Brandes Core Plus Fixed Income Fund

Investor Summary

The Fund is managed by a Fixed Income Investment Committee comprising Timothy M. Doyle, David J. Gilson, and Charles S. Gramling, each with extensive experience and CFA credentials in portfolio management and analysis. Charles S. Gramling is Fixed Income Director for the Brandes Fixed Income Group, leading the group in all areas, including strategy development, portfolio management and trading. Fixed Income Portfolio Manager Timothy M. Doyle is responsible for strategy development, portfolio management and trading and is a member of the Fixed Income Investment Committee. Senior Fixed Income Analyst David J. Gilson handles corporate bond research, strategy development, portfolio management and trading, having started with the fund in 2007 with over 14 years tenure. The management team has overseen the Fund since 2024 following a reorganization on August 5, 2024. The Fund assumes the predecessor's financial and performance history.

Fund Strategy

The Brandes Core Plus Fixed Income Fund seeks to maximize long-term total return, consisting of both current income and capital appreciation. The strategy primarily invests in U.S. Treasury and high quality agency and corporate debt. The portfolio may invest up to 25% of its assets in each of non-U.S. dollar-denominated and non-investment grade debt instruments. Brandes has been navigating the fixed-income investment landscape for over 20 years. The Core Plus Fund invests at least 80% of its net assets in U.S. dollar-denominated debt securities, including investment-grade and non-investment grade securities. The Adviser uses value investing principles analyzing creditworthiness via free cash flow, debt-to-equity, and EBITDA metrics. The Fund typically maintains portfolio duration within 20% of its benchmark and employs a bottom-up value-focused investment process with proprietary research and internal rating disciplines to evaluate credit quality independently. A minimum of 75% investment grade at purchase is maintained. The Fund's portfolio turnover rate during October 1, 2024 through March 31, 2025 was 5.39%, reflecting a longer-term holding approach averaging two to five years.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
3.1%	0.08%	0.08%

Executive Summary

The Brandes Core Plus Fixed Income Fund delivered positive returns and outperformed its benchmark in Q1 2026, rising 0.08% versus the Bloomberg U.S. Aggregate Bond Index decline of -0.05%. The quarter began benignly with declining rates but escalated quickly following the U.S.-Israeli military invasion of Iran on February 28, causing energy price spikes, higher rates, and inflation concerns. The manager added high-quality corporate bonds from technology, banking, and pharmaceutical sectors during market volatility, including new positions in Alphabet, Goldman Sachs, JPMorgan, Bank of America, and PNC Financial. Rising stress in private credit markets with valuation concerns and redemption pressures represents a key risk that could spill into public markets. The fund maintains a defensive posture with shorter-duration corporate bonds, strong asset coverage, and meaningful Treasury allocation. Duration is managed 6% shorter than benchmark. While fixed income yields are attractive, corporate bonds remain expensive with tight spreads. The manager continues seeking value opportunities while maintaining prudent risk management.

