0000941568 cfvit:C000031307Member 2025-12-31 2026-06-30 0000941568 cfvit:C000218423Member 2025-12-31 2026-06-30 0000941568 2025-12-31 2026-06-30 0000941568 cfvit:C000031307Member 2026-06-30 0000941568 cfvit:C000031307Member cfvit:BankOfMontrealCommodityIndexLinkedSeniorUnsecuredNotes3620Due122926Member 2026-06-30 0000941568 cfvit:CommodityIndexedStructuredNotesMember cfvit:C000031307Member 2026-06-30 0000941568 cfvit:C000031307Member cfvit:RoyalBankOfCanadaCommodityIndexLinkedSeniorUnsecuredNotes3630Due091626Member 2026-06-30 0000941568 us-gaap:ShortTermInvestmentsMember cfvit:C000031307Member 2026-06-30 0000941568 cfvit:UnitedStatesAgencyObligationsMember cfvit:C000031307Member 2026-06-30 0000941568 cfvit:UnitedStatesTreasuryObligationsMember cfvit:C000031307Member 2026-06-30 0000941568 cfvit:C000031307Member cfvit:USTreasuryFloatingRateNotes3874Due013127Member 2026-06-30 0000941568 cfvit:C000031307Member cfvit:USTreasuryFloatingRateNotes3875Due013128Member 2026-06-30 0000941568 cfvit:C000031307Member cfvit:USTreasuryFloatingRateNotes3879Due043028Member 2026-06-30 0000941568 cfvit:C000031307Member cfvit:USTreasuryFloatingRateNotes3935Due073127Member 2026-06-30 0000941568 cfvit:C000031307Member cfvit:USTreasuryFloatingRateNotes3936Due043027Member 2026-06-30 0000941568 cfvit:C000031307Member cfvit:USTreasuryFloatingRateNotes3966Due103127Member 2026-06-30 0000941568 cfvit:C000031307Member cfvit:USTreasuryFloatingRateNotes3981Due103126Member 2026-06-30 0000941568 cfvit:C000031307Member cfvit:USTreasuryNotes4250Due021528Member 2026-06-30 0000941568 cfvit:C000218423Member 2026-06-30 0000941568 cfvit:C000218423Member cfvit:BankOfMontrealCommodityIndexLinkedSeniorUnsecuredNotes3620Due122926Member 2026-06-30 0000941568 cfvit:CommodityIndexedStructuredNotesMember cfvit:C000218423Member 2026-06-30 0000941568 cfvit:C000218423Member cfvit:RoyalBankOfCanadaCommodityIndexLinkedSeniorUnsecuredNotes3630Due091626Member 2026-06-30 0000941568 us-gaap:ShortTermInvestmentsMember cfvit:C000218423Member 2026-06-30 0000941568 cfvit:UnitedStatesAgencyObligationsMember cfvit:C000218423Member 2026-06-30 0000941568 cfvit:UnitedStatesTreasuryObligationsMember cfvit:C000218423Member 2026-06-30 0000941568 cfvit:C000218423Member cfvit:USTreasuryFloatingRateNotes3874Due013127Member 2026-06-30 0000941568 cfvit:C000218423Member cfvit:USTreasuryFloatingRateNotes3875Due013128Member 2026-06-30 0000941568 cfvit:C000218423Member cfvit:USTreasuryFloatingRateNotes3879Due043028Member 2026-06-30 0000941568 cfvit:C000218423Member cfvit:USTreasuryFloatingRateNotes3935Due073127Member 2026-06-30 0000941568 cfvit:C000218423Member cfvit:USTreasuryFloatingRateNotes3936Due043027Member 2026-06-30 0000941568 cfvit:C000218423Member cfvit:USTreasuryFloatingRateNotes3966Due103127Member 2026-06-30 0000941568 cfvit:C000218423Member cfvit:USTreasuryFloatingRateNotes3981Due103126Member 2026-06-30 0000941568 cfvit:C000218423Member cfvit:USTreasuryNotes4250Due021528Member 2026-06-30 iso4217:USD pure cfvit:Holding 0000941568 false N-1A N-CSRS Cantor Fitzgerald Variable Insurance Trust 2026-06-30 Cantor Fitzgerald Commodity Return Strategy Portfolio Class 1 CCRSX This Semi-Annual shareholder report contains important information about Cantor Fitzgerald Commodity Return Strategy Portfolio (the “Portfolio”) for the period of January 1, 2026 to June 30, 2026. Semi-Annual shareholder report You can find additional information about the Portfolio at www.cantorassetmanagement.com/capabilities/commodities/cantor ‑fitzgerald‑trust‑commodity‑return‑strategy‑portfolio‑share‑class‑1/. You can also request this information by contacting us at 855‑922‑6867. www.cantorassetmanagement.com/capabilities/commodities/cantor ‑fitzgerald‑trust‑commodity‑return‑strategy‑portfolio‑share‑class‑1/ 855‑922‑6867 This report describes changes to the Portfolio that occurred during the reporting period. <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 12pt; font-family: arial;">What were the Portfolio costs for the last six months? </div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Semi-Annual Fund Operating Expenses </div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">(based on a hypothetical $10,000 investment) </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 15%;"></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="vertical-align: bottom;">Class</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">Costs of a $10,000</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">Costs paid as a percentage of</td> </tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt;"></td> <td colspan="2" style="height: 1.5pt;"></td> <td colspan="2" style="height: 1.5pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;">Name</td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;">investment</td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;">a $10,000 investment</td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3.75pt;"></td> <td colspan="2" style="height: 3.75pt;"></td> <td colspan="2" style="height: 3.75pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">Class 1</div> </td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom; white-space: nowrap;">$56 </td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom; white-space: nowrap;">1.05% </td> </tr> </table> 56 0.0105 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 74%;"></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td colspan="6" style="padding-bottom: 4pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> <div style="line-height: 1.0pt; margin-top: 0pt; margin-bottom: 2pt; border-bottom: 1.00pt solid #052175;"> </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 12pt; font-family: arial;">Key Portfolio Statistics</div> </td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td colspan="3" style="height: 3.75pt;"></td> <td colspan="4" style="height: 3.75pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td colspan="3" style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">Total Net Assets</div> </td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">728,643,464</td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td colspan="3" style="height: 3.75pt;"></td> <td colspan="4" style="height: 3.75pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td colspan="3" style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9pt; font-family: arial;"># of Portfolio Holdings</div> </td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">93</td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td colspan="3" style="height: 3.75pt;"></td> <td colspan="4" style="height: 3.75pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td colspan="3" style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">Portfolio Turnover Rate</div> </td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">28%</td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>

