Summary

• The California Municipal Opportunities Fund posted returns of -0.22% for Institutional shares and -0.28% for Investor A shares for the first quarter of 2026.
• The main performance drivers were yield curve positioning and overweight holdings in investment grade securities in the “belly” of the curve with maturities in a 12-20-year range.
• Management concentrated positioning in the 12-20-year part of the yield curve, focusing on high-quality tax-backed, school district, local government, and utilities sectors.
• Rate volatility stemming from the conflict in Iran resulted in spread widening and negative performance at the front and back ends of the yield curve.
• Management actively added to bonds maturing in 20-30 years during March’s sell-off to bridge the duration gap versus competitors in the long-term space.

• The fund posted returns of -0.22% (Institutional shares) and -0.28% (Investor A shares, without sales charge) for the first quarter of 2026.

• The main performance drivers were yield curve positioning and overweight holdings in