摩根士丹利- 节奏洞察 股市监测报告-2026年第三季度 THE BEAT INSIGHTS Equity Market Monitor – Q3 2026

MorganStanley

INVESTMENTMANAGEMENT

EquityMarketMonitor

Q32026

Performance:MarketBarometer(%)

3-MonthReturns1-YearReturns3-YearReturns

LargeCap

MidCap

SmallCap

<-20

-20to-10

-10to0

0to10

10to20

>20

ValueCoreGrowth

2.61

1.80

0.92

-1.98

-3.00

-5.84

-4.91

-7.23

-9.39

Global

1.60

U.S.

2.30

International

0.81

EmergingMarkets

-0.37

ValueCoreGrowth

23.81

15.01

7.50

16.89

12.02

-2.73

20.77

16.20

12.05

Global

16.75

U.S.

15.74

International

15.69

EmergingMarkets

29.22

ValueCoreGrowth

20.07

22.48

24.26

17.50

17.20

15.36

17.93

17.72

17.55

Global

21.73

U.S.

22.89

International

18.40

EmergingMarkets

24.09

Pastperformanceisnoguaranteeoffutureresults.

Itisnotpossibletoinvestdirectlyinanindex.Source:Morningstarasof9/30/2026.Dataprovidedisforinformationaluseonly.Seeendofreportforimportantadditionalinformation.Returnsover1yearareannualized.LargeCapValuerepresentedbyRussell1000ValueIndex.LargeCapCorerepresentedbyRussell1000Index.LargeCapGrowthrepresentedbyRussell1000GrowthIndex.MidCapValuerepresentedbyRussellMidCapValueIndex.MidCapCore

representedbyRussellMidCapIndex.MidCapGrowthrepresentedbyRussellMidCapGrowthIndex.SmallCapValuerepresentedbyRussell2000ValueIndex.SmallCapCorerepresentedbyRussell2000Index.SmallCapGrowthrepresentedbyRussell2000GrowthIndex.GlobalrepresentedbyMSCIACWIIndex.USrepresentedbyS&P500Index.InternationalrepresentedbyMSCIEAFEIndex.EmergingMarketsrepresentedbyMSCIEmergingMarketsIndex.

2

EquityMarketMonitor|Q32026

AssetClassReturnAnalysis(%)

U.S.

EQUITIES

GLOBALEQUITIES

SECTORS

1Y

3Y

10Y

YTD

5Y

3-Mo.