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0.28

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td colspan="4" style="padding-bottom: 4pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;">Portfolio Breakdown (% of Total Investments)</td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3.75pt;"></td> <td colspan="4" style="height: 3.75pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">United States Treasury Obligations</div> </td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">59.2%</td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3.75pt;"></td> <td colspan="4" style="height: 3.75pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">United States Agency Obligations</div> </td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">27.9%</td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3.75pt;"></td> <td colspan="4" style="height: 3.75pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">Commodity Indexed Structured Notes</div> </td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">10.9%</td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3.75pt;"></td> <td colspan="4" style="height: 3.75pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">Short-Term Investments</div> </td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">2.0%</td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> <div style="margin-top: 100pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Derivatives are not reflected in amounts reported above. </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size: 1pt;"> <td colspan="5" style="border-top: 1.00pt solid #052175; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td colspan="4" style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 12pt; font-family: arial;">Top 10 Holdings (% of Net Assets)</div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 12pt; font-family: arial;"> </div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.935%, due 07/31/27</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle; text-align: right;">7.9%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.875%, due 01/31/28</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right;">7.5%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.874%, due 01/31/27</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right;">6.1%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">Royal Bank of Canada, Commodity Index Linked Senior Unsecured Notes, 3.630%, due 09/16/26</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right;">5.8%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">Bank of Montreal, Commodity Index Linked Senior Unsecured Notes, 3.620%, due 12/29/26</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right;">5.1%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.936%, due 04/30/27</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle; text-align: right;">4.8%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.966%, due 10/31/27</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right;">4.5%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.981%, due 10/31/26</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle; text-align: right;">3.8%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.879%, due 04/30/28</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle; text-align: right;">3.3%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: top;">U.S. Treasury Notes, 4.250%, due 02/15/28</td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: middle; text-align: right;">2.9%</td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: middle;"> </td> </tr> </table> 0.592 0.279 0.109 0.020 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size: 1pt;"> <td colspan="5" style="border-top: 1.00pt solid #052175; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td colspan="4" style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 12pt; font-family: arial;">Top 10 Holdings (% of Net Assets)</div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 12pt; font-family: arial;"> </div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.935%, due 07/31/27</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle; text-align: right;">7.9%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.875%, due 01/31/28</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right;">7.5%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.874%, due 01/31/27</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right;">6.1%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">Royal Bank of Canada, Commodity Index Linked Senior Unsecured Notes, 3.630%, due 09/16/26</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right;">5.8%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">Bank of Montreal, Commodity Index Linked Senior Unsecured Notes, 3.620%, due 12/29/26</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right;">5.1%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.936%, due 04/30/27</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle; text-align: right;">4.8%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.966%, due 10/31/27</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right;">4.5%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.981%, due 10/31/26</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle; text-align: right;">3.8%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.879%, due 04/30/28</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle; text-align: right;">3.3%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: top;">U.S. Treasury Notes, 4.250%, due 02/15/28</td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: middle; text-align: right;">2.9%</td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: middle;"> </td> </tr> </table> 0.079 0.075 0.061 0.058 