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Cantor Fitzgerald Commodity Strategy Trust
2026-04-30
Cantor Fitzgerald Commodity Return Strategy Fund
Class I
CRSOX
This Semi-Annual shareholder report contains important information about Cantor Fitzgerald Commodity Return Strategy Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026.
Semi-Annual shareholder report
You can find additional information about the Fund at Cantor Website. You can also request this information by contacting us at 855‑922‑6867.
855‑922‑6867
<span style="font-weight:bold">This report describes changes to the Fund that occurred during the reporting period</span>.
<div style="margin-top:4pt;margin-bottom:0pt;font-size:12pt;font-family:arial;"><span style="color:#052175"><span style="font-weight:bold">What were the Fund costs for the last six months? </span></span></div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="color:#052175"><span style="font-weight:bold">Semi-Annual Fund Operating Expenses </span></span></div><div style="margin-top:4pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="color:#0542b7">(based on a hypothetical $10,000 investment) </span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:15%;"></td>
<td style="vertical-align:bottom;width:4%;"></td>
<td></td>
<td style="vertical-align:bottom;width:4%;"></td>
<td></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="vertical-align:bottom;"><span style="color:#052175"><span style="font-weight:bold">Class</span></span></td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;"><span style="color:#052175"><span style="font-weight:bold">Costs of a $10,000</span></span></td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;"><span style="color:#052175"><span style="font-weight:bold">Costs paid as a percentage of</span></span></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="2" style="height:3pt;"></td>
<td colspan="2" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"><span style="color:#052175"><span style="font-weight:bold">Name</span></span></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"><span style="color:#052175"><span style="font-weight:bold">investment</span></span></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"><span style="color:#052175"><span style="font-weight:bold">a $10,000 investment</span></span></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="2" style="height:3pt;"></td>
<td colspan="2" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:4pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;"><span style="color:#0542b7">Class I</span></div></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:4pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;white-space:nowrap;"><span style="color:#0542b7">$46 </span></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:4pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;white-space:nowrap;"><span style="color:#0542b7">0.80% </span></td> </tr> </table>
46
0.0080
<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:71%;"></td>
<td style="vertical-align:bottom;width:4%;"></td>
<td></td>
<td style="vertical-align:bottom;width:4%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:10pt">
<td colspan="6" style="padding-bottom:4pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"><span style="font-size:12pt;color:#052175"><span style="font-weight:bold">Key Fund Statistics</span></span></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td colspan="3" style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td colspan="3" style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;"><span style="color:#0542b7">Total Net Assets</span></div></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7">$</span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="color:#0542b7">1,502,619,207</span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td colspan="3" style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td colspan="3" style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;"><span style="color:#0542b7"># of Portfolio Holdings</span></div></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="color:#0542b7">92</span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td colspan="3" style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td colspan="3" style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;"><span style="color:#0542b7">Portfolio Turnover Rate</span></div></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="color:#0542b7">37%</span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td> </tr> </table>
1502619207
92
0.37
<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:87%;"></td>
<td style="vertical-align:bottom;width:3%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:10pt">
<td colspan="4" style="padding-bottom:4pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"><span style="font-size:12pt;color:#052175"><span style="font-weight:bold">Portfolio Breakdown (% of Total Investments)</span></span></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;"><span style="color:#0542b7">United States Treasury Obligations</span></div></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="color:#0542b7">43.5%</span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;"><span style="color:#0542b7">Commodity Indexed Structured Notes</span></div></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="color:#0542b7">37.2</span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;"><span style="color:#0542b7">United States Agency Obligations</span></div></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="color:#0542b7">16.8</span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;"><span style="color:#0542b7">Short-Term Investments</span></div></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="color:#0542b7">2.5</span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td> </tr> </table><div style="margin-top:120pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="color:#0542b7">Derivatives are not reflected in amounts reported above. </span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:87%;"></td>