S&P500

2.30

12.75

15.74

22.89

13.79

15.33

Russell2500

-6.37

14.90

17.45

17.74

7.46

10.81

Russell1000Growth

0.92

6.30

7.50

24.26

13.66

18.16

Russell1000Value

2.61

19.27

23.81

20.07

11.92

11.43

RussellMidCap

-3.00

11.84

12.02

17.20

8.04

11.17

Russell2000

-7.23

13.71

16.20

17.72

6.34

9.84

CBOES&P500BuywriteBXM

4.29

10.96

18.20

14.78

9.01

7.97

MSCIWorld

1.88

11.75

15.24

21.40

11.89

12.81

MSCIEAFE

0.81

10.33

15.69

18.40

9.32

9.07

MSCIEM

-0.37

23.38

29.22

24.09

8.94

9.09

MSCIACAsiaPac

1.64

23.46

27.74

23.19

9.41

9.52

MSCIACWI

1.60

13.03

16.75

21.73

11.57

12.38

MSCIEurope

-1.65

6.03

12.61

17.52

9.48

9.16

MSCIWorldSmallCap

-3.70

12.31

15.48

17.87

6.96

9.68

MSCIWorldExUSASmallCap

2.88

10.63

14.50

19.02

6.48

8.39

FTSE100

1.91

8.20

15.52

18.95

12.00

8.63

FTSEAllSmall

4.53

10.30

15.18

17.91

5.27

8.82

STOXXEurope600

-1.36

5.92

12.68

17.78

9.26

9.23

Nikkei225Average

-0.94

33.35

41.44

27.58

11.69

11.79

S&P500Comm.Services

3.64

4.48

12.06

29.48

12.88

12.71

S&P500ConsDisc

-5.09

-5.82

-5.15

13.48

5.63

12.11

S&P500ConsStaples

-1.90

5.98

5.99

10.11

7.44

8.00

S&P500Energy

17.23

40.28

42.42

14.47

23.26

10.15

S&P500Financials

-0.12

-1.30

0.69

19.12

9.23

12.87

S&P500HealthCare

6.46

10.15

23.02

11.28

7.57

10.82

S&P500Industrials

-9.66

8.54

9.50

19.85

13.06

12.78

S&P500InfoTech

7.20

28.38

30.20

36.60

23.54

25.95

S&P500Materials

-2.81

8.82

10.04

9.66

6.46

9.66

S&P500RealEstate

-5.57

5.31

2.30

10.75

2.21

6.14

S&P500Utilities

-12.39

-5.65

-6.97

13.63

7.57

8.33

Source:Morningstarasof9/30/2026.Dataprovidedisforinformationaluseonly.PastPerformanceisnotareliableindicatoroffutureresults.Itisnotpossibletoinvestdirectlyinanindex.Seeendofreportforimportantadditionalinformation.

3

EquityMarketMonitor|Q32026

USEquitiesPerformanceandVolatility–ShortTerm(3Months)

S&P500Index

$8,000

$7,800

$7,600

$7,400

$7,200

$7,000

$6,800

6/30/20267/14/20267/28/20268/11/20268/25/20269/8/20269/22/2026

CBOEMarketVolatilityIndex(VIX)

30

26

22

18

14

30-Yr

Average

106/30/20267/14/20267/28/20268/11/20268/25/20269/8/20269/22/2026

Source:FactSetasof9/30/2026.Dataprovidedisforinformationaluseonly.PastPerformanceisnotareliableindicatoroffutureresults.Itisnotpossibletoinvestdirectlyinanindex.Seeendofreportforimportantadditionalinformation.

4

EquityMarketMonitor|Q32026

USEquitiesPerformanceandVolatility–LongTerm(30Years)S&P500Index

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

CBOEMarketVolatilityIndex(VIX)

70.0

60.0

50.0

40.0

30.0

20.0

Average

10.0

0.0

Source:FactSetasof9/30/2026.Dataprovidedisforinformationaluseonly.PastPerformanceisnotareliableindicatoroffutureresults.Itisnotpossibletoinvestdirectlyinanindex.Seeendofreportforimportantadditionalinformation.

5

EquityMarketMonitor|Q32026

120

115

110

105

100

95

S&P500EqualWeightvs.CapWeight(1-Year)

S&P500CapWeighted

S&P500EqualWeighted

3MonthReturn

2.30%

-1.87%

1YearReturn

15.75%

11.60%

90

S&P500IndexCapWeightS&P500IndexEqualWeight

Source:FactSetasof9/30/2026.Dataprovidedisforinformationaluseonly.PastPerformanceisnotareliableindicatoroffutureresults.Itisnotpossibletoinvestdirectlyinanindex.Seeendofreportforimportantadditionalinformation.

6

EquityMarketMonitor|Q32026

IndexSectors:ReturnAnalysis

S&P500

Return%

45.0040.0035.0030.0025.0020.0015.0010.005.00

0.00 (5.00)(10.00)

(15.00)

3Month

MSCIWorld

Return%

40.0035.0030.0025.0020.0015.0010.005.00

0.00 (5.00)(10.00)(15.00)

1Year

Source:Morningstarasof9/30/2026.Dataprovidedisforinformationaluseonly.PastPerformanceisnotareliableindicatoroffutureresults.Itisnotpossibletoinvestdirectlyinanindex.Seeendofreportforimportantadditionalinformation.

7

EquityMarketMonitor|Q32026

AssetClassReturnAnalysis(%)