0.051 0.048 0.045 0.038 0.033 0.029 <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt; font-family: arial;">Material Portfolio Changes </div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The below is a summary of certain changes that occurred since the Portfolio’s prior fiscal year ended December 31, 2025. On May 28, 2025, UBS Asset Management (Americas) LLC (“UBS AM (Americas)”) entered into a definitive agreement (the “Purchase Agreement”) with O’Connor Alternative Investments, LLC (“O’Connor Alternative Investments”), an indirect wholly owned subsidiary of Cantor Fitzgerald, L.P., pursuant to which O’Connor Alternative Investments acquired UBS AM (Americas)’s O’Connor investment platform (the “Transaction”). The portion of the Transaction related to the Portfolio closed on April 1, 2026. Related to the Transaction, the Board of Trustees of the Trust approved a new Investment Management Agreement (the “New Investment Management Agreement”) with O’Connor Alternative Investments and approved new trustees for the Board of Trustees. The New Investment Advisory Agreement and new trustees were also approved by shareholders at a meeting held on December 15, 2026. The new trustees began serving as trustees as of March 13, 2026, and the New Investment Management Agreement took effect on April 1, 2026 upon the closing of the Transaction. </div> Cantor Fitzgerald Commodity Return Strategy Portfolio Class 2 CCRRX This Semi-Annual shareholder report contains important information about Cantor Fitzgerald Commodity Return Strategy Portfolio (the “Portfolio”) for the period of January 1, 2026 to June 30, 2026. Semi-Annual shareholder report You can find additional information about the Portfolio at www.cantorassetmanagement.com/capabilities/commodities/cantor ‑fitzgerald‑trust‑commodity‑return‑strategy‑portfolio‑share‑class‑2/. You can also request this information by contacting us at 855‑922‑6867. www.cantorassetmanagement.com/capabilities/commodities/cantor ‑fitzgerald‑trust‑commodity‑return‑strategy‑portfolio‑share‑class‑2/ 855‑922‑6867 This report describes changes to the Portfolio that occurred during the reporting period. <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 12pt; font-family: arial;">What were the Portfolio costs for the last six months? </div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Semi-Annual Fund Operating Expenses </div> <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">(based on a hypothetical $10,000 investment) </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 15%;"></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="vertical-align: bottom;">Class</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">Costs of a $10,000</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">Costs paid as a percentage of</td> </tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt;"></td> <td colspan="2" style="height: 1.5pt;"></td> <td colspan="2" style="height: 1.5pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;">Name</td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;">investment</td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;">a $10,000 investment</td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3.75pt;"></td> <td colspan="2" style="height: 3.75pt;"></td> <td colspan="2" style="height: 3.75pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">Class 2</div> </td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom; white-space: nowrap;">$43 </td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom; white-space: nowrap;">0.80% </td> </tr> </table> 43 0.0080 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 74%;"></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td colspan="6" style="padding-bottom: 4pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;">Key Portfolio Statistics</td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td colspan="3" style="height: 3.75pt;"></td> <td colspan="4" style="height: 3.75pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td colspan="3" style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">Total Net Assets</div> </td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">728,643,464</td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td colspan="3" style="height: 3.75pt;"></td> <td colspan="4" style="height: 3.75pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td colspan="3" style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9pt; font-family: arial;"># of Portfolio Holdings</div> </td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">93</td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td colspan="3" style="height: 3.75pt;"></td> <td colspan="4" style="height: 3.75pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td colspan="3" style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">Portfolio Turnover Rate</div> </td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">28%</td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>

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0.28

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td colspan="4" style="padding-bottom: 4pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;">Portfolio Breakdown (% of Total Investments)</td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3.75pt;"></td> <td colspan="4" style="height: 3.75pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">United States Treasury Obligations</div> </td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">59.2%</td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3.75pt;"></td> <td colspan="4" style="height: 3.75pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">United States Agency Obligations</div> </td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">27.9%</td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3.75pt;"></td> <td colspan="4" style="height: 3.75pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">Commodity Indexed Structured Notes</div> </td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">10.9%</td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3.75pt;"></td> <td colspan="4" style="height: 3.75pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 9pt; font-family: arial;">Short-Term Investments</div> </td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom; text-align: