Summary

• The S&P 500 pulled back sharply during the first quarter of 2026 as geopolitical risks moved to the forefront.
• The fund outperformed its benchmark for the quarter.
• The Fund's allocation to higher-dividend-yielding stocks was a significant contributor to performance, as these securities materially outperformed the broader index.

The S&P 500 pulled back sharply during the first quarter of 2026 as geopolitical risks moved to the forefront. Escalating conflict in the Middle East drove a surge in oil prices, contributing to higher bond yields