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Manager Directed Portfolios
2026-03-31
Pemberwick Fund
Pemberwick Fund
2026-03-31
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">This </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">annual shareholder report</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;"> contains important information about the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">Pemberwick Fund (the “Fund”) for the period of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">April </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">1, 2025, to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">March 31, 2026. </span>
annual shareholder report
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">You can find additional information about the Fund at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">https://pemberwickfund.com/</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">. You can also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">request this information by contacting us at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">1-888-893-4491</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">.</span>
https://pemberwickfund.com/
1-888-893-4491
<div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#1447FF;;"><b>WHAT WERE THE FUND COSTS FOR THE PAST YEAR? </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(based on a hypothetical $10,000 investment)</span></div><div>
<table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #E6FAFF;border-left:1.5pt solid #E6FAFF; border-right:1.5pt solid #E6FAFF; border-bottom:1.5pt solid #E6FAFF; margin-left:7.9pt;">
<tr style="height:1px;">
<td style="height:1px;width:50%;background-color:#E6FAFF;"></td>
<td style="height:1px;width:22.33812949640288%;background-color:#E6FAFF;"></td>
<td style="height:1px;width:27.661870503597125%;background-color:#E6FAFF;"></td>
</tr>
<tr>
<td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom">
<div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Fund Name</b></span></div>
</td>
<td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom">
<div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Costs of a $10,000 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>investment</b></span></div>
</td>
<td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom">
<div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Costs paid as a percentage of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>a $10,000 investment</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="background-color:#E6FAFF;;vertical-align:bottom">
<div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Pemberwick Fund</span></div>
</td>
<td colspan="1" style="background-color:#E6FAFF;;vertical-align:bottom">
<div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$40</span></div>
</td>
<td colspan="1" style="background-color:#E6FAFF;;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.39%</span></div>
</td>
</tr>
</table></div>
40
0.0039
<div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#1447FF;;"><b>HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?</b></span></span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">For the fiscal year ended March 31, 2026, the Fund generated a total investment return of 4.00% net of expenses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">compared to the Bloomberg U.S. Aggregate Bond Index return of 4.35% (which excludes expenses). Yields on the 2-Year </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Treasury were relatively flat for the year, resulting in the Fund’s net asset value (“NAV”) remaining flat, at $9.96 per share.</span></div><div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#161616;;"><b>POSITIONING</b></span></span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">The Fund continues to be invested primarily in investment grade floating rate bonds issued by financial institutions with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">assets greater than $250 billion (currently 55.3% of the Fund’s net assets). The Fund’s strategy is to purchase these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">floating rate bonds with shorter duration, not exceeding two years, picking up additional yield from the financial sector </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">without taking any more risk in our opinion and tracking the Fed’s current interest rate position.</span></div>
<div><img alt="image" src="ts7202img002.jpg" style="width:88.88888888888889%"/></div>
<div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#161616;;"><b>ANNUAL AVERAGE TOTAL RETURN (%)</b></span></span></div><div>
<table cellspacing="0" style="width:98%;cellspacing:0;margin-left:7.75pt;border-bottom:1.5pt solid #778B8B;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:47.530575539568346%;"></td>
<td style="height:1px;width:17.489208633093526%;"></td>
<td style="height:1px;width:17.140287769784173%;"></td>
<td style="height:1px;width:17.83992805755396%;"></td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>5 Year</b></span></div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>10 Year</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #778B8B;vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Pemberwick Fund</b></span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.00</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">3.24</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">2.47</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #778B8B;vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Bloomberg U.S. Aggregate Bond Index</b></span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.35</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.31</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">1.70</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Bloomberg 1-3 Year US Government/Credit Index</b></span>
</div>
</td>
<td colspan="1" style="white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">3.96</span></div>
</td>
<td colspan="1" style="white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">2.04</span></div>
</td>
<td colspan="1" style="white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">2.02</span></div>
</td>
</tr>
</table></div>
Pemberwick Fund
0.0400
0.0324
0.0247
Bloomberg U.S. Aggregate Bond Index
0.0435
0.0031
0.0170
Bloomberg 1-3 Year US Government/Credit Index
0.0396
0.0204
0.0202
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Visit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">https://pemberwickfund.com/</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"> for more recent performance information.</span></div>
The Fund’s past performance is not a good predictor of how the Fund will perform in the future.
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;color:#6B6B6B;;margin-left:18pt;margin-left:0pt;"><i>The graph and table do not reflect </i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;color:#6B6B6B;;margin-left:18pt;margin-left:0pt;"><i>the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</i></span>
<div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#1447FF;;"><b>KEY FUND STATISTICS </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">March 31, 2026)</span></div><div>
<table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #6B6B6B;margin-left:7.75pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:74.41007194244604%;"></td>
<td style="height:1px;width:25.58992805755396%;"></td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Net Assets</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$184,602,452</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Number of Holdings</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">158</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Net Advisory Fee Paid</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$298,205</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Portfolio Turnover Rate</b></span></div>
</td>
<td colspan="1" style="white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">50%</span></div>
</td>
</tr>
</table></div>
184602452
158
298205
0.50
<div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#1447FF;;"><b>WHAT DID THE FUND INVEST IN? </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">March 31, 2026)</span></div><div>
<table cellspacing="0" style="width:98%;cellspacing:0;margin-left:8.25pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:81.23020257826887%;"></td>
<td style="height:1px;width:18.769797421731123%;"></td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top Sectors</b></span></div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>(% of Net </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Assets)</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Financials</span></span>
</div>
</td>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">55.3%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">U.S. Treasury Bills</span></span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">16.9%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Technology</span></span>
</div>
</td>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">2.2%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Health Care</span></span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">2.2%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">U.S Treasury Securities</span></span>
</div>
</td>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">2.0%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Consumer Discretionary</span></span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">1.9%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Utilities</span></span>
</div>
</td>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">1.3%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Industrials</span></span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">1.3%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Communications</span></span>
</div>
</td>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">1.2%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Collateralized Mortgage Obligations</span></span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">1.0%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">U.S. Government Agency Obligations</span></span>
</div>
</td>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.8%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Cash & Other</span></span>
</div>
</td>
<td colspan="1" style="white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">13.9%</span></div>
</td>
</tr>
</table></div><div>
<table cellspacing="0" style="width:98%;cellspacing:0;margin-left:0pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:81.23020257826887%;"></td>
<td style="height:1px;width:18.769797421731123%;"></td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top 10 Issuers</b></span></div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>(% of Net </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Assets)</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">United States Treasury Bills</span></span>
</div>
</td>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">16.9%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">First American Government Obligations Fund</span></span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">12.1%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Royal Bank of Canada</span></span>
</div>
</td>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">5.1%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Bank of New York Mellon Corp.</span></span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.2%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Citibank NA</span></span>
</div>
</td>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">3.8%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Capital One Financial Corp.</span></span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">3.8%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">New York Life Global Funding</span></span>
</div>
</td>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">3.4%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Bank of America Corp.</span></span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">3.3%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Sumitomo Mitsui Financial Group, Inc.</span></span>
</div>
</td>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">3.4%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Canadian Imperial Bank of Commerce</span></span>
</div>
</td>
<td colspan="1" style="white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">3.3%</span></div>
</td>
</tr>
</table></div>
0.553
0.169
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0.010
0.008
0.139
0.169
0.121
0.051
0.042
0.038
0.038
0.034
0.033
0.034
0.033
https://pemberwickfund.com/
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