For the 12 months ended September 30, 2025, the Fund outperformed its benchmark.

Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns about rising interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

The Fund’s outperformance was driven by overweight positions in credit sectors such as U.S. corporate bonds rated A and BBB, asset-backed securities, and commercial mortgage-backed securities, as well as an underweight position in U.S. Treasuries. Duration was traded tactically but without straying far from the benchmark during the fiscal year.

For the 12 months ended September 30, 2025, the Fund outperformed its benchmark.

Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns about rising interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

The Fund’s outperformance was driven by overweight positions in credit sectors such as U.S. corporate bonds rated A and BBB, asset-backed securities, and commercial-mortgage-backed securities, as well as an underweight position in U.S. Treasuries. Duration, which was traded tactically but without straying far from the benchmark during the fiscal year, added some value.

For the 12 months ended September 30, 2025, the Fund outperformed its benchmark.

Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns about rising interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

The Fund outperformed its benchmark partly by carrying overweight positions in high-quality and investment-grade credit. Exposure to global agencies, an overweight position in mortgage-backed securities, and exposure to short-dated emerging markets bonds also contributed. Positioning within Treasury Inflation-Protected Securities was a minor detractor.

For the 12 months ended September 30, 2025, the Fund outperformed its benchmark.

Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns about rising interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

The Fund outperformed its benchmark partly by carrying overweight positions in high-quality and investment-grade credit. Exposure to global agencies, an overweight position in mortgage-backed securities, and exposure to short-dated emerging markets bonds also contributed. Positioning within Treasury Inflation-Protected Securities was a minor detractor.

For the 12 months ended September 30, 2025, the Fund outperformed its benchmark.

Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns about rising interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

The Fund outperformed its benchmark by carrying an overweight position in high-quality and investment-grade credit. Exposure to global agencies, an overweight position to mortgage-backed securities, and exposure to short-dated emerging markets bonds also contributed. Positioning within Treasury Inflation-Protected Securities was a minor detractor.

For the 12 months ended September 30, 2025, the Fund outperformed its benchmark.

Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns about rising interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

The Fund outperformed its benchmark by carrying an overweight position in high-quality and investment-grade credit. Exposure to global agencies, an overweight position to mortgage-backed securities, and exposure to short-dated emerging markets bonds also contributed. Positioning within Treasury Inflation-Protected Securities was a minor detractor.

For the 12 months ended September 30, 2025, the Fund outperformed its benchmark.

Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns about rising interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

The Fund outperformed its benchmark by carrying an overweight position in high-quality and investment-grade credit. Exposure to global agencies, an overweight position to mortgage-backed securities, and exposure to short-dated emerging markets bonds also contributed. Positioning within Treasury Inflation-Protected Securities was a minor detractor.

For the 12 months ended September 30, 2025, the Fund outperformed its benchmark.

Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns about rising interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

The Fund outperformed its benchmark by carrying an overweight position in high-quality and investment-grade credit. Exposure to global agencies, an overweight position to mortgage-backed securities, and exposure to short-dated emerging markets bonds also contributed. Positioning within Treasury Inflation-Protected Securities was a minor detractor.

From its inception on July 7, 2025, through September 30, 2025, the Fund outperformed its benchmark.

Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns about rising interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

The Fund seeks to outperform its benchmark, which is composed of the full Treasury and agency debenture universe through a portfolio-manager-driven process that uses both top-down and bottom-up inputs.

From the Fund’s inception through September 30, 2025, its outperformance was driven by overweight positions in agency commercial mortgage-backed securities while maintaining an underweight position in U.S. Treasuries. Duration was traded tactically but without straying far from the benchmark.

For the 12 months ended September 30, 2025, the Fund outperformed its benchmark.

Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns about rising interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

The Fund’s performance was driven primarily by bottom-up security selection within the high-yield, emerging markets, and investment-grade corporate sectors.

For the 12 months ended September 30, 2025, the Fund outperformed its benchmark.

Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns about rising interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

The Fund’s performance was driven primarily by bottom-up security selection within the high-yield, emerging markets, and investment-grade corporate sectors.

From its inception on June 9, 2025, through September 30, 2025, the Fund outperformed its benchmark.

Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns about rising interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

The Fund, which is actively managed, seeks to provide total return while generating a moderate to high level of current income. It provides diversified exposure primarily to investment-grade and below-investment-grade U.S. bonds, with selective exposure to debt from other countries, including emerging markets.

From its inception on July 7, 2025, through September 30, 2025, the Fund performed in line with its benchmark.

Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns about rising interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

The Fund seeks to track the performance of an index of the full market of U.S. Treasury Inflation-Protected Securities (TIPS). It is designed for long-term investors to generate returns more closely correlated with realized inflation. Given the Fund’s longer duration relative to a shorter-duration TIPS fund, it has the potential for higher total returns but can have higher real interest rate risk.

From its inception on July 7, 2025, through September 30, 2025, the Fund performed in line with its benchmark.

Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns about rising interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

The Fund seeks to track the performance of an index, providing broad diversified exposure to the U.S. Treasury bond market across maturity levels. It provides current income and high credit quality.