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cik0000811161:OtherShortTermInvestmentsMember 2026-06-30 0000811161 cik0000811161:C000002050Member 2026-01-01 2026-06-30 0000811161 cik0000811161:C000002051Member 2026-01-01 2026-06-30 0000811161 cik0000811161:C000002052Member 2026-01-01 2026-06-30 0000811161 cik0000811161:C000073549Member 2026-01-01 2026-06-30 iso4217:USD pure cik0000811161:Holding N-CSRS false 0000811161 N-1A 0.130 0.109 0.094 0.092 0.078 0.039 0.008 0.371 0.035 0.018 0.015 0.011 0.210 0.165 0.139 0.101 0.040 0.039 0.026 0.229 0.020 0.020 0.019 0.003 0.051 0.049 0.044 0.041 0.036 0.036 0.129 0.080 0.035 0.027 0.4670 0.072 0.029 0.022 0.012 0.003 0.188 0.183 0.146 0.110 0.084 0.076 0.079 Clearwater Investment Trust 2026-06-30 Clearwater Core Equity Fund Clearwater Core Equity Fund QWVPX This semi-annual shareholder report contains important information about the Clearwater Core Equity Fund (“Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund athttps://connect.rightprospectus.com/Clearwater. You can also request this information by contacting us at (855) 684-9144. https://connect.rightprospectus.com/Clearwater (855) 684-9144 <div style="margin-top: 0; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 54, 152);">Fund Expenses for the Last Six Months</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; vertical-align: bottom;">Fund</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;"></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;"></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;"></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;">Cost of $10,000 Investment</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;">Cost of $10,000 investment as a percentage</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Core Equity Fund</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial';"></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial';"></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial';"></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>11</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">0.21<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 11 0.0021 <div style="font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 54, 152); margin-top: 10pt;">Key Fund Statistics</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">The following table outlines key fund statistics that you should pay attention to.</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; text-align: left; font-family: Arial;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,592,627,363</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; text-align: left; font-family: Arial;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;">529</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; text-align: left; font-family: Arial;"><div style="font-weight:bolder;display:inline;">Total advisory fees paid (after waiver/reimbursement)</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,553,483</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; text-align: left; font-family: Arial;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;">15<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 1592627363 529 1553483 0.15 <div style="margin-top: 0; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 54, 152);">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial';">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-direction: row; flex-wrap: nowrap; display: table; width: 100%; table-layout: fixed;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); width: 30%; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; color: rgb(0, 161, 225); margin-right: 0; margin-left: 0;">Top Ten Holdings</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">NVIDIA Corp.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">7.14<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Apple, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.84<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Alphabet, Inc., Class A</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.56<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Microsoft Corp.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.55<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Amazon.com, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">2.98<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Broadcom, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">2.59<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Micron Technology, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">2.37<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Meta Platforms, Inc., Class A</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">2.02<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Alphabet, Inc., Class C</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.67<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Tesla, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.53<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; color: rgb(0, 161, 225); margin-right: 0; margin-left: 0;">Sector Allocation</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3437545.jpg" style="width: 301pt;"/> </div></div></div> <div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; color: rgb(0, 161, 225); margin-right: 0; margin-left: 0;">Top Ten Holdings</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">NVIDIA Corp.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">7.14<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Apple, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">5.84<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Alphabet, Inc., Class A</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.56<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Microsoft Corp.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">3.55<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Amazon.com, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">2.98<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Broadcom, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">2.59<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Micron Technology, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">2.37<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Meta Platforms, Inc., Class A</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">2.02<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Alphabet, Inc., Class C</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.67<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Tesla, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.53<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div> 0.0714 0.0584 0.0356 0.0355 0.0298 0.0259 0.0237 0.0202 0.0167 0.0153 Clearwater Select Equity Fund Clearwater Select Equity Fund QWVOX This semi-annual shareholder report contains important information about the Clearwater Select Equity Fund (“Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund athttps://connect.rightprospectus.com/Clearwater. You can also request this information by contacting us at (855) 684-9144. https://connect.rightprospectus.com/Clearwater (855) 684-9144 <div style="margin-top: 0; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 54, 152);">Fund Expenses for the Last Six Months</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; vertical-align: bottom;">Fund</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;"></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;"></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;"></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;">Cost of $10,000 Investment</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;">Cost of $10,000 investment as a percentage</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Select Equity Fund</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial';"></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial';"></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial';"></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>42</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">0.79<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 42 0.0079 <div style="font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 54, 152); margin-top: 10pt;">Key Fund Statistics</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">The following table outlines key fund statistics that you should pay attention to.