HIGHER

LOWER

2016201720182019202020212022202320242025YTD2026

Small-Cap

21.31

EmergingMarkets

37.28

Growth

-1.51

Growth

36.39

Growth

38.49

S&P500

28.71

Value

-7.54

Growth

42.68

Growth

33.36

InternationalSmall-Cap

34.07

EmergingMarkets

23.38

Value

17.34

InternationalSmall-Cap

31.04

S&P500

-4.38

S&P500

31.49

Small-Cap

19.96

Growth

27.60

International

-14.45

S&P500

26.29

S&P500

25.02

EmergingMarkets

33.57

Value

19.27

Mid-Cap

13.80

Growth

30.21

Value

-8.27

Mid-Cap

30.54

S&P500

18.40

Value

25.16

Mid-Cap

-17.32

Global

22.20

Global

17.49

International

31.22

Small-Cap

13.71

S&P500

11.96

International

25.03

Mid-Cap

-9.06

Global

26.60

EmergingMarkets

18.31

Mid-Cap

22.58

S&P500

-18.11

International

18.24

Mid-Cap

15.34

Global

22.34

Global

13.03

EmergingMarkets

11.19

Global

23.97

Global

-9.42

Value

26.54

Mid-Cap

17.10

Global

18.54

Global

-18.36

Mid-Cap

17.23

Value

14.37

Growth

18.56

S&P500

12.75

Global

7.86

S&P500

21.83

Small-Cap

-11.01

Small-Cap

25.52

Global

16.25

Small-Cap

14.82

EmergingMarkets

-20.09

Small-Cap

16.93

Small-Cap

11.54

S&P500

17.88

Mid-Cap

11.84

Growth

7.08

Mid-Cap

18.52

International

-13.79

InternationalSmall-Cap

25.41

InternationalSmall-Cap

12.78

International

11.26

Small-Cap

-20.44

InternationalSmall-Cap

12.62

EmergingMarkets

7.50

Value

15.91

InternationalSmall-Cap

10.63

InternationalSmall-Cap

4.32

Small-Cap

14.65

EmergingMarkets

-14.58

International

22.01

International

7.82

InternationalSmall-Cap

11.14

InternationalSmall-Cap

-20.59

Value

11.46

International

3.82

Small-Cap

12.81

International

10.33

International

1.00

Value

13.66

InternationalSmall-Cap

-18.07

EmergingMarkets

18.42

Value

2.80

EmergingMarkets

-2.54

Growth

-29.14

EmergingMarkets

9.83

InternationalSmall-Cap

2.76

Mid-Cap

10.60

Growth

6.30

Pastperformanceisnoguaranteeoffutureresults.

Itisnotpossibletoinvestdirectlyinanindex.Ingeneral,Foreignsecuritiesaresubjecttocurrency,political,economicandmarketrisks.Therisksofinvestinginemergingmarketcountriesaregreaterthaninvestmentsinforeigndeveloped

countries.Investorsshouldcarefullyreviewtherisksofeachassetclasspriortoinvesting.Source:Morningstarasof9/30/2026.Dataprovidedisforinformationaluseonly.Seeendofreportforimportantadditionalinformation.Small-Cap

representedbyRussell2000Index.EmergingMarketsrepresentedbyMSCIEmergingMarketsIndex.ValuerepresentedbyRussell1000ValueIndex.Mid-CaprepresentedbyRussellMidcapIndex.GlobalrepresentedbyMSCIACWIIndex.GrowthrepresentedbyRussell1000GrowthIndex.InternationalrepresentedbyMSCIEAFEIndex.InternationalSmall-CaprepresentedbyMSCIWorldExUSASmallCapIndex.

8

EquityMarketMonitor|Q32026

ExpectedEarningsGrowth

2026ExpectedEarningsGrowth

80

70

60

EarningsGrowth(%)

50

40

30

20

10

0

S&P500IndexS&P500EqualWeightMSCIEuropeMSCIEMMSCIJapan

Source:FactSetasof9/30/2026.Dataprovidedisforinformationaluseonly.PastPerformanceisnotareliableindicatoroffutureresults.Itisnotpossibletoinvestdirectlyinanindex.Seeendofreportforimportantadditionalinformation.Forecasts/estimatesarebasedoncurrentmarketconditions,subjecttochange,andmaynotnecessarilycometopass.

9

EquityMarketMonitor|Q32026

YieldsOverTime

6.00

5.00

4.00

Yield(%)

3.00

2.00

1.00

0.00

S&P500MSCIWorld10-YearTreasury

Source:FactSetasof9/30/2026.Dataprovidedisforinformationaluseonly.PastPerformanceisnotareliableindicatoroffutureresults.Itisnotpossibletoinvestdirectlyinanindex.Seeendofreportforimportantadditionalinformation.