Forward Outlook

Manager remains optimistic about fund prospects but believes prudence dictates continuing search for value in measured manner while maintaining defensive posture. Fixed income yields are attractive but corporate and mortgage-backed bonds are not cheap. Market uncertainty and potential for widening yield spreads remains a risk.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 21 2026	2026 Q1	BAC, GOOGL, GS, IRM, JPM, KSS, PNC, USB	Corporate Bonds, credit, duration, fixed income, inflation, private credit, Treasuries	-	Fixed income fund outperformed benchmark despite Iran conflict volatility by adding quality corporate bonds during market stress. Manager maintains defensive positioning with shorter duration and Treasury allocation while monitoring private credit stress and fiscal risks. Fixed income yields attractive but corporate spreads remain tight, requiring selective security selection and patient capital deployment.
Jan 23 2026	2025 Q4	ADT, CNSL, COTY, F, GTN, KSS, OGN, SABR, SPR, USB, UVN	Corporate Bonds, credit, duration, Fed policy, fixed income, inflation, Treasuries, Yield Spreads	-	Brandes Core Plus Fixed Income Fund maintains defensive positioning amid historically tight credit spreads and persistent inflation concerns. Despite Fed rate cuts, the manager questions economic justification given 25% cumulative inflation since COVID and emerging private credit stress. Fund favors shorter-duration corporates with strong asset coverage, managing duration 10% below benchmark while remaining optimistic about security selection opportunities.
Oct 21 2025	2025 Q3	BAC, CHTR, F, GS, GTN, KSS, OGN, RIG, SABR, TOL, UVSP	credit, duration, Fed policy, fixed income, inflation, rates, Treasuries	SABR SABR	Brandes Core Plus Fixed Income Fund returned 1.69% in Q3 but underperformed benchmark amid defensive positioning. Manager questions Fed's politically-motivated rate cut with 3% core inflation, notes deteriorating fiscal situation and credit spreads at multi-decade tights. Fund maintains shorter duration, favors quality corporates and Treasuries while remaining underweight mortgage-backed securities, positioned for opportunities if fundamentals become mispriced.
Jul 22 2025	2025 Q2	BAC, CHTR, F, GS, GTN, KSS, OGN, RIG, SABR, TOL, UVSP	Corporate Bonds, Credit Risk, duration, Fed policy, fixed income, Treasury, Yield Spreads	-	Brandes Core Plus Fixed Income Fund maintains defensive positioning amid questionable Fed policy and credit market concerns. Despite Q3 underperformance, the manager emphasizes shorter-duration corporate bonds and Treasury allocation for opportunistic deployment. Unexpected bankruptcies signal potential credit stress while yield spreads sit at multi-decade tight levels, warranting cautious approach to risk-taking.
Mar 31 2025	2025 Q1	ADT, BAC, C, CCI, F, GS, JPM, NFLX, PBI, RIG, RRC, SCHW, TNL, USB	Corporate Bonds, credit spreads, duration, Fed policy, fixed income, tariffs, Treasuries	-	Brandes Core Plus Fixed Income Fund maintained defensive positioning amid tariff-driven market volatility in Q1 2025. Despite equity market stress, credit spreads remain near 30-year tights, suggesting complacency. The fund added select crossover credits while favoring shorter-duration corporates and maintaining Treasury allocation for opportunistic redeployment when spreads widen from current tight levels.
Dec 31 2024	2024 Q4	BAC, C, F, GS, NFLX, RRC, S, SCHW, SPR, USB	credit, duration, Fed policy, fixed income, Treasury	-	Fixed income fund outperformed in Q4 despite rising rates through defensive positioning and corporate bond selection. Fed's hawkish pivot reduces 2025 cut expectations while services inflation remains sticky. Corporate credit priced for perfection with spreads at multi-decade lows. Manager maintains shorter duration and Treasury allocation for opportunistic deployment while emphasizing disciplined credit analysis in current environment.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 21 2026

2026 Q1

BAC, GOOGL, GS, IRM, JPM, KSS, PNC, USB

Corporate Bonds, credit, duration, fixed income, inflation, private credit, Treasuries

Fixed income fund outperformed benchmark despite Iran conflict volatility by adding quality corporate bonds during market stress. Manager maintains defensive positioning with shorter duration and Treasury allocation while monitoring private credit stress and fiscal risks. Fixed income yields attractive but corporate spreads remain tight, requiring selective security selection and patient capital deployment.

Jan 23 2026

2025 Q4

ADT, CNSL, COTY, F, GTN, KSS, OGN, SABR, SPR, USB, UVN

Corporate Bonds, credit, duration, Fed policy, fixed income, inflation, Treasuries, Yield Spreads

Brandes Core Plus Fixed Income Fund maintains defensive positioning amid historically tight credit spreads and persistent inflation concerns. Despite Fed rate cuts, the manager questions economic justification given 25% cumulative inflation since COVID and emerging private credit stress. Fund favors shorter-duration corporates with strong asset coverage, managing duration 10% below benchmark while remaining optimistic about security selection opportunities.

