What were the Fund costs for the period?

(based on a hypothetical $10,000 investment) 

How did the Fund perform during the period?

• The Fund launched on September 24, 2024 and therefore does not have a full calendar year of performance.

• Strong collateralized loan obligation total returns were driven by high base rates, even as the Federal Reserve began cutting rates in September, and spread tightening driven by a supportive technical and fundamental backdrop.

• Since inception, the Fund performed approximately in line with its benchmark, the J.P. Morgan CLOIE Balanced Mezzanine Index.

• Security selection within BBB rated tranches contributed positively to returns relative to the benchmark, while the underweight to BB rated tranche detracted from relative performance.

Average Annual Total Returns 

* Inception of Fund: 9/24/24 

The performance data quoted represents past performance. Past performance is no guarantee of future results. Performance information for the Fund may reflect temporary fee waivers, if applicable. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

Investment returns and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Individual performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in an index. Indices are unmanaged and returns include the reinvestment of all dividends.

Key Fund Statistics 

• Total Net Assets$60,731,230
• Number of Portfolio Holdings35
• Portfolio Turnover Rate-%
• Advisory Fees Paid$58,156

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform last year?

• The Fund posted a positive return over the period, with regional performance shaped by a balance of opportunities and challenges. While robust infrastructure investments and growing sectors, like technology and consumer goods, supported gains, high inflation, currency volatility and political instability in some markets tempered broader growth, resulting in varied outcomes across the continent.

•  From a country risk perspective, South Africa contributed the most to the Fund’s performance during the period, followed by Kenya and Morocca. Nigeria detracted the most from the Fund’s performance during the period, followed by the United States and the United Arab Emirates.

• In terms of sectors, the financials sector contributed the most to the Fund’s performance during the period, followed by materials and consumer discretionary. The energy sector detracted the most from the Fund’s performance during the period, followed by communication services and health care.

• The leading individual contributors to performance were CMOC Group Ltd., Equity Group Holdings Ltd. and Safaricom PLC.

• The leading individual detractors to performance were MTN Nigeria Communications PLC, Kosmos Energy Ltd. and Maroc Telecom SA.

Average Annual Total Returns 

The performance data quoted represents past performance. Past performance is no guarantee of future results. Performance information for the Fund may reflect temporary fee waivers, if applicable. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

Investment returns and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Individual performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in an index. Indices are unmanaged and returns include the reinvestment of all dividends.

Key Fund Statistics 

• Total Net Assets$43,146,093
• Number of Portfolio Holdings71
• Portfolio Turnover Rate44%
• Advisory Fees Paid$222,487

Material Fund Changes 

The following material fund change occurred during the period ended December 31, 2024:

The Fund's net expense ratio decreased to 0.88% for the year ended December 31, 2024 from 1.31% for the year ended December 31, 2023 primarily as a result of decreased interest expense.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform last year?

• During the period, China’s weak recovery efforts, coupled with a more subdued global growth outlook and anticipation of higher tariffs from the incoming administration, weighed on agricultural commodities and agribusiness equities, particularly in the final months of the year.

• The Fund’s exposure to the health care industry was the primary detractor from Fund performance, followed by the consumer staples and industrials sectors. No sector contributed positively to performance for the period.

• Exposure to companies in the United States, Germany and Canada detracted most from performance, stemming partially from having dominant weights in the Fund.

• The Fund’s exposure to Malaysia, Thailand and the Faroe Islands were modest positive contributors to performance for the period.

• The primary individual detractors from Fund performance were Bayer, Archer-Daniels-Midland and Zoetis.

• The leading individual contributors to performance were Corteva, Deere & Company and Tyson Foods.

Average Annual Total Returns 

The performance data quoted represents past performance. Past performance is no guarantee of future results. Performance information for the Fund may reflect temporary fee waivers, if applicable. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

Investment returns and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Individual performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in an index. Indices are unmanaged and returns include the reinvestment of all dividends.

Key Fund Statistics 

• Total Net Assets$570,086,922
• Number of Portfolio Holdings51
• Portfolio Turnover Rate12%
• Advisory Fees Paid$3,686,740

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment) 

How did the Fund perform during the period?

• The Fund changed its fiscal year-end from April 30 to December 31. For the eight months ended December 31, 2024, the Fund gained 8.11% on a total return basis.

• Business development companies (BDCs) benefited from high base rates, even as the Federal Reserve began cutting rates in September, providing positive total returns during the period.

• Resilient credit fundamentals in the direct lending market also supported BDC performance, as average non-accrual levels remained low.

• Ares Capital Corp. was the top contributor to Fund performance during the period, while Goldman Sachs BDC, Inc. was the greatest detractor.

• The Fund’s utilization of index-linked swaps to achieve its investment objective was not a significant factor to performance during the period.

Average Annual Total Returns 

MVBDCTRG replaced the MVIS^® US Business Development Companies Index (MVBIZDTG) effective June 19, 2023. Index history prior to June 19, 2023 reflects the performance of the MVIS^® US Business Development Companies Index.

The performance data quoted represents past performance. Past performance is no guarantee of future results. Performance information for the Fund may reflect temporary fee waivers, if applicable. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

Investment returns and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Individual performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in an index. Indices are unmanaged and returns include the reinvestment of all dividends.

Key Fund Statistics 

• Total Net Assets$1,369,247,289
• Number of Portfolio Holdings29
• Portfolio Turnover Rate17%
• Advisory Fees Paid$3,204,490

Material Fund Changes 

The following material fund change occurred during the period ended December 31, 2024:

Effective May 31, 2024, the Fund’s principal investment strategies changed to include investments or instruments that have investment exposure to securities that comprise the Fund’s benchmark index, the MVIS^® US Business Development Companies Index, such as swaps and other derivative instruments that have investment exposure to BDCs. 

During the period, the Fund's fiscal year-end changed from April 30 to December 31.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform last year?

• The Fund posted a negative return due to fiscal uncertainty, currency depreciation and policy tightening, which negatively impacted local equities over the period. Declining commodity prices and political uncertainty around tax reforms further pressured equity markets, while high borrowing costs limited corporate earnings growth.

• There were no positive contributors to the Fund’s performance from a sector-level perspective.

• The leading individual contributors to performance were Ambipar Participacoes e Empreendimentos SA, Marfrig Global Foods SA and Santos Brasil Participacoes SA.

• The consumer discretionary sector detracted the most from the Fund’s performance during the period followed by industrials and materials.

• The leading individual detractors from performance were Azul SA Sponsored ADR Pfd, Azzas 2154 SA and Cogna Educacao SA.

Average Annual Total Returns 

The performance data quoted represents past performance. Past performance is no guarantee of future results. Performance information for the Fund may reflect temporary fee waivers, if applicable. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

Investment returns and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Individual performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in an index. Indices are unmanaged and returns include the reinvestment of all dividends.

Key Fund Statistics 

• Total Net Assets$16,069,834
• Number of Portfolio Holdings94
• Portfolio Turnover Rate30%
• Advisory Fees Paid$30,144

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment) 

How did the Fund perform during the period?

• The Fund changed its fiscal year-end from April 30 to December 31. For the eight months ended December 31, 2024, the Fund gained 1.78% on a total return basis. 

• The Fund had a positive return over the period, benefiting from lower Chinese government bond yields which reflected accommodative monetary policies, tepid inflation and weak economic data domestically.

• Policy bank, sovereign and corporate bonds contributed positively to returns over the period.

• Local interest rates contributed positively to returns during the period, however currency depreciation detracted from performance.