10

EquityMarketMonitor|Q32026

S&P500Index:3-monthReturnAnalysis

3-5YearEarningsGrowth(%)Trailing12MonthP/E(x)

TotalReturn(%)TotalReturn(%)TotalReturn(%)

8.7

10.0%

TotalReturn(%)TotalReturn(%)

8.0%

6.0%

3.74.3

4.0%

2.3

2.0%

0.0%

-0.5

-2.0%

-1.6

-4.0%

S&P50017.8+12.5-17.78.9-12.55.7-8.9<5.6

EarningsGrowth(%)

MarketCap($B)

4.0%

3.4

3.0%

2.3

2.0%

1.0%

0.0%

-1.0%

-0.8

-1.4

-2.0%

S&P500$100B+$15B-$100B<$15B

10.0%

5.0%

0.0%

-5.0%

-10.0%

7.18.8

2.3

2.9

0.6

-7.1

S&P50039.6+28.3-39.420.6-28.115.2-20.5<15.1

Trailing12moP/E

Beta(x)

15.0%

10.0%

5.0%

0.0%

-5.0%

-10.0%

10.8

5.7

4.7

2.3

0.5

-8.7

S&P5001.7-4.31.2-1.70.7-1.20.2-0.7<0.2

DividendYield(%)Beta

8.0%

6.0%

4.0%

2.0%

0.0%

-2.0%

-4.0%

6.3

2.3

1.7

2.1

2.1

-2.8

S&P5003.5+2.4-3.51.6-2.40.6-1.60.0-0.6

MarketCapDividendYield(%)

Source:FactSetasof9/30/2026.Eachchartrepresents3-monthperformanceoftheconstituentsoftheS&P500Index,categorizedbycharacteristic.Earningsgrowth,P/E,Beta,andDividendYieldgroupsarebrokenupbyquintile.Dataprovidedisforinformationaluseonly.PastPerformanceisnotareliableindicatoroffutureresults.Itisnotpossibletoinvestdirectlyinanindex.Seeendofreportforimportantadditionalinformation.

11

EquityMarketMonitor|Q32026

QualityAnalysisonS&P500Index

ProfitabilityFactorPerformanceLeverageFactorPerformanceEarningsQualityFactorPerformance

30.0

25.0

20.0

15.0

10.0

5.0

0.0

-5.0

-10.0

30.0

25.0

20.0

15.0

10.0

5.0

0.0

-5.0

-10.0

Quintile1Quintile2Quintile3Quintile4Quintile5

30.0

25.0

20.0

15.0

10.0

5.0

0.0

-5.0

-10.0

Quintile1Quintile2Quintile3Quintile4Quintile5

3Month1Year

Quintile1Quintile2Quintile3Quintile4Quintile5

Source:MSCIBarra,FactSetasof9/30/2026.UsingtheMSCIBarraUSModel,theS&P500IndexisrankedbyeachBarramodelfactor(Profitability,Leverage,andEarningsQuality)anddividedintoquintileswithequalnumbersofcompaniesineachquintile.Quintile1ishighestandQuintile5islowestforeachcharacteristic.

Stockpricemovementsareinfluencedbyvariouscommonfactors,suchasindustrygroup,stylecharacteristicsandfundamentaldata.Thesefactorsallowanasset'srisktobepredictedanddecomposedintomeaningfulterms.MSCIBarra's

multiple-factorriskmodelscomputeanasset'soraportfolio'ssensitivitiestothesefactorsinordertoaccuratelyforecastrisk.Forecasts/estimatesarebasedoncurrentmarketconditions,subjecttochange,andmaynotnecessarilycometopass.

Highprofitability,lowleverage,andhighearningsqualitycanbeconsideredindicatorsofquality.PastPerformanceisnotareliableindicatoroffutureresults.Itisnotpossibletoinvestdirectlyinanindex.Seeendofreportforimportantadditionalinformation.

12

EquityMarketMonitor|Q32026

ValuationAnalysis

S&P500Index

PricetoEarnings(FY1)

30.0

25.0

20.0

15.0

10.0

MSCIEAFE

PricetoEarnings(FY1)

Russell2000

PricetoEarnings(FY1)

110.0100.090.080.070.060.050.040.030.020.010.00.0

MSCIEmergingMarkets

PricetoEarnings(FY1)

25.0

20.0

15.0

10.0

25.0

20.0

15.0

10.0

IndexAverage

Source:FactSetasof9/30/2026.FY1P/Eismarketpricepersharedividedbyexpectedearningspershareoverthenextfiscalyear.Thedashedlinereflectstheaverageoftheconstituentsofeachindex,withtheexceptionoftheRussell2000whichisaweightedharmonicaverageoftheconstituentsofeachIndex.PastPerformanceisnotareliableindicatoroffutureresults.Itisnotpossibletoinvestdirectlyinanindex.Seeendofreportforimportantadditionalinformation.