</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; text-align: left; font-family: Arial;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>516,947,205</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; text-align: left; font-family: Arial;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;">810</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; text-align: left; font-family: Arial;"><div style="font-weight:bolder;display:inline;">Total advisory fees paid (after waiver/reimbursement)</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,852,297</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; text-align: left; font-family: Arial;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;">41<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 516947205 810 1852297 0.41 <div style="margin-top: 0; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 54, 152);">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial';">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-direction: row; flex-wrap: nowrap; display: table; width: 100%; table-layout: fixed;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); width: 30%; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; color: rgb(0, 161, 225); margin-right: 0; margin-left: 0;">Top Ten Holdings</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Gildan Activewear, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.29<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Columbia Banking System, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.29<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Bloom Energy Corp., Class A</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.22<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">White Mountains Insurance Group Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.18<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Ligand Pharmaceuticals, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.18<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Charles River Laboratories International, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.15<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Valvoline, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.15<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Commerce Bancshares, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Ryman Hospitality Properties, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.05<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Essent Group Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">0.99<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; color: rgb(0, 161, 225); margin-right: 0; margin-left: 0;">Sector Allocation</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3437438.jpg" style="width: 301pt;"/> </div></div></div> <div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; color: rgb(0, 161, 225); margin-right: 0; margin-left: 0;">Top Ten Holdings</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Gildan Activewear, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.29<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Columbia Banking System, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.29<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Bloom Energy Corp., Class A</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.22<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">White Mountains Insurance Group Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.18<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Ligand Pharmaceuticals, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.18<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Charles River Laboratories International, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.15<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Valvoline, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.15<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Commerce Bancshares, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Ryman Hospitality Properties, Inc.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.05<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Essent Group Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">0.99<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 0.0129 0.0129 0.0122 0.0118 0.0118 0.0115 0.0115 0.011 0.0105 0.0099 Clearwater Tax-Exempt Bond Fund Clearwater Tax-Exempt Bond Fund QWVQX This semi-annual shareholder report contains important information about the Clearwater Tax-Exempt Bond Fund (“Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund athttps://connect.rightprospectus.com/Clearwater. You can also request this information by contacting us at (855) 684-9144. https://connect.rightprospectus.com/Clearwater (855) 684-9144 <div style="margin-top: 0; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 54, 152);">Fund Expenses for the Last Six Months</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">(Based on a hypothetical $10,000 investment)</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; vertical-align: bottom;">Fund</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;"></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;"></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;"></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;">Cost of $10,000 Investment</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;">Cost of $10,000 investment as a percentage</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Tax-Exempt Bond Fund</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial';"></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial';"></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial';"></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>14</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">0.28<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 14 0.0028 <div style="font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 54, 152); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">The following table outlines key fund statistics that you should pay attention to.</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; text-align: left; font-family: Arial;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>850,356,208</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; text-align: left; font-family: Arial;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;">806</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; text-align: left; font-family: Arial;"><div style="font-weight:bolder;display:inline;">Total advisory fees paid (after waiver/reimbursement)</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,163,669</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; text-align: left; font-family: Arial;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;">16<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 850356208 806 1163669 0.16 <div style="margin-top: 0; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 54, 152);">Graphical Representation of Holdings</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial';">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fu<div style="display:inline;">nd.</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-direction: row; flex-wrap: nowrap; display: table; width: 100%; table-layout: fixed;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); width: 30%; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt; box-sizing: border-box; display: table-cell; float: none;"> <div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; color: rgb(0, 161, 225); margin-right: 0; margin-left: 0;">Top Ten Holdings</div></div> <div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">MISSISSIPPI ST HOME CORP SF MTGE REVENUE</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">0.61<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">TEXAS ST DEPT OF HSG &amp; CMNTY AFFAIRS RESDL MTG REVENUE</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">0.61<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">TEXAS ST DEPT OF HSG &amp; CMNTY AFFAIRS RESDL MTG REVENUE</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">0.60<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">0.53<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">GEORGIA ST HSG &amp; FIN AUTH REVENUE</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">0.49<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">NEW JERSEY ST HSG &amp; MTGE FIN AGY REVENUE</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">0.47<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">NEW JERSEY ST HSG &amp; MTGE FIN AGY REVENUE</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">0.47<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">TEXAS ST DEPT OF HSG &amp; CMNTY AFFAIRS RESDL MTG REVENUE</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">0.44<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">0.44<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">UTAH ST HSG CORP</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">0.43<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div> </div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; color: rgb(0, 161, 225); margin-right: 0; margin-left: 0;">State Allocation</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="display:inline;"><img