in the period.

operates as an international apparel design, sourcing, and marketing company, which distributes its lifestyle branded products through a variety of upscale department stores, as well as owned stores and e-commerce platforms. Post-pandemic spend has largely rolled off and margins have come under pressure, which have caused earnings estimates to decline in the period.

1-800-742-7272

.

Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned 8.64% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the MSCI All Country World IMI (net), which returned 9.82%. The Fund's benchmark is also a broad measure of market performance.

The Fundslightly underperformed the index for the year-to-date period, primarily because of weakness in the first quarter. From a sector perspective, weaker stock selection within Financials and Utilities and an overweight allocation to Consumer Discretionary hampered performance.

TOP PERFORMANCE DETRAC

is a global financial services company that facilitates electronic payment systems, including credit, debit, and prepaid cards, through its secure network. The share price declined late in the second quarter due to the potential impact of the passage of the GENIUS Act in the U.S. Senate, which would allow large retailers to issue their own stablecoins and possibly circumvent networks.

operates the largest renewables fleet in the U.S. and is among the largest operators of wind farms in the world. The share price declined alongside solar peers as U.S. tax and spending initiatives would accelerate the end of incentives for clean electricity production.

TOP PERFORMANCE CONTRIBUTORS

operates in the Health Care sector, focusing on digital health services, telemedicine, and personalized wellness solutions. HIMS operates a unique business model that is built on two pillars of telemedicine (service) and generics (product). Despite some volatility, the share price outperformed on the news of a potential collaboration withNovo Nordisk. The partnership was ultimately terminated, and the share price receded but was overall positive year-to-date.

is a tech-driven consumer company that creates and expands digital-first brands designed to upend the traditionally offline beauty and wellness sectors. The share price accelerated amid strong earnings in the first quarter and raised revenue growth outlook for 2025. 

NVIDIA Corp.	4.8 %
Microsoft Corp.	4.2 %
Meta Platforms, Inc.	3.0 %
Alphabet, Inc.	2.9 %
Amazon.com, Inc.	2.5 %
Taiwan Semiconductor Manufacturing Co. Ltd.	2.4 %
Apple, Inc.	2.4 %
Broadcom, Inc.	2.4 %
Mastercard, Inc.	2.3 %
TotalEnergies SE	2.1 %

1-800-742-7272

.

Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund returned 8.41% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the MSCI All Country World IMI (net), which returned 9.82%. The Fund's benchmark is also a broad measure of market performance.

The Fundslightly underperformed the index for the year-to-date period, primarily because of weakness in the first quarter. From a sector perspective, weaker stock selection within Financials and Utilities and an overweight allocation to Consumer Discretionary hampered performance.

TOP PERFORME DETRACTORS

is a global financial services company that facilitates electronic payment systems, including credit, debit, and prepaid cards, through its secure network. The share price declined late in the second quarter due to the potential impact of the passage of the GENIUS Act in the U.S. Senate, which would allow large retailers to issue their own stablecoins and possibly circumvent networks.

operates the largest renewables fleet in the U.S. and is among the largest operators of wind farms in the world. The share price declined alongside solar peers as U.S. tax and spending initiatives would accelerate the end of incentives for clean electricity production.

TOP PERFORMANCE CONTRIBUTORS

operates in the Health Care sector, focusing on digital health services, telemedicine, and personalized wellness solutions. HIMS operates a unique business model that is built on two pillars of telemedicine (service) and generics (product). Despite some volatility, the share price outperformed on the news of a potential collaboration withNovo Nordisk. The partnership was ultimately terminated, and the share price receded but was overall positive year-to-date.

is a tech-driven consumer company that creates and expands digital-first brands designed to upend the traditionally offline beauty and wellness sectors. The share price accelerated amid strong earnings in the first quarter and raised revenue growth outlook for 2025.