right;">2.0%</td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> <div style="margin-top: 110pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Derivatives are not reflected in amounts reported above. </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size: 1pt;"> <td colspan="5" style="border-top: 1.00pt solid #052175; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td colspan="4" style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 12pt; font-family: arial;">Top 10 Holdings (% of Net Assets)</div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 12pt; font-family: arial;"> </div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.935%, due 07/31/27</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle; text-align: right;">7.9%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.875%, due 01/31/28</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right;">7.5%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.874%, due 01/31/27</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right;">6.1%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">Royal Bank of Canada, Commodity Index Linked Senior Unsecured Notes, 3.630%, due 09/16/26</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right;">5.8%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">Bank of Montreal, Commodity Index Linked Senior Unsecured Notes, 3.620%, due 12/29/26</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right;">5.1%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.936%, due 04/30/27</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle; text-align: right;">4.8%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.966%, due 10/31/27</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right;">4.5%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.981%, due 10/31/26</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle; text-align: right;">3.8%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.879%, due 04/30/28</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle; text-align: right;">3.3%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: top;">U.S. Treasury Notes, 4.250%, due 02/15/28</td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: middle; text-align: right;">2.9%</td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: middle;"> </td> </tr> </table> 0.592 0.279 0.109 0.020 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 6%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size: 1pt;"> <td colspan="5" style="border-top: 1.00pt solid #052175; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td colspan="4" style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 12pt; font-family: arial;">Top 10 Holdings (% of Net Assets)</div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 12pt; font-family: arial;"> </div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 1pt;"> </div> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.935%, due 07/31/27</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle; text-align: right;">7.9%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.875%, due 01/31/28</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right;">7.5%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.874%, due 01/31/27</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right;">6.1%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">Royal Bank of Canada, Commodity Index Linked Senior Unsecured Notes, 3.630%, due 09/16/26</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right;">5.8%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">Bank of Montreal, Commodity Index Linked Senior Unsecured Notes, 3.620%, due 12/29/26</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right;">5.1%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.936%, due 04/30/27</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle; text-align: right;">4.8%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.966%, due 10/31/27</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right;">4.5%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.981%, due 10/31/26</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle; text-align: right;">3.8%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;">U.S. Treasury Floating Rate Notes, 3.879%, due 04/30/28</td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; vertical-align: middle; text-align: right;">3.3%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> <td colspan="4" style="border-top: 1.00pt solid #b2b2b2; height: 3.75pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: top;">U.S. Treasury Notes, 4.250%, due 02/15/28</td> <td style="border-bottom: 1.00pt solid #b2b2b2; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: middle;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; vertical-align: middle; text-align: right;">2.9%</td> <td style="padding-bottom: 2pt; border-bottom: 1.00pt solid #b2b2b2; white-space: nowrap; vertical-align: middle;"> </td> </tr> </table> 0.079 0.075 0.061 0.058 0.051 0.048 0.045 0.038 0.033 0.029 <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt; font-family: arial;">Material Portfolio Changes </div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The below is a summary of certain changes that occurred since the Portfolio’s prior fiscal year ended December 31, 2025. On May 28, 2025, UBS Asset Management (Americas) LLC (“UBS AM (Americas)”) entered into a definitive agreement (the “Purchase Agreement”) with O’Connor Alternative Investments, LLC (“O’Connor Alternative Investments”), an indirect wholly owned subsidiary of Cantor Fitzgerald, L.P., pursuant to which O’Connor Alternative Investments acquired UBS AM (Americas)’s O’Connor investment platform (the “Transaction”). The portion of the Transaction related to the Portfolio closed on April 1, 2026. Related to the Transaction, the Board of Trustees of the Trust approved a new Investment Management Agreement (the “New Investment Management Agreement”) with O’Connor Alternative Investments and approved new trustees for the Board of Trustees. The New Investment Advisory Agreement and new trustees were also approved by shareholders at a meeting held on December 15, 2026. The new trustees began serving as trustees as of March 13, 2026, and the New Investment Management Agreement took effect on April 1, 2026 upon the closing of the Transaction. </div>