<td style="vertical-align:bottom;width:6%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td colspan="5" style="BORDER-TOP:1.00pt solid #052175;height:3pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td colspan="4" style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:12pt;font-family:arial;"><span style="color:#052175"><span style="font-weight:bold">Top 10 Holdings (% of Net Assets)</span></span></div> <div style="font-size:18pt;margin-top:0pt;margin-bottom:1pt;"> </div></td>
<td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0em;text-indent:0em;font-size:12pt;font-family:arial;"><span style="color:#052175"><span style="font-weight:bold"> </span></span></div> <div style="font-size:18pt;margin-top:0pt;margin-bottom:1pt;"></div></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">BNP Paribas Issuance BV, Commodity Index Linked Company Guaranteed Notes, 3.740%, due 11/23/26</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;vertical-align:middle;text-align:right;"><span style="color:#0542b7">7.2%</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">Royal Bank of Canada, Commodity Index Linked Senior Unsecured Notes, 3.640%, due 09/16/26</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">7.2</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">Bank of Montreal, Commodity Index Linked Senior Unsecured Notes, 3.630%, due 12/29/26</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">6.2</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">Canadian Imperial Bank of Commerce, Commodity Index Linked Senior Unsecured Notes, 3.640%, due 03/24/27</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">5.6</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">BofA Finance LLC, Commodity Index Linked Senior Unsecured Notes, 3.707%, due 03/11/27</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">5.3</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">U.S. Treasury Floating Rate Notes, 3.722%, due 01/31/28</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;vertical-align:middle;text-align:right;"><span style="color:#0542b7">5.0</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">Goldman Sachs International Bank, Commodity Index Linked Senior Unsecured Notes, 3.660%, due 03/30/27</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">4.9</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">U.S. Treasury Floating Rate Notes, 3.726%, due 04/30/28</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;vertical-align:middle;text-align:right;"><span style="color:#0542b7">2.9</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">U.S. Treasury Notes, 4.250%, due 02/15/28</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;vertical-align:middle;text-align:right;"><span style="color:#0542b7">2.8</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"><span style="color:#0542b7">U.S. Treasury Floating Rate Notes, 3.783%, due 04/30/27</span></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:middle;text-align:right;"><span style="color:#0542b7">2.7</span></td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr> </table>
0.435
0.372
0.168
0.025
<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:87%;"></td>
<td style="vertical-align:bottom;width:6%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td colspan="5" style="BORDER-TOP:1.00pt solid #052175;height:3pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td colspan="4" style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:12pt;font-family:arial;"><span style="color:#052175"><span style="font-weight:bold">Top 10 Holdings (% of Net Assets)</span></span></div> <div style="font-size:18pt;margin-top:0pt;margin-bottom:1pt;"> </div></td>
<td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0em;text-indent:0em;font-size:12pt;font-family:arial;"><span style="color:#052175"><span style="font-weight:bold"> </span></span></div> <div style="font-size:18pt;margin-top:0pt;margin-bottom:1pt;"></div></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">BNP Paribas Issuance BV, Commodity Index Linked Company Guaranteed Notes, 3.740%, due 11/23/26</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;vertical-align:middle;text-align:right;"><span style="color:#0542b7">7.2%</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">Royal Bank of Canada, Commodity Index Linked Senior Unsecured Notes, 3.640%, due 09/16/26</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">7.2</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">Bank of Montreal, Commodity Index Linked Senior Unsecured Notes, 3.630%, due 12/29/26</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">6.2</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">Canadian Imperial Bank of Commerce, Commodity Index Linked Senior Unsecured Notes, 3.640%, due 03/24/27</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">5.6</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">BofA Finance LLC, Commodity Index Linked Senior Unsecured Notes, 3.707%, due 03/11/27</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">5.3</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">U.S. Treasury Floating Rate Notes, 3.722%, due 01/31/28</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;vertical-align:middle;text-align:right;"><span style="color:#0542b7">5.0</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">Goldman Sachs International Bank, Commodity Index Linked Senior Unsecured Notes, 3.660%, due 03/30/27</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">4.9</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">U.S. Treasury Floating Rate Notes, 3.726%, due 04/30/28</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;vertical-align:middle;text-align:right;"><span style="color:#0542b7">2.9</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">U.S. Treasury Notes, 4.250%, due 02/15/28</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;vertical-align:middle;text-align:right;"><span style="color:#0542b7">2.8</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"><span style="color:#0542b7">U.S. Treasury Floating Rate Notes, 3.783%, due 04/30/27</span></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:middle;text-align:right;"><span style="color:#0542b7">2.7</span></td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr> </table>
