Summary

• The Strategic Allocation Portfolios all posted negative absolute returns during the quarter that ended March 31, 2026, and all three portfolios outperformed their benchmarks.
• Global financial markets declined in the first quarter amid the war in Iran as soaring energy prices ignited higher inflation fears and sidelined talk of additional Fed rate cuts.
• Large-cap U. S. stocks endured their worst quarter since 2022 as investors saw surging oil prices and the threat of inflation as diminishing the outlook for 2026.
• Manager selection added the most value in U. S. Quality Growth ETF, Avantis International Small Cap Value ETF, Avantis Emerging Markets Equity ETF, Avantis International Equity ETF and Avantis U. S. Large Cap Equity ETF.
• The current environment of potential higher inflation and inflecting interest rates favors an active and nimble approach to fixed-income portfolio management.

The Strategic Allocation Portfolios all posted negative absolute returns during the quarter that ended March 31, 2026, and all three portfolios outperformed their benchmarks.

Market Environment

Global financial markets declined in the first quarter amid

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