alt="" src="chartimages_3437510.jpg" style="width: 401px; height: 237px;"/></div> </div></div></div> <div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; color: rgb(0, 161, 225); margin-right: 0; margin-left: 0;">Top Ten Holdings</div></div> <div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">MISSISSIPPI ST HOME CORP SF MTGE REVENUE</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">0.61<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">TEXAS ST DEPT OF HSG &amp; CMNTY AFFAIRS RESDL MTG REVENUE</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">0.61<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">TEXAS ST DEPT OF HSG &amp; CMNTY AFFAIRS RESDL MTG REVENUE</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">0.60<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">0.53<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">GEORGIA ST HSG &amp; FIN AUTH REVENUE</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">0.49<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">NEW JERSEY ST HSG &amp; MTGE FIN AGY REVENUE</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">0.47<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">NEW JERSEY ST HSG &amp; MTGE FIN AGY REVENUE</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">0.47<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">TEXAS ST DEPT OF HSG &amp; CMNTY AFFAIRS RESDL MTG REVENUE</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">0.44<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">0.44<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">UTAH ST HSG CORP</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">0.43<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div> 0.0061 0.0061 0.006 0.0053 0.0049 0.0047 0.0047 0.0044 0.0044 0.0043 Clearwater International Fund Clearwater International Fund QCVAX This semi-annual shareholder report contains important information about the Clearwater International Fund (“Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund athttps://connect.rightprospectus.com/Clearwater. You can also request this information by contacting us at (855) 684-9144. https://connect.rightprospectus.com/Clearwater (855) 684-9144 <div style="margin-top: 0; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 54, 152);">Fund Expenses for the Last Six Months</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">(Based on a hypothetical $10,000 investment)</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; vertical-align: bottom;">Fund</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;"></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;"></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;"></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;">Cost of $10,000 Investment</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;">Cost of $10,000 investment as a percentage</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">International Fund</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial';"></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial';"></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial';"></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial';"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>40</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">0.75<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 40 0.0075 <div style="font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 54, 152); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; font-family: 'Arial';">The following table outlines key fund statistics that you should pay attention to.</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; text-align: left; font-family: Arial;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,305,126,699</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; text-align: left; font-family: Arial;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;">472</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; text-align: left; font-family: Arial;"><div style="font-weight:bolder;display:inline;">Total advisory fees paid (after waiver/reimbursement)</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>4,622,877</td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding: 6pt 10pt 3pt; text-align: left; font-family: Arial;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period</div></td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; white-space: nowrap;">28<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 1305126699 472 4622877 0.28 <div style="margin-top: 0; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; font-family: 'Times New Roman'; color: rgb(0, 54, 152);">Graphical Representation of Holdings</div> <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt; font-family: 'Arial';">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fun<div style="display:inline;">d.</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); flex-direction: row; flex-wrap: nowrap; display: table; width: 100%; table-layout: fixed;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); width: 30%; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt; box-sizing: border-box; display: table-cell; float: none;"> <div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; color: rgb(0, 161, 225); margin-right: 0; margin-left: 0;">Top Ten Holdings</div></div> <div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Glenveagh Properties PLC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">2.04<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">2.03<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Siemens Energy A.G.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">2.01<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Novartis A.G. (Registered)</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.86<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Arch Capital Group Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.74<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">UBS Group A.G. (Registered)</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Safran S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Seagate Technology Holdings PLC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.53<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Rolls-Royce Holdings PLC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.52<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Samsung Electronics Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.39<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div> </div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); width: 70%; flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-left: 10pt; border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; box-sizing: border-box; display: table-cell; float: none;"><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; color: rgb(0, 161, 225); margin-right: 0; margin-left: 0;">Sector Allocation</div></div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="display:inline;"><img alt="" src="chartimages_3437473.jpg" style="width: 401px; height: 237px;"/></div> </div></div></div> <div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><div style="font-size: 9pt; margin-top: 5pt; margin-bottom: 5pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'Times New Roman'; color: rgb(0, 161, 225); margin-right: 0; margin-left: 0;">Top Ten Holdings</div></div> <div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid;"><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Glenveagh Properties PLC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">2.04<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">2.03<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Siemens Energy A.G.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">2.01<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Novartis A.G. (Registered)</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.86<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Arch Capital Group Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.74<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">UBS Group A.G. (Registered)</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Safran S.A.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Seagate Technology Holdings PLC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.53<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 54, 152); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Rolls-Royce Holdings PLC</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.52<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial';">Samsung Electronics Co. Ltd.</td><td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; white-space: nowrap;">1.39<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div> 0.0204 0.0203 0.0201 0.0186 0.0174 0.0165 0.0163 0.0153 0.0152 0.0139