0.072
0.072
0.062
0.056
0.053
0.050
0.049
0.029
0.028
0.027
<div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;"><span style="color:#052175"><span style="font-weight:bold">Material Fund Changes </span></span></div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="color:#0542b7">The below is a summary of certain changes that occurred since the Portfolio’s prior fiscal year ended October 31, 2025. On May 28, 2025, UBS Asset Management (Americas) LLC (“UBS AM (Americas)”) entered into a definitive agreement (the “Purchase Agreement”) with O’Connor Alternative Investments, LLC (“O’Connor Alternative Investments”), an indirect wholly owned subsidiary of Cantor Fitzgerald, L.P., pursuant to which O’Connor Alternative Investments acquired UBS AM (Americas)’s O’Connor investment platform (the “Transaction”). The portion of the Transaction related to the Fund closed on April 1, 2026. Related to the Transaction, the Board of Trustees of the Trust approved a new Investment Management Agreement (the “New Investment Management Agreement”) with O’Connor Alternative Investments and approved new trustees for the Board of Trustees. The New Investment Advisory Agreement and new trustees were also approved by shareholders at a meeting held on December 15, 2026. The new trustees began serving as trustees as of March 13, 2026, and the New Investment Management Agreement took effect on April 1, 2026 upon the closing of the Transaction. </span></div>
Cantor Fitzgerald Commodity Return Strategy Fund
Class A
CRSAX
This Semi-Annual shareholder report contains important information about Cantor Fitzgerald Commodity Return Strategy Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026.
Semi-Annual shareholder report
You can find additional information about the Fund at Cantor Website. You can also request this information by contacting us at 855‑922‑6867.
855‑922‑6867
<span style="font-weight:bold">This report describes changes to the Fund that occurred during the reporting period</span>.
<div style="margin-top:4pt;margin-bottom:0pt;font-size:12pt;font-family:arial;"><span style="color:#052175"><span style="font-weight:bold">What were the Fund costs for the last six months? </span></span></div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="color:#052175"><span style="font-weight:bold">Semi-Annual Fund Operating Expenses </span></span></div><div style="margin-top:4pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="color:#0542b7">(based on a hypothetical $10,000 investment) </span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:15%;"></td>
<td style="vertical-align:bottom;width:4%;"></td>
<td></td>
<td style="vertical-align:bottom;width:4%;"></td>
<td></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="vertical-align:bottom;"><span style="color:#052175"><span style="font-weight:bold">Class</span></span></td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;"><span style="color:#052175"><span style="font-weight:bold">Costs of a $10,000</span></span></td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;"><span style="color:#052175"><span style="font-weight:bold">Costs paid as a percentage of</span></span></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="2" style="height:3pt;"></td>
<td colspan="2" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"><span style="color:#052175"><span style="font-weight:bold">Name</span></span></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"><span style="color:#052175"><span style="font-weight:bold">investment</span></span></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"><span style="color:#052175"><span style="font-weight:bold">a $10,000 investment</span></span></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="2" style="height:3pt;"></td>
<td colspan="2" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:4pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;"><span style="color:#0542b7">Class A</span></div></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:4pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;white-space:nowrap;"><span style="color:#0542b7">$60 </span></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:4pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;white-space:nowrap;"><span style="color:#0542b7">1.05% </span></td> </tr> </table>
60
0.0105
<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:71%;"></td>
<td style="vertical-align:bottom;width:4%;"></td>
<td></td>
<td style="vertical-align:bottom;width:4%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:10pt">
<td colspan="6" style="padding-bottom:4pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"><span style="font-size:12pt;color:#052175"><span style="font-weight:bold">Key Fund Statistics</span></span></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td colspan="3" style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td colspan="3" style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;"><span style="color:#0542b7">Total Net Assets</span></div></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7">$</span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="color:#0542b7">1,502,619,207</span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td colspan="3" style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td colspan="3" style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;"><span style="color:#0542b7"># of Portfolio Holdings</span></div></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="color:#0542b7">92</span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td colspan="3" style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td colspan="3" style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;"><span style="color:#0542b7">Portfolio Turnover Rate</span></div></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="color:#0542b7">37%</span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td> </tr> </table>