13

EquityMarketMonitor|Q32026

MarketConcentration

Top5StocksinS&P500Index

%ofIndexheldbytop5indexconstituentsovertime

30

25

20

15

10

35

5

0

Source:FactSetasof9/30/2026.Pastperformanceisnotindicativeoffutureresults.Itisnotpossibletoinvestinanindex.

14

EquityMarketMonitor|Q32026

Country

%ofMSCIACWIIndex

Region

UnitedStates

64.21

NorthAmerica

Japan

5.20

Asia

Taiwan

3.46

EmergingMarkets

UnitedKingdom

3.00

Europe

Canada

2.90

NorthAmerica

Korea

2.56

EmergingMarkets

China

2.37

EmergingMarkets

France

1.97

Europe

Switzerland

1.89

Europe

Germany

1.81

Europe

Top10Total

89.38%

N/A

CompositionofMSCIAllCountryWorldIndex

Stock

%ofMSCIACWIIndex

Country

NVIDIACorporation

5.11

UnitedStates

AppleInc.

4.76

UnitedStates

MicrosoftCorporation

3.52

UnitedStates

AlphabetInc.ClassA

3.52

UnitedStates

A,Inc.

2.35

UnitedStates

TaiwanSemiconductorManufacturingCo.

1.87

Taiwan

MetaPlatformsIncClassA

1.55

UnitedStates

BroadcomInc.

1.55

UnitedStates

MicronTechnology,Inc.

1.17

UnitedStates

Tesla,Inc.

0.99

UnitedStates

Top10Total

26.39%

N/A

Source:Morningstar,FactSetasof9/30/2026.Seeendofreportforimportantadditionalinformation.

15

EquityMarketMonitor|Q32026

Growthvs.Value

MassiveDivergenceOverLast10+Years

IndexedPrice

10-yearAnnualizedReturn

Russell1000GrowthIndex

18.2%

Russell1000ValueIndex

11.4%

2,750

2,500

2,250

2,000

1,750

1,500

1,250

1,000

750

500

250

0

Russell1000Growth

Russell1000Value

1993199419951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026

Source:Morningstar,FactSetasof9/30/2026.Dataprovidedisforinformationaluseonly.PastPerformanceisnotareliableindicatoroffutureresults.Itisnotpossibletoinvestdirectlyinanindex.Seeendofreportforimportantadditionalinformation.

16

EquityMarketMonitor|Q32026

GrowthandValueIndices

VeryDifferentComposition

Russell1000Growth(%ofIndex)Russell1000Value(%ofIndex)

19.67

7.38

56.42

16.53

InformationTechnology

CommunicationServices

Industrials

Other

18.29

47.79

20.59

13.33

Financials

InformationTechnology

HealthCare

Other

Stock%ofRussell1000GrowthForwardP/E(x)

NVIDIACorporation

15.7

24.6

AlphabetInc.

10.7

16.7

AppleInc.

7.7

37.7

MicrosoftCorporation

5.6

26.0

Broadcom,Inc.

4.8

30.1

Top5Total

42.7%

N/A

Stock%ofRussell1000ValueForwardP/E(x)

A,Inc.

6.1

19.5

AppleInc.

6.1

37.7

MicrosoftCorp.

5.3

26.0

BerkshireHathawayInc.

2.6

22.5

JPMorganChase&Co.

2.4

13.3

Top5Total

22.5%

N/A

Source:Factsetasof9/30/2026.Dataprovidedisforinformationaluseonly.Itisnotpossibletoinvestdirectlyinanindex.Seeendofreportforimportantadditionalinformation.

17

EquityMarketMonitor|Q32026

InternationalEquity

IndexExposuretoU.S.vs.Non-U.S.OverTime

MSCIWorld-Countrybreakdown(9/30/2006-9/30/2026)

Exposure

85%

U.S.

