Summary

• The fund posted returns of -1.30% (Institutional shares) and -1.36% (Investor A shares, without sales charge) for the first quarter of 2026.
• Strategic Global Bond Fund's top-line duration position was lowered to underweight (5.50 years versus the benchmark's 6.16 years), mainly by reducing U.S. and emerging market rates.
• Strategic Global Bond Fund increased its overweight positions in the U.S. dollar and select emerging market currencies, while it reduced its euro and Japanese yen exposures.
• Overweight holdings in U.S. rates were detrimental as rates materially sold off due to concerns that elevated inflation would prompt the Federal Reserve to keep rates higher for longer.
• Strategic Global Bond Fund adopted a more defensive posture across spread sectors because of the market uncertainty and has tactically rotated across select sectors where all-in yields have been compelling.

• The fund posted returns of -1.30% (Institutional shares) and -1.36% (Investor A shares, without sales charge) for the first quarter of 2026.

• Developed market currencies, securitized assets, and agency mortgage-backed securities (MBS) contributed to performance. Emerging market and