The Fund seeks current income and capital appreciation by investing primarily in a portfolio of 40‑55 equity securities of U.S. large‑cap companies that have historically paid dividends.

The Fund’s performance was 16.27% for the reporting period.

Equity markets advanced meaningfully over the trailing 12 months, supported by resilient economic growth, moderating inflation, and easing monetary policy. Ongoing enthusiasm surrounding artificial intelligence (AI) further fueled investor optimism, particularly within Information Technology (IT) and other growth-oriented sectors, driving the Russell 1000^® Value Index to a double-digit gain over the period.

The factors that contributed most to the Fund’s performance during the period were:

Portfolio positioning over the past year remained largely consistent, with modest reductions in the IT sector and incremental increases in Consumer Staples and Financials sectors.

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any.

GROWTH OF $10,000

 

The Fund seeks capital appreciation by investing at least 80% of its assets in equity securities of non‑US companies and may invest in companies domiciled in both developed and emerging markets. The sub‑adviser employs a quantitative investment process, the Dynamic Alpha Stock Selection Model^®, to build equity portfolios that adapt to market conditions.

The Fund’s performance was 42.43% for the reporting period.

Global equities as measured by the MSCI All Country World ex USA Index advanced 32.39% in 2025. All regions across the developed world and the emerging markets rallied notably for the year. The North American region led the way due to strong performance in Canada, as the rally in gold helped the Materials sector and gold miners within the country. Artificial Intelligence (AI)-driven momentum sparked remarkable rallies in South Korea and Taiwan, where semiconductor and memory chip leaders posted some of the year’s most impressive returns.

After pausing amid tariff uncertainty, the Federal Reserve resumed easing in the second half with three 25 basis point cuts, while most global central banks also eased, Japan being the key exception. Continued global easing has supported cyclically exposed value portions of the market, with Materials and Utilities leading within the MSCI All Country World ex USA Index.

The factors that contributed most to the Fund’s performance during the period were:

Over the past year, the Fund decreased its weight to the Financial sector due to its weaker earnings quality.

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and assumes maximum sales charges, if any.

GROWTH OF $10,000

The Fund seeks long-term capital appreciation by investing primarily in large capitalization, non‑U.S. companies.

The Fund’s performance was 4.98% for the reporting period.

Since inception through the end of the year, international markets as measured by the MSCI EAFE Index posted returns of 22.30% driven by a risk‑on environment favoring lower quality stocks. The impact of the U.S. administration policies on trade and drug pricing proved to be less impactful than feared helping spur the rally. Momentum, Volatility, Value and Yield factors had the most positive impact on MSCI EAFE Index returns while the Quality factors were the biggest headwind. Quality and downside protection were significant headwinds in a market favoring lower quality, beta and volatility.

The factors that contributed most to the Fund’s performance during the period were:

Since inception through year‑end, the Fund established new positions in InterContinental Hotel Group plc and AENA S.M.E. S.A., added to positions in Taiwan Semiconductor Manufacturing Company Ltd., ASML Holding N.V., ICON plc, Universal Music Group N.V., Unilever plc and The Magnum Ice Cream Company, and exited British American Tobacco, Seven & i Holdings Co. Ltd., Aercap Holdings N.V., NVIDIA Corp., and NXP Semiconductors N.V.

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any.

GROWTH OF $10,000

The Fund seeks long-term capital appreciation. The Fund invests primarily in equity and equity-related securities issued by companies in emerging or frontier market countries, excluding China and Hong Kong, that the Fund’s sub‑adviser, Sands Capital Management, LLC believes have above-average potential for revenue or earnings growth.

The Fund’s performance was 19.85% for the reporting period.

2025 was the strongest year for emerging markets equities since 2017, both in absolute terms and relative to developed markets. The MSCI Emerging Markets Index benefited from a rare combination of historically strong earnings growth and multiple expansions. Most countries advanced, though China, Korea, and Taiwan together contributed nearly 75 percent of the MSCI Emerging Markets Index return. Saudi Arabia and Indonesia were the largest, though relatively modest, detractors. All sectors ended the year in positive territory, with information technology accounting for one‑third of the index’s gain—largely driven by semiconductor stocks tied to accelerating artificial intelligence demand.

The factors that contributed most to the Fund’s performance during the period were:

During the period, the Fund purchased Bharti Airtel Ltd., COSMAX Inc., MediaTek Inc., and Samsung Electronics Co. Ltd. It sold Avenue Supermarts Ltd., Bank Rakyat, Localiza Rent a Car S.A., Reliance Industries Ltd., Samsung SDI Co. Ltd., and Tata Consultancy Services Ltd.

Each investment decision was driven by the manager’s view of a company’s fit with the Fund’s investment criteria. One theme that drove several of the investment decisions was the Fund’s intention to increase exposure to businesses positioned to benefit from rising artificial intelligence demand.

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any.

GROWTH OF $10,000

 

The Fund seeks long-term capital appreciation by primarily investing in common stocks of U.S. companies that are believed to have above-average potential for revenue or earnings growth. The Fund emphasizes investments in large and mid capitalization growth companies. The Fund will typically own between 25 and 35 companies.

The Fund’s performance was 13.32% for the reporting period.

U.S. large cap growth stocks posted strong gains in 2025, rebounding from early volatility as resilient earnings, accelerating artificial intelligence (AI) investment, and easier monetary policy supported markets. After a first-quarter selloff tied to tariff tensions, slowing growth, and persistent inflation, equities recovered as inflation eased, a U.S.–China tariff truce emerged, and AI‑driven capital spending surged. Semiconductor and cloud stocks led performance, with seven dominant U.S. technology stocks (the “Magnificent Seven”) consistently outperforming on earnings strength. Despite intermittent volatility, including late-year concerns over AI sustainability, solid fundamentals and three Federal Reserve rate cuts helped the Russell 1000^® Growth Index finish the year near its highs.