1502619207
92
0.37
<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:87%;"></td>
<td style="vertical-align:bottom;width:3%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:10pt">
<td colspan="4" style="padding-bottom:4pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"><span style="font-size:12pt;color:#052175"><span style="font-weight:bold">Portfolio Breakdown (% of Total Investments)</span></span></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;"><span style="color:#0542b7">United States Treasury Obligations</span></div></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="color:#0542b7">43.5%</span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;"><span style="color:#0542b7">Commodity Indexed Structured Notes</span></div></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="color:#0542b7">37.2</span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;"><span style="color:#0542b7">United States Agency Obligations</span></div></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="color:#0542b7">16.8</span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;"><span style="color:#0542b7">Short-Term Investments</span></div></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="color:#0542b7">2.5</span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td> </tr> </table><div style="margin-top:120pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="color:#0542b7">Derivatives are not reflected in amounts reported above. </span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:87%;"></td>
<td style="vertical-align:bottom;width:6%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td colspan="5" style="BORDER-TOP:1.00pt solid #052175;height:3pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td colspan="4" style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:12pt;font-family:arial;"><span style="color:#052175"><span style="font-weight:bold">Top 10 Holdings (% of Net Assets)</span></span></div> <div style="font-size:18pt;margin-top:0pt;margin-bottom:1pt;"> </div></td>
<td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0em;text-indent:0em;font-size:12pt;font-family:arial;"><span style="color:#052175"><span style="font-weight:bold"> </span></span></div> <div style="font-size:18pt;margin-top:0pt;margin-bottom:1pt;"></div></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">BNP Paribas Issuance BV, Commodity Index Linked Company Guaranteed Notes, 3.740%, due 11/23/26</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;vertical-align:middle;text-align:right;"><span style="color:#0542b7">7.2%</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">Royal Bank of Canada, Commodity Index Linked Senior Unsecured Notes, 3.640%, due 09/16/26</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">7.2</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">Bank of Montreal, Commodity Index Linked Senior Unsecured Notes, 3.630%, due 12/29/26</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">6.2</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">Canadian Imperial Bank of Commerce, Commodity Index Linked Senior Unsecured Notes, 3.640%, due 03/24/27</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">5.6</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">BofA Finance LLC, Commodity Index Linked Senior Unsecured Notes, 3.707%, due 03/11/27</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">5.3</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">U.S. Treasury Floating Rate Notes, 3.722%, due 01/31/28</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;vertical-align:middle;text-align:right;"><span style="color:#0542b7">5.0</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">Goldman Sachs International Bank, Commodity Index Linked Senior Unsecured Notes, 3.660%, due 03/30/27</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">4.9</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">U.S. Treasury Floating Rate Notes, 3.726%, due 04/30/28</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;vertical-align:middle;text-align:right;"><span style="color:#0542b7">2.9</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">U.S. Treasury Notes, 4.250%, due 02/15/28</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;vertical-align:middle;text-align:right;"><span style="color:#0542b7">2.8</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"><span style="color:#0542b7">U.S. Treasury Floating Rate Notes, 3.783%, due 04/30/27</span></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:middle;text-align:right;"><span style="color:#0542b7">2.7</span></td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr> </table>
0.435
0.372
0.168
0.025
<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:87%;"></td>
<td style="vertical-align:bottom;width:6%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td colspan="5" style="BORDER-TOP:1.00pt solid #052175;height:3pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td colspan="4" style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:12pt;font-family:arial;"><span style="color:#052175"><span style="font-weight:bold">Top 10 Holdings (% of Net Assets)</span></span></div> <div style="font-size:18pt;margin-top:0pt;margin-bottom:1pt;"> </div></td>
