How did the Fund perform last year?

The Fund’s Investor Class shares returned 9.16% during the year ended July 31, 2026 versus 2.71% for its benchmark, the Bloomberg U.S. Aggregate Bond Index. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index by keeping duration short and holding floating-rate securities such as Collateralized Loan Obligations (“CLOs”), which generated higher income.

What factors influenced performance during the past year?

The Fund’s fixed income strategy sought to strike a balance between risk and return. Against a backdrop of elevated interest rates, a steady economy, relatively low unemployment, and tight credit spreads, we concentrated the portfolio at the short end of the yield curve, where floating-rate instruments such as CLOs were among the primary drivers of performance.

The largest contributors and detractors to Fund performance during the year on a security basis were as follows:

How has the Fund performed over the past 10 years?

Cumulative Performance of a Hypothetical $10,000 Investment as-of July 31, 2026

What are some Fund statistics?

How did the Fund perform last year?

The Fund’s Institutional Class shares returned 9.93% during the year ended July 31, 2026 versus 2.71% for its benchmark, the Bloomberg U.S. Aggregate Bond Index. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index by keeping duration short and holding floating-rate securities such as Collateralized Loan Obligations (“CLOs”), which generated higher income.

What factors influenced performance during the past year?

The Fund’s fixed income strategy sought to strike a balance between risk and return. Against a backdrop of elevated interest rates, a steady economy, relatively low unemployment, and tight credit spreads, we concentrated the portfolio at the short end of the yield curve, where floating-rate instruments such as CLOs were among the primary drivers of performance.

The largest contributors and detractors to Fund performance during the year on a security basis were as follows:

How has the Fund performed over the past 10 years?

Cumulative Performance of a Hypothetical $100,000 Investment as-of July 31, 2026

What are some Fund statistics?

How did the Fund perform last year?

The Fund’s Investor Class shares returned 3.73% during the year ended July 31, 2026 versus 2.71% for its benchmark, the Bloomberg U.S. Aggregate Bond Index. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index by keeping the core of the portfolio in floating-rate securities with under one year in duration, avoiding the interest-rate risk peers carried in fixed-rate intermediate bonds.

What factors influenced performance during the past year?

The Fund’s fixed income strategy sought to strike a balance between risk and return. Against a backdrop of elevated interest rates, a steady economy, relatively low unemployment, and tight credit spreads, we kept our duration short and concentrated the portfolio at the front end of the yield curve, emphasizing floating-rate securities such as Collateralized Loan Obligations (“CLOs”). This positioning was the primary reason the Fund outperformed its benchmark during the period.

The largest contributors and detractors to Fund performance during the year on a security basis were as follows:

How has the Fund performed over the past 10 years?

Cumulative Performance of a Hypothetical $10,000 Investment as-of July 31, 2026

What are some Fund statistics?

How did the Fund perform last year?

The Fund’s Institutional Class shares returned 4.02% during the year ended July 31, 2026 versus 2.71% for its benchmark, the Bloomberg U.S. Aggregate Bond Index. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index by keeping the core of the portfolio in floating-rate securities with under one year in duration, avoiding the interest-rate risk peers carried in fixed-rate intermediate bonds.

What factors influenced performance during the past year?

The Fund’s fixed income strategy sought to strike a balance between risk and return. Against a backdrop of elevated interest rates, a steady economy, relatively low unemployment, and tight credit spreads, we kept our duration short and concentrated the portfolio at the front end of the yield curve, emphasizing floating-rate securities such as Collateralized Loan Obligations (“CLOs”). This positioning was the primary reason the Fund outperformed its benchmark during the period.

The largest contributors and detractors to Fund performance during the year on a security basis were as follows:

How has the Fund performed over the past 10 years?

Cumulative Performance of a Hypothetical $100,000 Investment as-of July 31, 2026

What are some Fund statistics?

How did the Fund perform last year?

The Fund’s Class A shares returned 3.85% during the year ended July 31, 2026 versus 2.71% for its benchmark, the Bloomberg U.S. Aggregate Bond Index. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index by keeping the core of the portfolio in floating-rate securities with under one year in duration, avoiding the interest-rate risk peers carried in fixed-rate intermediate bonds.

What factors influenced performance during the past year?

The Fund’s fixed income strategy sought to strike a balance between risk and return. Against a backdrop of elevated interest rates, a steady economy, relatively low unemployment, and tight credit spreads, we kept our duration short and concentrated the portfolio at the front end of the yield curve, emphasizing floating-rate securities such as Collateralized Loan Obligations (“CLOs”). This positioning was the primary reason the Fund outperformed its benchmark during the period.

The largest contributors and detractors to Fund performance during the year on a security basis were as follows:

How has the Fund performed since inception?

Cumulative Performance of a Hypothetical $10,000 Investment as-of July 31, 2026

What did the Fund invest in?