Oct 21 2025

2025 Q3

BAC, CHTR, F, GS, GTN, KSS, OGN, RIG, SABR, TOL, UVSP

credit, duration, Fed policy, fixed income, inflation, rates, Treasuries

SABR
SABR

Brandes Core Plus Fixed Income Fund returned 1.69% in Q3 but underperformed benchmark amid defensive positioning. Manager questions Fed's politically-motivated rate cut with 3% core inflation, notes deteriorating fiscal situation and credit spreads at multi-decade tights. Fund maintains shorter duration, favors quality corporates and Treasuries while remaining underweight mortgage-backed securities, positioned for opportunities if fundamentals become mispriced.

Jul 22 2025

2025 Q2

BAC, CHTR, F, GS, GTN, KSS, OGN, RIG, SABR, TOL, UVSP

Corporate Bonds, Credit Risk, duration, Fed policy, fixed income, Treasury, Yield Spreads

Brandes Core Plus Fixed Income Fund maintains defensive positioning amid questionable Fed policy and credit market concerns. Despite Q3 underperformance, the manager emphasizes shorter-duration corporate bonds and Treasury allocation for opportunistic deployment. Unexpected bankruptcies signal potential credit stress while yield spreads sit at multi-decade tight levels, warranting cautious approach to risk-taking.

Mar 31 2025

2025 Q1

ADT, BAC, C, CCI, F, GS, JPM, NFLX, PBI, RIG, RRC, SCHW, TNL, USB

Corporate Bonds, credit spreads, duration, Fed policy, fixed income, tariffs, Treasuries

Brandes Core Plus Fixed Income Fund maintained defensive positioning amid tariff-driven market volatility in Q1 2025. Despite equity market stress, credit spreads remain near 30-year tights, suggesting complacency. The fund added select crossover credits while favoring shorter-duration corporates and maintaining Treasury allocation for opportunistic redeployment when spreads widen from current tight levels.

Dec 31 2024

2024 Q4

BAC, C, F, GS, NFLX, RRC, S, SCHW, SPR, USB

credit, duration, Fed policy, fixed income, Treasury

Fixed income fund outperformed in Q4 despite rising rates through defensive positioning and corporate bond selection. Fed's hawkish pivot reduces 2025 cut expectations while services inflation remains sticky. Corporate credit priced for perfection with spreads at multi-decade lows. Manager maintains shorter duration and Treasury allocation for opportunistic deployment while emphasizing disciplined credit analysis in current environment.