<td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0em;text-indent:0em;font-size:12pt;font-family:arial;"><span style="color:#052175"><span style="font-weight:bold"> </span></span></div> <div style="font-size:18pt;margin-top:0pt;margin-bottom:1pt;"></div></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">BNP Paribas Issuance BV, Commodity Index Linked Company Guaranteed Notes, 3.740%, due 11/23/26</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;vertical-align:middle;text-align:right;"><span style="color:#0542b7">7.2%</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">Royal Bank of Canada, Commodity Index Linked Senior Unsecured Notes, 3.640%, due 09/16/26</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">7.2</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">Bank of Montreal, Commodity Index Linked Senior Unsecured Notes, 3.630%, due 12/29/26</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">6.2</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">Canadian Imperial Bank of Commerce, Commodity Index Linked Senior Unsecured Notes, 3.640%, due 03/24/27</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">5.6</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">BofA Finance LLC, Commodity Index Linked Senior Unsecured Notes, 3.707%, due 03/11/27</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">5.3</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">U.S. Treasury Floating Rate Notes, 3.722%, due 01/31/28</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;vertical-align:middle;text-align:right;"><span style="color:#0542b7">5.0</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">Goldman Sachs International Bank, Commodity Index Linked Senior Unsecured Notes, 3.660%, due 03/30/27</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">4.9</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">U.S. Treasury Floating Rate Notes, 3.726%, due 04/30/28</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;vertical-align:middle;text-align:right;"><span style="color:#0542b7">2.9</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">U.S. Treasury Notes, 4.250%, due 02/15/28</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;vertical-align:middle;text-align:right;"><span style="color:#0542b7">2.8</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"><span style="color:#0542b7">U.S. Treasury Floating Rate Notes, 3.783%, due 04/30/27</span></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:middle;text-align:right;"><span style="color:#0542b7">2.7</span></td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr> </table>
0.072
0.072
0.062
0.056
0.053
0.050
0.049
0.029
0.028
0.027
<div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;"><span style="color:#052175"><span style="font-weight:bold">Material Fund Changes </span></span></div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="color:#0542b7">The below is a summary of certain changes that occurred since the Portfolio’s prior fiscal year ended October 31, 2025. On May 28, 2025, UBS Asset Management (Americas) LLC (“UBS AM (Americas)”) entered into a definitive agreement (the “Purchase Agreement”) with O’Connor Alternative Investments, LLC (“O’Connor Alternative Investments”), an indirect wholly owned subsidiary of Cantor Fitzgerald, L.P., pursuant to which O’Connor Alternative Investments acquired UBS AM (Americas)’s O’Connor investment platform (the “Transaction”). The portion of the Transaction related to the Fund closed on April 1, 2026. Related to the Transaction, the Board of Trustees of the Trust approved a new Investment Management Agreement (the “New Investment Management Agreement”) with O’Connor Alternative Investments and approved new trustees for the Board of Trustees. The New Investment Advisory Agreement and new trustees were also approved by shareholders at a meeting held on December 15, 2026. The new trustees began serving as trustees as of March 13, 2026, and the New Investment Management Agreement took effect on April 1, 2026 upon the closing of the Transaction. </span></div>
Cantor Fitzgerald Commodity Return Strategy Fund
Class C
CRSCX
This Semi-Annual shareholder report contains important information about Cantor Fitzgerald Commodity Return Strategy Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026.
Semi-Annual shareholder report
You can find additional information about the Fund at Cantor Website. You can also request this information by contacting us at 855‑922‑6867.
855‑922‑6867
<span style="font-weight:bold">This report describes changes to the Fund that occurred during the reporting period</span>.
<div style="margin-top:4pt;margin-bottom:0pt;font-size:12pt;font-family:arial;"><span style="color:#052175"><span style="font-weight:bold">What were the Fund costs for the last six months? </span></span></div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="color:#052175"><span style="font-weight:bold">Semi-Annual Fund Operating Expenses </span></span></div><div style="margin-top:4pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="color:#0542b7">(based on a hypothetical $10,000 investment) </span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:14%;"></td>
<td style="vertical-align:bottom;width:5%;"></td>
<td></td>
<td style="vertical-align:bottom;width:5%;"></td>
<td></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="vertical-align:bottom;"><span style="color:#052175"><span style="font-weight:bold">Class</span></span></td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;"><span style="color:#052175"><span style="font-weight:bold">Costs of a $10,000</span></span></td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;"><span style="color:#052175"><span style="font-weight:bold">Costs paid as a percentage of</span></span></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="2" style="height:3pt;"></td>
<td colspan="2" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"><span style="color:#052175"><span style="font-weight:bold">Name</span></span></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"><span style="color:#052175"><span style="font-weight:bold">investment</span></span></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"><span style="color:#052175"><span style="font-weight:bold">a $10,000 investment</span></span></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="2" style="height:3pt;"></td>
