For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.

Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.

Large-capitalization stocks outperformed their small- and mid-cap counterparts for the period. Value and growth stocks both posted positive returns, but growth generally outperformed value.

Ten of the benchmark’s 11 industry sectors posted positive returns for the 12-month period. Financials, communication services, and industrials posted double-digit gains. Health care was the top detractor.

For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.

Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.

Large-capitalization stocks outperformed their small- and mid-cap counterparts for the period. Value and growth stocks both posted positive returns, but growth generally outperformed value.

Ten of the benchmark’s 11 industry sectors posted positive returns for the 12-month period. Financials, communication services, and industrials posted double-digit gains. Health care was the top detractor.

For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.

Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.

Large-capitalization stocks outperformed their small- and mid-cap counterparts for the period. Value and growth stocks both posted positive returns, but growth outperformed value significantly.

For the Fund’s benchmark, eight of the 11 industry sectors posted positive results for the 12-month period. Information technology contributed by far the most to performance. Communication services and consumer discretionary were also top performers. Health care, energy, and materials stocks detracted.

For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.

Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.

Large-capitalization stocks outperformed their small- and mid-cap counterparts for the period. Value and growth stocks both posted positive returns, but growth outperformed value significantly.

For the Fund’s benchmark, eight of the 11 industry sectors posted positive results for the 12-month period. Information technology contributed by far the most to performance. Communication services and consumer discretionary were also top performers. Health care, energy, and materials stocks detracted.

For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.

Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.

Growth stocks generally outpaced value stocks. The performance of mid-capitalization stocks, however, lagged that of large-cap stocks significantly.

Eight of the benchmark’s 11 industry sectors contributed positively to results for the 12-month period. Industrials and financials contributed the most to performance. Health care was the biggest detractor.

For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.

Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.

Growth stocks generally outpaced value stocks. The performance of mid-capitalization stocks, however, lagged that of large-cap stocks significantly.

Eight of the benchmark’s 11 industry sectors contributed positively to results for the 12-month period. Industrials and financials contributed the most to performance. Health care was the biggest detractor.

For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark. 

Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.

Growth stocks generally outpaced value stocks. The performance of mid-capitalization stocks, however, lagged that of large-cap stocks significantly.

Ten of the benchmark’s 11 industry sectors contributed positively to results for the 12-month period. Financials, industrials, and information technology contributed the most to performance. Health care detracted.

For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark. 

Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.

Growth stocks generally outpaced value stocks. The performance of mid-capitalization stocks, however, lagged that of large-cap stocks significantly.

Ten of the benchmark’s 11 industry sectors contributed positively to results for the 12-month period. Financials, industrials, and information technology contributed the most to performance. Health care detracted.

For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.

Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.

Growth stocks generally outpaced value stocks. The performance of mid-capitalization stocks, however, lagged that of large-cap stocks significantly.

Eight of the benchmark's 11 industry sectors posted positive results for the 12-month period. Industrials and financials contributed the most to performance. Health care, real estate, and consumer discretionary stocks detracted.

For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.

Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.

Growth stocks generally outpaced value stocks. The performance of mid-capitalization stocks, however, lagged that of large-cap stocks significantly.

Eight of the benchmark's 11 industry sectors posted positive results for the 12-month period. Industrials and financials contributed the most to performance. Health care, real estate, and consumer discretionary stocks detracted.

For the 12 months ended August 31, 2025, the Fund performed in line with its benchmark.

Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns over rising interest rates, stretched equity valuations, and evolving trade policies. Although the Federal Reserve paused on cutting rates after December 2024, some progress on inflation and signs of a softening job market raised the prospect of more cuts to come.

For the broad stock market, growth stocks generally outpaced value stocks. The performance of small-capitalization stocks lagged that of large- and mid-caps.

Six of the benchmark’s 11 industry sectors contributed positively to results; industrials and financials contributed the most. Health care and energy were the biggest detractors.