Summary

• The Large Cap Focus Value Fund posted returns of -3.49% (Institutional shares) and -3.56% (Investor A shares, without sales charge) for the first quarter of 2026.
• Stock selection in the IT sector, particularly in the technology hardware, storage & peripherals industry, was the largest contributor to relative performance.
• The largest detractor was security selection in the industrials sector, particularly in the professional services industry.
• During the quarter, the fund increased its allocations to the financials and IT sectors, and reduced its exposures to the consumer discretionary and materials sectors.
• Value stocks outperformed growth stocks as earnings trends converged and investors gravitated toward asset-heavy businesses with less exposure to AI-driven obsolescence.

• • The fund posted returns of -3.49% ((Institutional shares)) and -3.56% ((Investor A shares, without sales charge)) for the first quarter of 2026.
• • The largest contributor to relative performance was security selection in the information