<td colspan="2" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:4pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;"><span style="color:#0542b7">Class C</span></div></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:4pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;white-space:nowrap;"><span style="color:#0542b7">$103 </span></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:4pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;white-space:nowrap;"><span style="color:#0542b7">1.80% </span></td> </tr> </table>
103
0.0180
<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:71%;"></td>
<td style="vertical-align:bottom;width:4%;"></td>
<td></td>
<td style="vertical-align:bottom;width:4%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:10pt">
<td colspan="6" style="padding-bottom:4pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"><span style="font-size:12pt;color:#052175"><span style="font-weight:bold">Key Fund Statistics</span></span></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td colspan="3" style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td colspan="3" style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;"><span style="color:#0542b7">Total Net Assets</span></div></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7">$</span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="color:#0542b7">1,502,619,207</span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td colspan="3" style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td colspan="3" style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;"><span style="color:#0542b7"># of Portfolio Holdings</span></div></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="color:#0542b7">92</span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td colspan="3" style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td colspan="3" style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;"><span style="color:#0542b7">Portfolio Turnover Rate</span></div></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="color:#0542b7">37%</span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td> </tr> </table>
1502619207
92
0.37
<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:87%;"></td>
<td style="vertical-align:bottom;width:3%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:10pt">
<td colspan="4" style="padding-bottom:4pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"><span style="font-size:12pt;color:#052175"><span style="font-weight:bold">Portfolio Breakdown (% of Total Investments)</span></span></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;"><span style="color:#0542b7">United States Treasury Obligations</span></div></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="color:#0542b7">43.5%</span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;"><span style="color:#0542b7">Commodity Indexed Structured Notes</span></div></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="color:#0542b7">37.2</span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;"><span style="color:#0542b7">United States Agency Obligations</span></div></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="color:#0542b7">16.8</span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;"><span style="color:#0542b7">Short-Term Investments</span></div></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="color:#0542b7">2.5</span></td>
<td style="padding-bottom:3pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="color:#0542b7"> </span></td> </tr> </table><div style="margin-top:120pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="color:#0542b7">Derivatives are not reflected in amounts reported above. </span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:87%;"></td>
<td style="vertical-align:bottom;width:6%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td colspan="5" style="BORDER-TOP:1.00pt solid #052175;height:3pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td colspan="4" style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:12pt;font-family:arial;"><span style="color:#052175"><span style="font-weight:bold">Top 10 Holdings (% of Net Assets)</span></span></div> <div style="font-size:18pt;margin-top:0pt;margin-bottom:1pt;"> </div></td>
<td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0em;text-indent:0em;font-size:12pt;font-family:arial;"><span style="color:#052175"><span style="font-weight:bold"> </span></span></div> <div style="font-size:18pt;margin-top:0pt;margin-bottom:1pt;"></div></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">BNP Paribas Issuance BV, Commodity Index Linked Company Guaranteed Notes, 3.740%, due 11/23/26</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;vertical-align:middle;text-align:right;"><span style="color:#0542b7">7.2%</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">Royal Bank of Canada, Commodity Index Linked Senior Unsecured Notes, 3.640%, due 09/16/26</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">7.2</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">Bank of Montreal, Commodity Index Linked Senior Unsecured Notes, 3.630%, due 12/29/26</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">6.2</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">Canadian Imperial Bank of Commerce, Commodity Index Linked Senior Unsecured Notes, 3.640%, due 03/24/27</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">5.6</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">BofA Finance LLC, Commodity Index Linked Senior Unsecured Notes, 3.707%, due 03/11/27</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">5.3</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">U.S. Treasury Floating Rate Notes, 3.722%, due 01/31/28</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;vertical-align:middle;text-align:right;"><span style="color:#0542b7">5.0</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">Goldman Sachs International Bank, Commodity Index Linked Senior Unsecured Notes, 3.660%, due 03/30/27</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">4.9</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">U.S. Treasury Floating Rate Notes, 3.726%, due 04/30/28</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;vertical-align:middle;text-align:right;"><span style="color:#0542b7">2.9</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">U.S. Treasury Notes, 4.250%, due 02/15/28</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;vertical-align:middle;text-align:right;"><span style="color:#0542b7">2.8</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"><span style="color:#0542b7">U.S. Treasury Floating Rate Notes, 3.783%, due 04/30/27</span></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:middle;text-align:right;"><span style="color:#0542b7">2.7</span></td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr> </table>
