Summary

• War in the Middle East disrupted market trends and separated performance based on which regions benefit from higher energy prices.
• Strong performance in the quarter was led by stock selection in developed country large cap stocks.
• The Fund outperformed its benchmark index for the quarter, and it slightly underperformed the index for the trailing year.

Performance factors

International equity markets navigated a complex and often volatile environment in the first quarter of 2026, shaped by shifting macroeconomic conditions and heightened geopolitical tensions. Rising energy prices – driven in large part by conflict in the

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