Summary

• The first quarter was defined by a balance between economic resilience and rising geopolitical and macro uncertainty.
• The U.S. high yield bond market was negative for the quarter amidst elevated volatility, returning approximately -0.55%.
• The Fund returned -0.48%, reflecting performance at the net asset value of Class I shares with all distributions reinvested for the quarter ended March 31, 2026.

Market Review

• The first quarter was defined by a balance between economic resilience and rising geopolitical and macro uncertainty. Market performance faced headwinds from weakness in Technology/Software (driven by AI disruption concerns) and escalating geopolitical tensions, though supportive macroeconomic

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