The factors that contributed most to the Fund’s performance during the period were:

Throughout the year, we actively repositioned the Fund to reflect market shifts and sector dispersion. We maintained conviction in select consumer internet holdings despite short-term underperformance, reduced exposure to application software facing AI disruption, and favored vertical software and infrastructure providers. Overall, the portfolio was overweight internet platforms gaining share in structurally growing markets such as ecommerce, streaming, and food delivery. The Fund’s positioning reflected increased conviction in the durability of the AI infrastructure buildout. The Fund raised exposure to AI‑linked semiconductors and cloud infrastructure, broadening holdings across leading AI model, chip design, and fabrication providers to capitalize on short-term dislocations from supply chain and competitive shifts. As a result, we narrowed the Fund’s underweight to the Magnificent Seven and reduced its software overweight.

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any.

The Fund seeks total return through income and capital appreciation by investing at least 80% of its assets in securitized fixed-income securities.

The Fund’s performance was 7.49% for the reporting period.

During the 2025 calendar year, securitized assets saw a strong rally in spreads across all sectors and ratings. Spreads finished the year at close to all time historical tights, meaning the difference between the asking price and the bid price is low for several sectors. There was a period of volatility given the tariff tantrum in early April. Interest rates were lower over the year with the Federal Reserve cutting rates 3 times in the last third of the year. Yields came down meaningfully for bonds with maturities of 10 years or less—by roughly 0.40% to 0.75%—but yields on the longest-maturity bonds, 20 years and beyond, did not really move.

The factors that contributed most to the Fund’s performance during the period were:

The largest position change in the Fund was the increase in ABS from 25% to 30% and CMBS from 24% to 29%. RMBS dropped from 24% to 20%. CLOs dropped from 19% to 13%. Duration shorted from 2.75 to 2.55 over the year.

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and assumes maximum sales charges, if any.

GROWTH OF $10,000

The Fund seeks a high level of current income with a focus on capital preservation by investing primarily in income producing fixed income securities.

The Fund’s performance was 9.34% for the reporting period.

Over the past year, financial market volatility was elevated in the face of uncertainty related to changing monetary policy, mixed economic indicators, increased geopolitical risks, and shifting trade policy. Interest rates moved lower and the curve steepened over the period as investors adjusted their expectations for Federal Reserve (Fed) policy, and the Fed cut rates in the final three meetings of the year. Credit spreads were largely unchanged over the year, briefly widening after tariff announcements (Liberation Day) before ending the year at tight levels, by historical standards.

The factors that contributed most to the Fund’s performance during the period were:

In April, the Fund increased its allocation to high yield corporates during tariff-related volatility. Since then, the Fund reduced exposure to collateralized loan obligations and high yield due to elevated valuations, while it increased its position in investment grade corporates and moved up in quality within credit and securitized sectors amid historically tight spreads. Other sector changes were limited.

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and assumes maximum sales charges, if any.

GROWTH OF $10,000

The Fund seeks maximum total return consistent with the preservation of capital by investing at least 80% of its assets in fixed-income securities. The Fund invests in a diversified portfolio of fixed income securities of different maturities, including U.S. Treasury securities, U.S. government agency and U.S. government-sponsored enterprise securities, corporate bonds (including those of foreign issuers), mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities, municipal bonds, collateralized loan obligations and cash equivalent securities including repurchase agreements, commercial paper and variable rate demand notes. While the Fund may invest in securities of any maturity or duration, it seeks to maintain an effective duration of one year or less under normal market conditions.

The Fund’s performance was 5.09% for the reporting period.

During the 12‑month period ending 12/31/2025, the ultra-short duration landscape saw tightening in spreads and moves across the interest rate curve significantly lower. Short-term rates were 65‑75 basis points lower as the Federal Reserve cut rates three times during the year. The lower rates provided tailwind for the Fund’s fixed rate exposures. Given that the cuts were in the last four months of the year, the Fund’s floating rate exposure still added meaningful carry throughout. Spread tightening also added to the total return on the portfolio as well.

The factors that contributed most to the Fund’s performance during the period were:

Positioning changes were made to the Fund over the period, including reductions in ABS and RMBS of 8% and 2% respectively, offset by increases in Corporates and CMBS of 6% and 2%, respectively. Cash & Equivalents were flat along with CLO exposure. Duration decreased year over year from 0.59 years to 0.58 years.

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any.

GROWTH OF $10,000

The Fund seeks to provide investors with capital appreciation by investing in 25‑45 U.S. companies of capitalizations above $5 billion at time of purchase that are trading below what is believed to be the estimate of their intrinsic value and have a sustainable competitive advantage or a high barrier to entry in place. The barrier(s) to entry can be created through a cost advantage, economies of scale, high customer loyalty or a government barrier (e.g. license or subsidy). The Fund’s subadviser, Fort Washington Investment Advisors, Inc., believes that the strongest barrier to entry is the combination of economies of scale and high customer loyalty.

The Fund’s performance was 17.00% for the reporting period.

The U.S. equity market closed out 2025 with strong gains, completing a three-year run of double-digit returns. Volatility revolving around tariffs throughout the year alongside a record government shutdown late in the period were notable headwinds, but economic growth remained resilient amidst the Federal Reserve cutting rates three times and artificial intelligence driven technology leadership boosting earnings.

The factors that contributed most to the Fund’s performance during the period were:

The increase in weight in the Consumer Discretionary sector relative to the benchmark was the largest sector related change in the Fund during the period.

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any.

GROWTH OF $10,000