75%

65%

55%

45%

35%

25%

15%

Non-U.S.

Source:FactSet,MSCI,Monthlydataasof9/30/2026.Dataprovidedisforinformationaluseonly.PastPerformanceisnotareliableindicatoroffutureresults.Itisnotpossibletoinvestdirectlyinanindex.Seeendofreportforimportantadditionalinformation.

18

EquityMarketMonitor|Q32026

EmergingMarkets

QuarterlyReturnsofEmergingMarketCountries

20.0

15.0

10.0

TotalReturn%

5.0

0.0

-5.0

-10.0

17.78

-0.36

-10.12

-15.0

Source:FactSet,MSCI,Monthlydataasof9/30/2026.Dataprovidedisforinformationaluseonly.PastPerformanceisnotareliableindicatoroffutureresults.Itisnotpossibletoinvestdirectlyinanindex.Seeendofreportforimportantadditionalinformation.

19

EquityMarketMonitor|Q32026

GlossaryofTerms

IndexDefinitions

CBOEVolatilityIndex(VIX)trackstheimpliedvolatilitiesofawiderangeofS&P500Indexoptions.

CBOES&P500BuyWriteIndexmeasurestheperformanceofahypotheticalbuy-writestrategyontheS&P500Index.

MorganStanleyCapitalInternational(MSCI)EmergingMarketsIndexisanunmanagedindexofemergingmarketscommonstocks

MSCIEMUIndex(EuropeanEconomicandMonetaryUnion)captures

largeandmidcaprepresentationacrossthe10DevelopedMarketscountriesintheEMU.With229constituents,theindexcoversapproximately85%ofthefreefloat-adjustedmarketcapitalizationoftheEMU.

MorganStanleyCapitalInternationalAllCountryAsiaPacificIndex

(MSCIACAsiaPac)isanunmanagedtotalreturn,capitalization-weightedindexthatmeasurestheperformanceofstockmarketsin15Pacificregioncountries,includingAustralia,China,HongKong,India,Indonesia,Japan,Korea,Malaysia,NewZealand,Pakistan,thePhilippines,Singapore,Sri

Lanka,TaiwanandThailand.

MorganStanleyCapitalInternational(MSCI)JapanIndexisan

unmanagedindexdesignedtomeasuretheperformanceofthelargeandmidcapsegmentsoftheJapanmarket.

MorganStanleyCapitalInternational(MSCI)WorldIndexisanunmanagedindexofequitysecuritiesinthedevelopedmarkets.

MorganStanleyCapitalInternational(MSCI)WorldexUSASmallCap

Indexisanunmanagedindexofsmall-capequitysecuritiesinthedevelopedmarkets,excludingtheUnitedStates.

MorganStanleyCapitalInternationalAllCountryWorld(MSCIACWorld)Indexisanunmanagedfreefloat-adjustedmarket-capitalization-weighted

indexdesignedtomeasuretheequitymarketperformanceofdevelopedandemergingmarkets.

MorganStanleyCapitalInternationalEurope(MSCIEurope)Indexisanunmanagedfreefloat-adjustedmarket-capitalization-weightedindexdesignedtomeasuretheequitymarketperformanceofthedeveloped

marketsinEurope.

MorganStanleyCapitalInternationalEurope,Australasia,FarEast(MSCIEAFE)Indexisanunmanagedindexofequitiesinthedevelopedmarkets,

excludingtheU.S.andCanada.

MSCIUSAIndexisdesignedtomeasuretheperformanceofthelargeandmidcapsegmentsoftheUSmarket.With625constituents,theindexcovers

approximately85%ofthefreefloat-adjustedmarketcapitalizationintheUS.

Nikkei225StockAverageIndexisunmanagedprice-weightedindexof225top-ratedJapanesecompanieslistedintheFirstSectionoftheTokyoStockExchange.

Russell1000Indexisanunmanagedindexof1,000U.S.large-capstocks.Russell1000GrowthIndexisanunmanagedindexof1,000U.S.large-capgrowthstocks.

Russell1000ValueIndexisanunmanagedindexof1,000U.S.large-capvaluestocks.

Russell2000Indexisanunmanagedindexof2,000U.S.small-capstocks.

