Summary

• Nomura National High-Yield Municipal Bond Fund Institutional Class shares outperformed the Fund’s benchmark by 7 basis points, returning -0.11% versus -0.18% for its benchmark, the Bloomberg Municipal Bond Index, for 1Q26.
• The US municipal bond market recorded modest negative returns for 1Q26.
• The Fed remained on pause throughout the quarter even as it noted that risks in both directions have increased due to the war and the resulting increase in oil prices.

Nomura National High-Yield Municipal Bond Fund Institutional Class shares outperformed the Fund’s benchmark by 7 basis points, returning -0.11% versus -0.18% for its benchmark, the Bloomberg Municipal Bond Index, for 1Q26. Nomura National High-Yield Municipal Bond Fund Institutional Class shares underperformed the

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