Summary

• For 1Q, Nomura Limited-Term Diversified Income Fund Institutional Class shares underperformed the Fund's benchmark, the Bloomberg 1-3 Year US Government/Credit Index.
• Global energy shortages and higher energy prices have the potential to depress demand and therefore cause an economic slowdown even as inflationary pressures are heightened.
• Risk markets are also likely to remain stressed given an uncertain economic future and lowered monetary policy support even as fiscal support is maintained.

Market review

Economic indicators in the first quarter of 2026 were mixed. The 4Q25 growth rate was revised downward to 0.7% from its initial estimate of 1.4%. In addition, the unemployment rate edged up marginally to 4.4% in February. However, other growth

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