What were the Fund costs for the past year?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

How did the Fund perform last year and what affected its performance?

Over the 12-month period, the U.S. equity market performed positively. Domestic large-cap stocks outperformed domestic small-cap stocks.

· Changes to the Fund’s portfolio were minimal. Characteristics that are typically favored in the portfolio include attractive valuation, earnings consistency, profitability, and improving market sentiment.

· Stock selection was the main contributor to outperformance, adding value in 7 of 11 sectors. This was primarily due to positive stock selection within the health care, financials, and communication services sectors. The largest individual contributors to relative performance were UnitedHealth Group, Inc.; Interactive Brokers Group, Inc.; and EMCOR Group, Inc. A modest underweight to energy contributed modestly to performance. However, variations in sector weights versus the index were relatively small, which is typical for the strategy.

· Negative stock selection within real estate, utilities, and energy detracted from relative performance. The three largest individual detractors from relative performance were the Fund’s underweights to Palantir Technologies, Inc., GE Vernova, Inc., and Oracle Corp.

TOP TEN HOLDINGS (% OF NET ASSETS) 

What were the Fund costs for the past year?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

How did the Fund perform last year and what affected its performance?

Over the 12-month period, the U.S. equity market performed positively. Domestic large-cap stocks outperformed domestic small-cap stocks.

· Changes to the Fund’s portfolio were minimal. Characteristics that are typically favored in the portfolio include attractive valuation, earnings consistency, profitability, and improving market sentiment.

· Stock selection was the main contributor to outperformance, adding value in 7 of 11 sectors. This was primarily due to positive stock selection within the health care, financials, and communication services sectors. The largest individual contributors to relative performance were UnitedHealth Group, Inc.; Interactive Brokers Group, Inc.; and EMCOR Group, Inc. A modest underweight to energy contributed modestly to performance. However, variations in sector weights versus the index were relatively small, which is typical for the strategy.

· Negative stock selection within real estate, utilities, and energy detracted from relative performance. The three largest individual detractors from relative performance were the Fund’s underweights to Palantir Technologies, Inc., GE Vernova, Inc., and Oracle Corp.

TOP TEN HOLDINGS (% OF NET ASSETS) 

How did the Fund perform last year and what affected its performance?

Over the 12-month period, the U.S. equity market performed positively. Domestic large-cap stocks outperformed domestic small-cap stocks.

· Changes to the Fund’s portfolio were minimal. Characteristics that are typically favored in the portfolio include attractive valuation, earnings consistency, profitability, and improving market sentiment.

· Stock selection was the main contributor to outperformance, adding value in 7 of 11 sectors. This was primarily due to positive stock selection within the health care, financials, and communication services sectors. The largest individual contributors to relative performance were UnitedHealth Group, Inc.; Interactive Brokers Group, Inc.; and EMCOR Group, Inc. A modest underweight to energy contributed modestly to performance. However, variations in sector weights versus the index were relatively small, which is typical for the strategy.

· Negative stock selection within real estate, utilities, and energy detracted from relative performance. The three largest individual detractors from relative performance were the Fund’s underweights to Palantir Technologies, Inc., GE Vernova, Inc., and Oracle Corp.

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Significant fund changes

This is a summary of certain changes and planned changes to the Fund since August 1, 2024.

At a meeting held on May 27-29, 2025, the Board of Trustees of the Fund approved the conversion of the Fund’s Administrator Class shares into Institutional Class shares effective on or about the close of business on September 12, 2025. 

What were the Fund costs for the past year?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

How did the Fund perform last year and what affected its performance?

The market environment for the 12-month period that ended July 31, 2025, was bifurcated for U.S. equities. During the first half of the period, the economy was generally healthy, with moderating inflation, resilient consumer spending, and favorable earnings growth. In early 2025, the new U.S. administration took office and implemented policies on government spending, immigration, and tariffs. Financial market sentiment grew concerned and volatility spiked until the administration temporarily paused tariffs. With uncertainty easing, overall corporate earnings generally exceeded expectations and propelled growth indexes upward. Artificial intelligence (AI) was a key driver as leading technology firms ramped up capital expenditures on AI infrastructure.

The portfolio benefited from security selection within communication services and financials, where holdings with innovative products and strong demand, such as Robinhood Markets, Inc. and Roblox Corp., contributed. In contrast, relative underweights to select mega-cap technology companies, including NVIDIA Corp. and Broadcom, Inc. detracted from returns.