Summary

• The Advantage SMID Cap Fund posted returns of 2.82% (Institutional shares) and 2.77% (Investor A shares, without sales charge) for the first quarter of 2026.
• The fund's outperformance of its benchmark was primarily driven by macro-related measures, followed by sentiment insights, while fundamental valuation insights provided additional support.
• Advantage SMID Cap Fund remained largely sector neutral, although there were slight overweight allocations to the industrials and energy sectors, and underweight exposures to the consumer discretionary and health care sectors.
• Fundamental quality insights were the main detractors during the quarter, particularly measures favoring founder-led companies, which resulted in positioning that did not perform as expected.
• The market sell-off brought global stocks into negative territory for the quarter, while the United States regained some of its appeal as a safe-haven exposure.

• The fund posted returns of 2.82% ((Institutional shares)) and 2.77% ((Investor A shares, without sales charge)) for the first quarter of 2026.

• The fund's outperformance of its benchmark was primarily driven by macro-related measures, followed