QUARTER	THEMES	TAGS
2026 Q1	Private Credit Rising stress in private credit market with valuation concerns as high-profile managers slashed loan values from par to zero. Redemption requests exceeded quarterly thresholds. Enormous money inflows led to relaxed underwriting standards and capital extended to undeserving companies.	Private Credit Credit Stress Valuations Liquidity Underwriting
	Inflation Iran conflict and energy price spikes stoked inflation fears. Inflation has been above target for over five years, making it harder to assume public will shrug off shocks as one-off events. Energy prices likely to decline to higher baseline than before conflict.	Inflation Energy Iran Monetary Policy Rates
	Rates Interest rates moved sharply higher after Iran conflict. Market outlook shifted from expecting two Fed rate cuts in 2026 to steady fed funds rate throughout the year. Fixed income yields are attractive but corporate bonds not cheap.	Interest Rates Fed Policy Monetary Policy Bond Yields Duration
2025 Q4	AI Manager sees AI as driving significant growth across multiple portfolio holdings. Alphabet's AI monetization through Google Cloud and Gemini platform enhancements exceeded expectations. Applied Materials benefits from AI-related capacity buildout in advanced logic and high-bandwidth memory. Apple's on-device AI features showed strong early adoption, particularly in Pro models.	Cloud Infrastructure Monetization Adoption Training
	Cloud Cloud infrastructure represents a major growth driver with Google Cloud growing over 30% year-over-year supported by rapid adoption of AI training and inference services. Microsoft Azure revenue increased 39% year-over-year with strong remaining performance obligations providing multi-year revenue visibility. Manager views cloud as reinforcing competitive advantages.	Infrastructure Growth Services Revenue Adoption
	Semiconductors Semiconductor equipment sector rallied on improving wafer-fab spending visibility. Applied Materials saw mid-teens growth in semiconductor systems revenue driven by AI-related capacity, particularly advanced logic and high-bandwidth memory. Major foundries raised 2026 capex plans signaling durable multi-year demand for leadership technologies.	Equipment Capex Foundries Memory Logic
	Pharmaceuticals Eli Lilly delivered exceptional growth with revenue rising 54% year-over-year driven by GLP-1 franchises Mounjaro and Zepbound, where sales more than doubled. Manager believes Lilly remains one of the highest-quality growth franchises in global healthcare with leadership in diabetes, obesity, and neuroscience providing durable competitive advantages.	GLP1 Diabetes Obesity Growth Pipeline
	Streaming Netflix faced headwinds from investor concerns around near-term subscriber growth and rising content spending. Management guided to slower net subscriber additions after recent price increases, and margins were pressured by elevated investment in live sports and international content. Proposed Warner Bros. Discovery acquisition introduces integration and regulatory concerns.	Subscribers Content Sports Acquisition Competition
2025 Q3	Rates The Fed cut rates by 25 basis points in September despite upgrading GDP estimates and predicting inflation will remain above target. The manager questions whether this was data-driven or politically motivated, noting it's historically rare to cut rates when core inflation is at 3% absent a market crisis. Markets expect two more cuts by year-end with fed funds settling at 3% by end of 2026.	Fed Policy Rate Cuts Inflation Monetary Policy Political Pressure
	Credit Stress The manager highlights unexpected bankruptcies in the quarter including subprime auto lender Tricolor Holdings and auto parts company First Brands, with potential bankruptcy looming for Brazilian petrochemical company Braskem. These developments are being watched to assess whether they signal broader cracks forming in credit markets, especially given that yield spreads are at multi-decade tight levels.	Bankruptcies Credit Quality Yield Spreads Default Risk Market Stress
	Travel The fund added a position in Sabre Global, a software and technology provider to the global travel industry facing macro headwinds as the travel industry is in recession. However, Sabre has released a new technology platform gaining market share, sold a hospitality division for debt reduction, and is generating positive free cash flow while executing well operationally.	Travel Industry Technology Platform Market Share Debt Reduction Operational Execution
2025 Q2	Rates The Fed cut rates by 25 basis points in September despite upgrading GDP estimates and predicting inflation will remain above target. The manager questions whether this was data-driven or politically motivated, noting it's historically rare to cut rates when core CPI is at 3% absent a market crisis. Markets expect two more cuts by year-end with fed funds settling at 3% by end of 2026.	Fed Policy Rate Cuts Monetary Policy Interest Rates Inflation
	Credit Stress The manager highlights unexpected bankruptcies in the quarter including subprime auto lender Tricolor Holdings and auto parts company First Brands, with potential bankruptcy looming for Brazilian petrochemical company Braskem. These developments are being watched to assess whether they signal broader cracks forming in credit markets, especially given that yield spreads are at multi-decade tight levels.	Bankruptcies Credit Risk Yield Spreads Default Risk Credit Markets
	Travel The fund added a position in Sabre Global, a software and technology provider to the global travel industry facing macro headwinds as the travel industry is in recession. However, Sabre has released a new technology platform gaining market share, sold a hospitality division for debt reduction, and is generating positive free cash flow while executing well operationally.	Travel Industry Technology Platform Market Share Debt Reduction Free Cash Flow
2025 Q1	Trade Policy Trump administration introduced tariffs during the quarter that were more draconian than market expectations. The manager references historical context of Hawley-Smoot tariffs in 1930 and their negative economic impact. Tariff policy appears central to the current administration's approach and creates market uncertainty.	Tariffs Trade War Policy Inflation Uncertainty
	Rates Fed left rates unchanged during both meetings in the quarter. Core CPI remained above 3% for 46 consecutive months, making the last mile of inflation reduction challenging. Market projects four rate cuts by year-end despite elevated tariff environment potentially adding upward pressure to inflation.	Fed Interest Rates Inflation CPI Monetary Policy
	Credit Stress Yield spreads finished the quarter at or near their tightest levels in three decades across multiple bond sectors. The manager believes the broader market appears priced for perfection and complacent to shifting risk tides, creating potential for widening yield spreads ahead.	Spreads Credit Risk Complacency Valuation
2024 Q4	Rates Fed delivered a hawkish 25 basis point cut in December, reducing projected 2025 rate cuts from 100 to 50 basis points. The neutral fed funds rate may ultimately be higher than forecasted, with fundamental data suggesting rates may need to remain elevated given strong economic conditions and persistent services inflation.	Fed Neutral Rate Monetary Policy Inflation Treasury
	Inflation Services inflation remains sticky at above 4.25% throughout 2024, while goods inflation has declined. The Fed pushed out their 2% inflation target timeline to 2027, suggesting the last mile of inflation reduction may continue to prove challenging.	Services Goods Fed Target Sticky Core
	Credit Stress Corporate bond market is priced for perfection with yield spreads near three-decade lows. The manager emphasizes the premium on credit analysis and security selection, noting that corporate and mortgage-backed bonds are not cheap despite attractive overall yields.	Spreads Corporate Bonds Credit Analysis Perfection Selection

