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

Despite heightened market volatility to begin the year that resulted in a short-lived bear market, U.S. equities rebound sharply from April 8 lows to finish in positive territory for a third consecutive year. The principal catalyst for the market recovery was renewed rate cuts, with the Federal Reserve lowering its policy rate by 25 basis points on three separate occasions. Robust corporate earnings, narrowing trade uncertainties, a resilient consumer, increased M&A/IPO activity, and sustained AI optimism also contributed to market strength during the year. The Fund meaningfully outperformed for a third straight year, with most of the relative gains in 2025 coming from private companies SpaceX and xAI.

Sector Breakdown

(as a % of total investments)^{Footnote Reference*}

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

Despite heightened market volatility to begin the year that resulted in a short-lived bear market, U.S. equities rebound sharply from April 8 lows to finish in positive territory for a third consecutive year. The principal catalyst for the market recovery was renewed rate cuts, with the Federal Reserve lowering its policy rate by 25 basis points on three separate occasions. Robust corporate earnings, narrowing trade uncertainties, a resilient consumer, increased M&A/IPO activity, and sustained AI optimism also contributed to market strength during the year. The Fund meaningfully outperformed for a third straight year, with most of the relative gains in 2025 coming from private companies SpaceX and xAI.

Sector Breakdown

(as a % of total investments)^{Footnote Reference*}

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

Despite heightened market volatility to begin the year that resulted in a short-lived bear market, U.S. equities rebound sharply from April 8 lows to finish in positive territory for a third consecutive year. The principal catalyst for the market recovery was renewed rate cuts, with the Federal Reserve lowering its policy rate by 25 basis points on three separate occasions. Robust corporate earnings, narrowing trade uncertainties, a resilient consumer, increased M&A/IPO activity, and sustained AI optimism also contributed to market strength during the year. The Fund meaningfully outperformed for a third straight year, with most of the relative gains in 2025 coming from private companies SpaceX and xAI.

Sector Breakdown

(as a % of total investments)^{Footnote Reference*}

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

Despite heightened market volatility to begin the year that resulted in a short-lived bear market, U.S. equities rebound sharply from April 8 lows to finish in positive territory for a third consecutive year. The principal catalyst for the market recovery was renewed rate cuts, with the Federal Reserve lowering its policy rate by 25 basis points on three separate occasions. Robust corporate earnings, narrowing trade uncertainties, a resilient consumer, increased M&A/IPO activity, and sustained AI optimism also contributed to market strength during the year. The Fund meaningfully outperformed for a third straight year, with most of the relative gains in 2025 coming from private companies SpaceX and xAI.

Sector Breakdown

(as a % of net assets)*

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

Despite heightened market volatility to begin the year that resulted in a short-lived bear market, U.S. equities rebound sharply from April 8 lows to finish in positive territory for a third consecutive year. The principal catalyst for the market recovery was renewed rate cuts, with the Federal Reserve lowering its policy rate by 25 basis points on three separate occasions. Robust corporate earnings, narrowing trade uncertainties, a resilient consumer, increased M&A/IPO activity, and sustained AI optimism also contributed to market strength during the year. The Fund meaningfully outperformed for a third straight year, with most of the relative gains in 2025 coming from private companies SpaceX and xAI.

Sector Breakdown

(as a % of net assets)*

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

Despite heightened market volatility to begin the year that resulted in a short-lived bear market, U.S. equities rebound sharply from April 8 lows to finish in positive territory for a third consecutive year. The principal catalyst for the market recovery was renewed rate cuts, with the Federal Reserve lowering its policy rate by 25 basis points on three separate occasions. Robust corporate earnings, narrowing trade uncertainties, a resilient consumer, increased M&A/IPO activity, and sustained AI optimism also contributed to market strength during the year. The Fund meaningfully outperformed for a third straight year, with most of the relative gains in 2025 coming from private companies SpaceX and xAI.

Sector Breakdown

(as a % of net assets)*

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

International and emerging market (EM) equities significantly outperformed their U.S. and global counterparts for first time in several years. The year was marked by a largely unexpected U.S. withdrawal from the decades-long multilateral security and trade equilibrium, which triggered a variety of defensive policy responses around the world. When the U.S. subsequently negotiated new bilateral trade agreements, or relented, and materially diluted tariff and other protectionist measures, the monetary, fiscal and reform stimulus already in the pipeline led to solid global economic growth, ultimately resulting in a much more constructive backdrop for EM and international equities. The Fund failed to keep pace with the Index in what proved to be a difficult year for quality growth investors. Performance was held back by disappointing stock selection in developed (Spain, Israel, Japan, and the U.K.) and emerging (Poland, China, and India) markets.

Sector Breakdown

(as a % of net assets)*

Country Exposures

(as a % of net assets)*

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

International and emerging market (EM) equities significantly outperformed their U.S. and global counterparts for first time in several years. The year was marked by a largely unexpected U.S. withdrawal from the decades-long multilateral security and trade equilibrium, which triggered a variety of defensive policy responses around the world. When the U.S. subsequently negotiated new bilateral trade agreements, or relented, and materially diluted tariff and other protectionist measures, the monetary, fiscal and reform stimulus already in the pipeline led to solid global economic growth, ultimately resulting in a much more constructive backdrop for EM and international equities. The Fund failed to keep pace with the Index in what proved to be a difficult year for quality growth investors. Performance was held back by disappointing stock selection in developed (Spain, Israel, Japan, and the U.K.) and emerging (Poland, China, and India) markets.

Sector Breakdown

(as a % of net assets)*

Country Exposures

(as a % of net assets)*

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

International and emerging market (EM) equities significantly outperformed their U.S. and global counterparts for first time in several years. The year was marked by a largely unexpected U.S. withdrawal from the decades-long multilateral security and trade equilibrium, which triggered a variety of defensive policy responses around the world. When the U.S. subsequently negotiated new bilateral trade agreements, or relented, and materially diluted tariff and other protectionist measures, the monetary, fiscal and reform stimulus already in the pipeline led to solid global economic growth, ultimately resulting in a much more constructive backdrop for EM and international equities. The Fund failed to keep pace with the Index in what proved to be a difficult year for quality growth investors. Performance was held back by disappointing stock selection in developed (Spain, Israel, Japan, and the U.K.) and emerging (Poland, China, and India) markets.

Sector Breakdown

(as a % of net assets)*

Country Exposures

(as a % of net assets)*

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

Real Estate trailed the broader U.S. equity market in 2025, as growth-oriented stocks, particularly those at the forefront of the AI boom, led the way. The Fund performed similarly to the Index during the year yet outperformed the MSCI US REIT Index, which was up 1.68%. The Fund failed to distance itself from the Index because solid stock selection in casinos & gaming (Wynn and Red Rock), homebuilders & land developers (Toll Brothers, Installed Building Products, and Champion Homes), and real estate services (Jones Lang LaSalle and CBRE) was mostly offset stock-specific weakness in REITs (Equinix, Vornado, Kilroy, Digital Realty, and Independence Realty Trust) and hotels & leisure (Expedia and Hyatt).