Russell2500Indexisanunmanagedindexofapproximately2,500U.S.small-andmid-capU.S.stocks.

RussellMidcapIndexisanunmanagedindexofU.S.mid-capstocks.

Standard&Poor’s500Indexisanunmanagedindexoflarge-capstockscommonlyusedasameasureofU.S.stockmarketperformance.

STOXXEurope600Indexisafixedcomponentnumberindexdesignedto

provideabroadyetliquidrepresentationoflarge,midandsmallcapitalizationcompaniesinEurope.

MSCIIndexes:Source:MSCI.MSCIdatamaynotbereproducedorusedforanyotherpurpose.MSCIprovidesnowarranties,hasnotpreparedor

approvedthisreport,andhasnoliabilityhereunder.

S&PDowJonesIndicesareaproductofS&PDowJonesIndicesLLC(“S&PDJI”)andhavebeenlicensedforuse.S&P®andS&P500®areregistered

trademarksofS&PDJI;DowJones®isaregisteredtrademarkofDowJonesTrademarkHoldingsLLC(“DowJones”);S&PDJI,DowJonesandtheir

respectiveaffiliatesdonotsponsor,endorse,sellorpromotetheFund,willnothaveanyliabilitywithrespecttheretoanddonothaveanyliabilityforany

errors,omissions,orinterruptionsoftheS&PDowJonesIndices.

FTSE100Indexisanunmanagedmarket-capitalizationweightedindexrepresentingtheperformanceofthe100largestUKlistedbluechip

companies,whichpassscreeningforsizeandliquidity.

FTSEAllSmallIndexconsistsofallthecompaniesintheFTSESmallCapandFTSEFledglingindices.

Unlessotherwisestated,indexreturnsdonotreflecttheeffectofany

applicablesalescharges,commissions,expenses,taxesorleverage,as

applicable.Itisnotpossibletoinvestdirectlyinanindex.Dataprovidedisforinformationaluseonly.Pastperformanceisnoguaranteeoffutureresults.

Seeendofreportforimportantadditionalinformation.

20

EquityMarketMonitor|Q32026

ADDITIONALINFORMATION

RiskConsiderations

Diversificationdoesnoteliminatetheriskofloss.

Ingeneral,equitysecurities’valuesalsofluctuateinresponsetoactivitiesspecifictoacompany.

Investmentsinforeignmarketsentailspecialriskssuchascurrency,political,economic,andmarketrisks.Therisksofinvestinginemergingmarketcountriesaregreaterthanrisksassociatedwith

investmentsinforeigndevelopedcountries.Fixedincomesecuritiesaresubjecttotheabilityofanissuertomaketimelyprincipalandinterestpayments(creditrisk),changesininterestrates

(interest-raterisk),thecreditworthinessoftheissuerandgeneralmarketliquidity(marketrisk).Inarisinginterest-rateenvironment,bondpricesmayfallandmayresultinperiodsofvolatilityand

increasedportfolioredemptions.Inadeclininginterest-rateenvironment,theportfoliomaygeneratelessincome.Longer-termsecuritiesmaybemoresensitivetointerestratechanges.Alternative

investmentsarespeculative,involveahighdegreeofrisk,arehighlyilliquid,typicallyhavehigherfeesthanotherinvestments,andmayengageintheuseofleverage,shortsales,andderivatives,whichmayincreasetheriskofinvestmentloss.Theseinvestmentsaredesignedforinvestorswhounderstandandarewillingtoaccepttheserisks.Performancemaybevolatile,andaninvestor

couldloseallorasubstantialportionofitsinvestment.

Thereisnoguaranteethatanyinvestmentstrategywillworkunderallmarketconditions,andeachinvestorshouldevaluatetheirabilitytoinvestforthelong-term,especiallyduringperiodsof

downturninthemarket.

Theviewsandopinionsand/oranalysisexpressedarethoseoftheauthorortheinvestmentteamasofthedateofpreparationofthismaterialandaresubjecttochangeatanytimewithoutnoticeduetomarketoreconomicconditionsandmaynotnecessarilycometopass.Furthermore,the

viewswillnotbeupdatedorotherwiserevisedtoreflectinformationthatsubsequentlybecomesavailableorcircumstancesexisting,orchangesoccurring,afterthedateofpublication.Theviewsexpresseddonotreflecttheopinio