QUARTER

THEMES

Private Credit

Rising stress in private credit market with valuation concerns as high-profile managers slashed loan values from par to zero. Redemption requests exceeded quarterly thresholds. Enormous money inflows led to relaxed underwriting standards and capital extended to undeserving companies.

Private Credit Credit Stress Valuations Liquidity Underwriting

Inflation

Iran conflict and energy price spikes stoked inflation fears. Inflation has been above target for over five years, making it harder to assume public will shrug off shocks as one-off events. Energy prices likely to decline to higher baseline than before conflict.

Inflation Energy Iran Monetary Policy Rates

Rates

Interest rates moved sharply higher after Iran conflict. Market outlook shifted from expecting two Fed rate cuts in 2026 to steady fed funds rate throughout the year. Fixed income yields are attractive but corporate bonds not cheap.

Interest Rates Fed Policy Monetary Policy Bond Yields Duration

2025 Q4

AI

Manager sees AI as driving significant growth across multiple portfolio holdings. Alphabet's AI monetization through Google Cloud and Gemini platform enhancements exceeded expectations. Applied Materials benefits from AI-related capacity buildout in advanced logic and high-bandwidth memory. Apple's on-device AI features showed strong early adoption, particularly in Pro models.

Cloud Infrastructure Monetization Adoption Training

Cloud

Cloud infrastructure represents a major growth driver with Google Cloud growing over 30% year-over-year supported by rapid adoption of AI training and inference services. Microsoft Azure revenue increased 39% year-over-year with strong remaining performance obligations providing multi-year revenue visibility. Manager views cloud as reinforcing competitive advantages.

Infrastructure Growth Services Revenue Adoption

Semiconductors

Semiconductor equipment sector rallied on improving wafer-fab spending visibility. Applied Materials saw mid-teens growth in semiconductor systems revenue driven by AI-related capacity, particularly advanced logic and high-bandwidth memory. Major foundries raised 2026 capex plans signaling durable multi-year demand for leadership technologies.

Equipment Capex Foundries Memory Logic

Pharmaceuticals

Eli Lilly delivered exceptional growth with revenue rising 54% year-over-year driven by GLP-1 franchises Mounjaro and Zepbound, where sales more than doubled. Manager believes Lilly remains one of the highest-quality growth franchises in global healthcare with leadership in diabetes, obesity, and neuroscience providing durable competitive advantages.

