Summary

• The Federal Reserve held its benchmark Federal Funds target rate steady over the first quarter of 2026 with a target range of 3.50-3.75%.
• The primary factors in performance were a comparatively higher concentration in floaters indexed on the Secured Overnight Financing Rate and a shorter weighted-average-maturity.
• The Fund's credit quality remains conservative with 100% invested in U.S. government or government agency-related securities.
• As in any interest rate environment, the Fund's safety and liquidity remain our primary objectives.

Performance factors

During the quarter, the Fund held a greater proportion of SOFR-indexed floating-rate securities compared to its peer group. The SOFR Index rate consistently exceeded the effective Federal Funds rate, while the fixed-rate curve remained flat

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