Summary

• Performance this quarter includes a fair value adjustment to the international holdings, which contributed +238bps1 to the fund's quarter-end return, which drove a net asset value return that outperformed the MSCI EAFE Index.
• Equity markets finished the period lower despite a strong start to the year, reflecting a quarter of two distinct halves.
• Stock-specific effects were most negative in Information Technology, Materials and Industrials.

Performance

• Performance this quarter includes a fair value adjustment to the international holdings, which contributed +238bps¹ to the fund's quarter-end return, which drove a net asset value return that outperformed the MSCI EAFE Index. On

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