0.435
0.372
0.168
0.025
<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:87%;"></td>
<td style="vertical-align:bottom;width:6%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td colspan="5" style="BORDER-TOP:1.00pt solid #052175;height:3pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td colspan="4" style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:12pt;font-family:arial;"><span style="color:#052175"><span style="font-weight:bold">Top 10 Holdings (% of Net Assets)</span></span></div> <div style="font-size:18pt;margin-top:0pt;margin-bottom:1pt;"> </div></td>
<td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0em;text-indent:0em;font-size:12pt;font-family:arial;"><span style="color:#052175"><span style="font-weight:bold"> </span></span></div> <div style="font-size:18pt;margin-top:0pt;margin-bottom:1pt;"></div></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">BNP Paribas Issuance BV, Commodity Index Linked Company Guaranteed Notes, 3.740%, due 11/23/26</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;vertical-align:middle;text-align:right;"><span style="color:#0542b7">7.2%</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">Royal Bank of Canada, Commodity Index Linked Senior Unsecured Notes, 3.640%, due 09/16/26</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">7.2</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">Bank of Montreal, Commodity Index Linked Senior Unsecured Notes, 3.630%, due 12/29/26</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">6.2</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">Canadian Imperial Bank of Commerce, Commodity Index Linked Senior Unsecured Notes, 3.640%, due 03/24/27</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">5.6</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">BofA Finance LLC, Commodity Index Linked Senior Unsecured Notes, 3.707%, due 03/11/27</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">5.3</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">U.S. Treasury Floating Rate Notes, 3.722%, due 01/31/28</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;vertical-align:middle;text-align:right;"><span style="color:#0542b7">5.0</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">Goldman Sachs International Bank, Commodity Index Linked Senior Unsecured Notes, 3.660%, due 03/30/27</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right;"><span style="color:#0542b7">4.9</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">U.S. Treasury Floating Rate Notes, 3.726%, due 04/30/28</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;vertical-align:middle;text-align:right;"><span style="color:#0542b7">2.9</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;vertical-align:top;"><span style="color:#0542b7">U.S. Treasury Notes, 4.250%, due 02/15/28</span></td>
<td style="vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;vertical-align:middle;text-align:right;"><span style="color:#0542b7">2.8</span></td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr>
<tr style="font-size:1pt">
<td style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td>
<td colspan="4" style="BORDER-TOP:1.00pt solid #b2b2b2;height:0.75pt;"> </td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:top;"><span style="color:#0542b7">U.S. Treasury Floating Rate Notes, 3.783%, due 04/30/27</span></td>
<td style=" BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:middle;"><span style="color:#0542b7"> </span></td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;vertical-align:middle;text-align:right;"><span style="color:#0542b7">2.7</span></td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:1.00pt solid #b2b2b2;white-space:nowrap;vertical-align:middle;"><span style="color:#0542b7"> </span></td> </tr> </table>
0.072
0.072
0.062
0.056
0.053
0.050
0.049
0.029
0.028
0.027
<div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;"><span style="color:#052175"><span style="font-weight:bold">Material Fund Changes </span></span></div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="color:#0542b7">The below is a summary of certain changes that occurred since the Portfolio’s prior fiscal year ended October 31, 2025. On May 28, 2025, UBS Asset Management (Americas) LLC (“UBS AM (Americas)”) entered into a definitive agreement (the “Purchase Agreement”) with O’Connor Alternative Investments, LLC (“O’Connor Alternative Investments”), an indirect wholly owned subsidiary of Cantor Fitzgerald, L.P., pursuant to which O’Connor Alternative Investments acquired UBS AM (Americas)’s O’Connor investment platform (the “Transaction”). The portion of the Transaction related to the Fund closed on April 1, 2026. Related to the Transaction, the Board of Trustees of the Trust approved a new Investment Management Agreement (the “New Investment Management Agreement”) with O’Connor Alternative Investments and approved new trustees for the Board of Trustees. The New Investment Advisory Agreement and new trustees were also approved by shareholders at a meeting held on December 15, 2026. The new trustees began serving as trustees as of March 13, 2026, and the New Investment Management Agreement took effect on April 1, 2026 upon the closing of the Transaction. </span></div>