GLP1 Diabetes Obesity Growth Pipeline

Streaming

Netflix faced headwinds from investor concerns around near-term subscriber growth and rising content spending. Management guided to slower net subscriber additions after recent price increases, and margins were pressured by elevated investment in live sports and international content. Proposed Warner Bros. Discovery acquisition introduces integration and regulatory concerns.

Subscribers Content Sports Acquisition Competition

2025 Q3

Rates

The Fed cut rates by 25 basis points in September despite upgrading GDP estimates and predicting inflation will remain above target. The manager questions whether this was data-driven or politically motivated, noting it's historically rare to cut rates when core inflation is at 3% absent a market crisis. Markets expect two more cuts by year-end with fed funds settling at 3% by end of 2026.

Fed Policy Rate Cuts Inflation Monetary Policy Political Pressure

Credit Stress

The manager highlights unexpected bankruptcies in the quarter including subprime auto lender Tricolor Holdings and auto parts company First Brands, with potential bankruptcy looming for Brazilian petrochemical company Braskem. These developments are being watched to assess whether they signal broader cracks forming in credit markets, especially given that yield spreads are at multi-decade tight levels.

Bankruptcies Credit Quality Yield Spreads Default Risk Market Stress

Travel

The fund added a position in Sabre Global, a software and technology provider to the global travel industry facing macro headwinds as the travel industry is in recession. However, Sabre has released a new technology platform gaining market share, sold a hospitality division for debt reduction, and is generating positive free cash flow while executing well operationally.

Travel Industry Technology Platform Market Share Debt Reduction Operational Execution

2025 Q2

Rates

The Fed cut rates by 25 basis points in September despite upgrading GDP estimates and predicting inflation will remain above target. The manager questions whether this was data-driven or politically motivated, noting it's historically rare to cut rates when core CPI is at 3% absent a market crisis. Markets expect two more cuts by year-end with fed funds settling at 3% by end of 2026.

Fed Policy Rate Cuts Monetary Policy Interest Rates Inflation

Credit Stress

Bankruptcies Credit Risk Yield Spreads Default Risk Credit Markets

Travel

Travel Industry Technology Platform Market Share Debt Reduction Free Cash Flow

2025 Q1

Trade Policy

Trump administration introduced tariffs during the quarter that were more draconian than market expectations. The manager references historical context of Hawley-Smoot tariffs in 1930 and their negative economic impact. Tariff policy appears central to the current administration's approach and creates market uncertainty.

Tariffs Trade War Policy Inflation Uncertainty

Rates

Fed left rates unchanged during both meetings in the quarter. Core CPI remained above 3% for 46 consecutive months, making the last mile of inflation reduction challenging. Market projects four rate cuts by year-end despite elevated tariff environment potentially adding upward pressure to inflation.

Fed Interest Rates Inflation CPI Monetary Policy

Credit Stress

Yield spreads finished the quarter at or near their tightest levels in three decades across multiple bond sectors. The manager believes the broader market appears priced for perfection and complacent to shifting risk tides, creating potential for widening yield spreads ahead.

Spreads Credit Risk Complacency Valuation

2024 Q4

Rates

Fed delivered a hawkish 25 basis point cut in December, reducing projected 2025 rate cuts from 100 to 50 basis points. The neutral fed funds rate may ultimately be higher than forecasted, with fundamental data suggesting rates may need to remain elevated given strong economic conditions and persistent services inflation.

Fed Neutral Rate Monetary Policy Inflation Treasury

Inflation

Services inflation remains sticky at above 4.25% throughout 2024, while goods inflation has declined. The Fed pushed out their 2% inflation target timeline to 2027, suggesting the last mile of inflation reduction may continue to prove challenging.

