Summary

• During 1Q26, the Alerian Midstream Energy Select Index was up +23.4%, far outperforming the -4.3% return of the S&P 500 Index.
• Cheniere Energy shares were among the Fund's strongest contributors over the quarter, driven by a powerful combination of geopolitical supply disruption and improving fundamental momentum.
• For 4Q25, results were positive for Targa Resources Corp with a ~6% EBITDA beat, with their Permian volume growth proving to be sustainable in this environment.
• At the recent Analyst Day event in early February, Williams Companies outlook was positive with EBITDA Compound Annual Growth Rate (CAGR) now at +10% through 2030, an increase from the prior 5-7%.
• The midstream energy infrastructure sector continues to generate well above average free cash flow yields yet currently trades at a valuation discount to the broader market.

Performance Recap

Energy infrastructure equities performed very strongly in 1Q26, far outpacing the broad market, though underperforming the broad energy sector. After experiencing a reversal in 2Q25, and having a generally solid year in 2025, the energy sector has performed