Services Goods Fed Target Sticky Core

Credit Stress

Corporate bond market is priced for perfection with yield spreads near three-decade lows. The manager emphasizes the premium on credit analysis and security selection, noting that corporate and mortgage-backed bonds are not cheap despite attractive overall yields.

Spreads Corporate Bonds Credit Analysis Perfection Selection

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Oct 21, 2025	Fund Letters	Timothy M. Doyle	SABR	Sabre Corp.	Information Technology	Travel Technology	Bull	NASDAQ	Bonds, Collateral, credit quality, deleveraging, Free Cash Flow, Software, Travel	Login
Oct 21, 2025	Fund Letters	Timothy M. Doyle	SABR	Sabre Corp.	Information Technology	Travel Technology	Bull	NASDAQ	Bonds, Collateral, credit quality, deleveraging, Free Cash Flow, Software, Travel	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Oct 21, 2025

Fund Letters

Timothy M. Doyle

SABR

Sabre Corp.

Information Technology

Travel Technology

Bull

NASDAQ

Bonds, Collateral, credit quality, deleveraging, Free Cash Flow, Software, Travel

Oct 21, 2025

Fund Letters

Timothy M. Doyle

SABR

Sabre Corp.

Information Technology

Travel Technology

Bull

NASDAQ

Bonds, Collateral, credit quality, deleveraging, Free Cash Flow, Software, Travel

TICKER	COMMENTARY
GOOGL	The Fund added new positions in Alphabet Inc. (4.10% coupon, maturing 2/15/31, rated Aa2/AA-)
GS	The Fund added new positions in Goldman Sachs (5.049% coupon, maturing 7/23/30, rated A2/BBB+)
JPM	The Fund added new positions in JPMorgan (5.14% coupon, maturing 1/24/31, rated A1/A)
BAC	The Fund added new positions in Bank of America (5.162% coupon, maturing 1/24/31, rated A1/A-). The Fund experienced a maturity in Bank of America
PNC	The Fund added new positions in PNC Financial (4.075% coupon, maturing 1/26/29, rated A3/A-)
USB	Select holdings in banking (US Bank, Goldman Sachs, and Bank of America) provided a positive contribution to returns during the quarter
IRM	Select holdings in technology (Sabre Global, Iron Mountain, and Alphabet) provided a positive contribution to returns during the quarter
KSS	Select holdings in retail (Kohl's Corp.) modestly detracted from returns

TICKER

COMMENTARY

GOOGL

The Fund added new positions in Alphabet Inc. (4.10% coupon, maturing 2/15/31, rated Aa2/AA-)

The Fund added new positions in Goldman Sachs (5.049% coupon, maturing 7/23/30, rated A2/BBB+)

JPM

The Fund added new positions in JPMorgan (5.14% coupon, maturing 1/24/31, rated A1/A)

BAC

The Fund added new positions in Bank of America (5.162% coupon, maturing 1/24/31, rated A1/A-). The Fund experienced a maturity in Bank of America

PNC

The Fund added new positions in PNC Financial (4.075% coupon, maturing 1/26/29, rated A3/A-)

USB

Select holdings in banking (US Bank, Goldman Sachs, and Bank of America) provided a positive contribution to returns during the quarter

IRM

Select holdings in technology (Sabre Global, Iron Mountain, and Alphabet) provided a positive contribution to returns during the quarter

KSS

Select holdings in retail (Kohl's Corp.) modestly detracted from returns

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

Ticker

Put/Call

Amount Bought

Shares Bought

% Change

Weight %

No Recent Buys Data

Ticker	Put/Call	Amount Sold	Shares Sold	% Change	Weight %	Status
No Recent Sells Data

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

Prev Quarter %

Current Quarter %

Change

No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Private Credit

Inflation

Rates

AI

Cloud

Semiconductors

Pharmaceuticals

Streaming

Rates

Credit Stress

Travel

Rates

Credit Stress

Travel

Trade Policy

Rates

Credit Stress

Rates

Inflation

Credit Stress

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Timothy M. Doyle Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Brandes Core Plus Fixed Income Fund